The first thing I would advise anyone who wants a loan quickly is to make sure you are aware of the alternatives to borrowing money and think about whether getting a quick loan really is the best solution for your problem. It may be that your circumstances are such that a fast loan is in fact the thing that will best meet your needs, but many people experiencing debt problems turn to quick loans when there are other options that would be more beneficial in the long term.
I would first like to consider the practical difficulties in getting a loan when your credit rating is not so good. You will see lots of lenders marketing loans that say you can get them even if you have bad credit. Many of these, or similar adverts, may also say that loans are available to home owners. Chances are that the loans being offered here are secured loans.
Secured loans, or homeowner loans, are for money which is secured against your house. This is why you can only get them if you have your own house. You will still be eligible for such a loan if you have money left to pay on your mortgage, but not if you are renting. The main thing to remember about secured loans is that if you don’t keep up the repayments, the lender can have your house sold to get their money back. With such serious potential consequences, you should think very carefully before entering into an arrangement for a secured loan.
Anyone with bad credit is not a good bet for a lender, but if they are prepared to secure the loan against their house, they suddely become a much safer option. This is why it is much easier to get a secured loan than an usecured one if your credit rating is poor. So that is one option open to you, but I would advise caution before going down this route. You need to be very sure that this really is your only option, and even more certain that you can keep up with repayments.
Another alternative to a loan is of course a credit card, provided that what you want the money for is to purchase something (never use credit cards to get cash). The reason you should consider this option is that usually it is easier to get approval for a credit card application than for a personal loan application. Using credit cards responsibly can also be a good way to gradually build up your credit rating again.
In general, a poor credit rating will result in you paying more to borrow money than someone with good credit. This is because you are a higher risk to the lender (ie more likely to default on payments), so they need to charge you more. Loans designed for people with bad credit will therefore be at very high interest rates. The other thing you should always do if you know your credit rating is bad is to check your credit rating for yourself, to ensure there are no mistakes on it. You can do this free online.
The bigger question of course, is whether getting a loan is really the best option for you at all. If the loan is to help you with debt problems, then you may be better off finding out how to negotiate with your creditors instead. Detailed help with this is available free online. Borrowing to deal with debt can often just make matters worse because it just adds to the amount you owe.
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