10 Best Bad Credit Personal Loan

June 29, 2010

Author: William M. Davis

Do you need a loan and you have bad credit? Not much you can do when it come to borrowing, huh? Most banks will not loan you any money because of your awful credit. If you need a loan and you have bad credit you are going to have to look in some places that are off the beaten path.

Difficult Find Bad Credit Personal Loans

It is very hard to locate bad credit personal loan companies you will need to look around and do plenty of research to find a reputable one.

• Begin with companies that you currently do business with
• See if your lender could extend you an additional credit line
• If this is not an option begin an online search this would be the next place to look
• If all of these options dry up then it is time to start looking for alternatives

These are the 10 best ways to get a Bad Credit Personal Loans

1. Find a Sub Prime Lender - Track down a subprime lender. These loans have a huge interest rates and processing fees for lenders with bad credit. If there is a form of collateral sometimes the rate will be lower.

2. Cash Advance - Get an advance on a credit card you already have. There are a number of companies that will do this to the tune of over $1,000.

3. Cosigned Personal Loan - Find a good friend or relative with good credit to cosign for you and get a traditional loan.

4. Get a Secured Loan - If you have bad credit and you own something of significant value you may be able to secure a loan against the value of said item.

5. Get an Advance From One Of Your Retirement Accounts - Make a loan to yourself from your retirement plan. These loans may be done interest free but may cost you tax-wise.

6. Withdrawal Advance - Many people do not know that advances can be made against their savings account; this is also like loan money to you.

7. Liquidate Stock Options - You can access quick cash by liquidating any stock you my own, like the company stock that some companies give to their employees.

8. Personal Loan - Have relative, acquaintance or colleagues give you a personal loan. (Make sure you give them something in writing as a guarantee).

9. Cash Advance On Your Insurance Policy - A good way to get a bad credit personal loan is getting an advance on an insurance policy. Some companies allow this, check to see if yours is one of them.

10. Small Business Loan - The government will loan small and medium sized businesses money. A great business plan outshines bad credit.