Getting the Loan You Need Even When Your Credit is Sketchy

Even when you have bad credit, it isn’t impossible to get a loan.  You might have had your credit scores take a hit due to problems you might have been having financially, or you might just be trying to build your credit. Either way, it can be quite a task trying to get a loan in those circumstances. Also, with changes in credit reporting, you need to have a good understanding of the factors that can affect your credit and what you need to do in order to build your credit. Here is a look at what to do if you find that you are having trouble getting the loan you need.

Payday Loan Alternatives

These can be a great way for anyone to get a loan. They are quite easy to qualify for. All you need is an active checking account, a source of income that can be verified, and a social security number that is valid. You will be able to borrow as much as $1,250 and the terms for repayment are flexible. It is quick too. Once you are approved for one of the alternative payday loans online, you can have the money in your account as soon as the next business day. This can also be a great way to build some credit.

Bad Credit

Having horrible credit can be a massive stumbling block when it comes to getting a loan. This is because people with bad credit are looked at as being high risk customers who might well default on the loan and leave their lender holding the bag. The fact of the matter is that until you get that credit score up, you just will not fit the standards when it comes to lending guidelines that the more traditional lenders, like banks, have to adhere to.

Credit Unions

According to, if you are a member of a credit union, you might be able to get a loan from them even if your credit is not stellar. Credit unions differ from banks in that they are owned by their members and are nonprofit institutions. If you have a membership in a credit union that is community based or that is affiliated with your employer, they might just be able to overlook your credit score and pay closer attention to your character instead.

P2P Lenders

Have you heard of Peer to Peer lenders? These are a fantastic option if you are looking to get a loan but you have poor credit. With P2P loans, instead of going to a bank and getting the news that you don’t have good enough credit to get a loan, you will be able to borrow from individuals who don’t have the same high overhead costs and rigid rules. They can be a bit more sympathetic. That being said, they are also not actively looking for ways to lose money, so you will need to pay them back.

Friends and Family

Most of the time, P2P lenders will allow you to borrow the money that you need from people who are strangers to you. However, in the event that your credit is truly horrible, your only option other than an alternative payday loan might be to try to get a loan from your family or friends. Because they know you, they might be willing to take a risk. If you do have to get a loan this way though, do it right, so that each party is protected. Make sure to document the terms of the loan on paper, and you might even consider using a third party to make sure that the payments are processed. Even if your family and friends can’t help by lending you the money themselves, they might be willing to cosign for a loan for you.


If you seem to be having trouble getting a loan, you might find yourself in the position of having to put something up as collateral. This is when you pledge something of value so that the lender knows that you are serious and they have a better chance of getting their money back. Be careful if you do this though. If you can’t pay it back, you will lose your collateral.


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