Getting a Loan With Bad Credit. It’s hard to get a loan with bad credit. Options are limited, and borrowing is more expensive. If your credit is "less than perfect" you're not completely out of luck - it's just that you'll have to work a little harder to get funded. But in your situation it's easy to fall into expensive traps, so let's review the things you can do to improve your chances.
What is Bad Credit?
Your credit may not be as bad as you think. If you’ve been told that your credit ruined your chances of getting a loan, make sure it’s true. There may be errors on your credit report. Once those errors are fixed, things may look very different to lenders.
The term "bad credit" means different things to different lenders. One lender might turn you away while others are willing to lend. Don't be afraid to shop around before deciding that your credit is a dealbreaker. That said, there are two things to be careful of in this process:
Submit all of your applications within a short period of time (two weeks or so) so that you don't ding up your credit with too many inquiries
Apply only to reputable lenders such as banks, credit unions, and P2P lenders described on this site; predatory lenders will almost always give you a loan, but you'll regret it later
If your credit is truly bad, here are a few ways to try getting a loan with bad credit.
Visit Credit Unions
Credit unions may be more willing to offer you a loan with bad credit. Because they tend to be smaller than large banks, there's a better chance that they'll look at you personally - as opposed to just looking at a credit score and the loan application. If you sit across the desk from a human being, you’re more likely to get a loan with bad credit. Getting a Loan With Bad Credit