Having bad credit certainly doesn’t help when you’re looking to get a personal loan from a bank, credit union, or even an online group lending website, but that doesn’t mean it’s not possible! There are many types of personal loans with bad credit and while these loans won’t have the same terms you can get if you actually have good credit, it’s still worth knowing what your options are.
Who Gives Bad Credit Personal Loans?
There are actually several institutions that are willing to work with people who have poor credit and get them the loans they need. Banks are an obvious choice and if you have a long history with a bank or a decent amount of assets, they are more likely to work with you.
A credit union is another option, and while they often serve the same relative purpose as a bank, they often are more willing to work with people who have a bad credit history or fewer assets. This makes them a great option if you can’t get a decent personal loan through a regular bank due to your credit history.
Compare Your Options
One of the most important things you can do is compare all of your options. You never know what terms are out there until you try, so don’t jump at the first ones you see. A little bit of research both online and offline can go a long way towards getting you a better loan.
Getting personal loans with bad credit isn’t the easiest task, but it’s far from impossible. Avoid payday loans and pawn shop loans and look for a legitimate lending organization that will help you get fair terms. It can take a little longer, but you’ll be glad you put in that time when you get a decent loan deal!