Nina Ailen Kimimela
Written by Nina Ailen Kimimela
Last updated: Mar.10,2022

If you are in a cash crunch, then you will want to get a loan. However, if you have less than perfect credit, then the usual options will not be available. What do you do?

The good news is that there are a number of options available even if you have bad credit. Here' s a look at the top seven ways that you can get a loan even if you have bad credit.

1). Get a loan with a co-signer

Perhaps the best option is to get a loan with a co-signer. In this case, you will be using someone else' s good credit in order to secure your loan. Bear in mind that the co-signer will be responsible for the loan if you fail to pay it back. Therefore, your co-signed should be someone who trusts that you will be able to pay back the loan.

2). Borrow from equity in your home

If you own a home, then you will be able to borrow from its equity. In this case, your home will be the collateral. Therefore, if you do not pay back the loan, the entity that loaned you the money will be able to take your house. Therefore, you will want to make sure that you can properly service the loan.

3). Family members

Borrowing money from family members can be a tricky one. After all, they will likely not charge you interest. However, if you are unable to pay back the loan, then it can cause serious stress in your family life.

4). Peer-to-peer loans

One of the newest ways to borrow money is through something known as peer-to-peer loans. In this case, you will be borrowing money from an individual. There are a number of peer-to-peer online services:

5). Online loans

Chances are that you may not be able to get a loan from a bank. However, there are a number of online lending companies that provide loans to those with less than perfect credit. Be sure to check out the following online lenders:

  • Lending Point
  • Prosper
  • Universal Credit

6). "Less than perfect credit" credit cards

A quick way to get access to the money that you need is by apply for "less than perfect credit" credit cards. There are literally hundreds of credit cards out there. Some of them will approve you even if you have a subprime credit score. You can compare top credit cards for people with less than perfect credit from NerdWallet.

7). Cash advance loans

Finally, you can always get a cash advance loan. However, this should be the last resort since the annual interest rate charges will be in the triple digits. However, if you need fast cash in an emergency, this may be the quickest funding solution for you.

Securing a loan with less than perfect credit

As you can see, there are a number of options available if you need a loan and you have bad credit. Be sure to explore the above options. You should be able to find the loan that you need no matter what your credit score.

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