Bad credit can be a difficult thing to work with, especially when you’re in need of a loan to fix up your home, invest in a business, or just to deal with some unexpected expenses until things pick up again. Getting loans with bad credit is a hard process, but it’s definitely not an impossible one. The important thing is to know what your options are!

Bank Loans with Collateral
The first common option is to still work with a local bank, but talk to them about having collateral. If you’re looking at getting a new vehicle or adding on to a house, this is a little bit easier since the collateral is already built into the loan.

However if it is for something else, it’s important to see what collateral you might have and what terms might work.


Bad Credit Loans
Credit Unions
If a state bank doesn’t work then the next step in finding loans with bad credit is to look at the options a credit union might be able to give to you.

A Word on Pay Day Loans & Pawn Shop Loans
While both of these options can seem like a potential solution, they’re best to be avoided. The loan given for collateral kept isn’t good for pawn shops, and if something goes wrong, you’re going to lose the stuff you didn’t even want to give away.

Pay day loans in many places are just outright rip offs with ridiculous interest rates that constrain you to your next pay check anyway. Just stay away from them.

In Conclusion

While it’s not easy finding good loans with bad credit, you still have some options available to you. It’s important to do a little research, ask around, and see what you can put together as a series of your best options to choose from.