how to get a loan with bad credit

How To Get A Loan With Bad Credit

Having bad credit might seem like a grey cloud over your head, especially when trying to apply for a loan. While it can take a long time to rebuild a damaged credit score, there are short-term things you can do to help you get approved for a personal loan, even with various degrees of credit.

Following a few basic pieces of advice can help you in your application process. You can start applying these tips to your lending applications now!

Know Your Credit Status – Because the Banks Certainly Will!

Understanding your credit report is one of the first things we advise individuals to do. Errors, inaccuracies, or new accounts can dramatically change how your credit report looks to a lender. Understanding your credit report and keeping track of the items that appear on it for accuracy is extremely important. Correcting inaccuracies or resolving old debts you may have forgotten about can significantly increase your eligibility for a loan.

Understanding your credit status and credit report will also help manage your expectations with the types of loans you may get approved for. The harsh reality is that certain credit products and offers are only available to people with high credit scores – doing your research will help you apply only for those products and offers for which you are eligible. This will help manage your application process and save you time. 

Research, Research, and More Research!

The more you know about different loans and lenders the better. Online lenders might offer slightly different products or product features than credit unions and other lenders. 

Begin researching industry terminology, for example understanding the difference between a secured, and an unsecured loan.

  • A secured loan is one where some collateral is connected to that loan, typically something valuable like a car or a home.
  • An unsecured loan is not protected by any collateral, and defaulting on these types of loans means lenders cannot automatically take your property. 

Also research the types of loans the lender may offer. For consumers with less-than-perfect credit, these loan structures will likely include installment loans, payday loans, payday advance products, lines of credit, and title loans. 

Make Yourself More Creditworthy

This one may be obvious, but improving your credit profile is the most effective route to increasing your eligibility for various loan products. Creditworthiness is the term used by lenders to assess how likely you are to repay your loan according to the terms you agreed to when borrowing the money. It’s a major factor in how lenders determine whether they should approve you for a loan.

Here are some tips to improve your creditworthiness;

  • Avoid late payments
  • Reduce your outstanding debts
  • Reduce any negative payments, e.g gambling payments on your statements


  • 18 years of age or older
  • resident of New Hampshire, Kansas, Utah, Wisconsin, Idaho, Delaware, Tennessee, Michigan or Colorado
  • have a qualifying checking or savings account that has been open for more than 30 days
  • have a steady source of income (Self Employment, Social Security and Disability acceptable) , and
  • have a valid e-mail address

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If you have tried and been disappointed by other lenders who promise online loans for customers with bad credit, please check our Trustpilot reviews to see what thousands of people have to say about receiving a credit line from