Having a bad credit does not mean that you can no longer access loans. Though some lenders will lock you out, there are places where to get a loan with BAD credit. Your options are limited but there is hope for you. Here is a look at your options on getting a loan with bad credit.
Credit Unions or small local banks
This is one of the best places where to get loans with BAD credit. These are enterprises that are smaller than banks and therefore will be willing to lend to you. These will not rely solely on your credit score but will look at your personality. They will usually handle your loan in person unlike the big banks which processes the papers and respond later. This way, you can explain your needs to them and they are likely to be more understanding.
These will usually have flexible terms that are not likely to discriminate against people with bad credit. The interest rates are also likely to be lower than those of banks and other lenders. Also, the processing is done without too much paper work.
Peer to peer loans
Also known as P2P loans these are loans in which people lend to others. These are not certified lenders or people in the lending business but people who want to offer a lending hand. Therefore, the interest rates are low making this a win-win situation for the borrowers and lenders. P2P loan transactions are usually carried out online on platforms where borrowers post the amount they want to borrow and lenders contact them with different terms and rates. From this the borrower can choose the friendliest.
High interest loans
When worse comes to worst and you cannot secure a low interest loan, you will be forced to get a high interest one. If you really need the money and will be using the money for something worthwhile just get a high interest loan and make the most out of it. With these options, people wondering how to get a loan with BAD credit or no credit can find something that works for them and their situation.