Creative Loan Options For Bad Credit Borrowers

how to borrow money with bad credit

Knowing how to borrow money with bad credit will help you reestablish your financial reputation, improve your credit score, and open the doors to money you might have thought you had no access to.

Let's face it, you will at some point look to borrow money in your life. Borrowing money can help you weather tough financial times, allow you to seize business opportunities, and help you pursue your dreams...

The unfortunate reality these days is all too many people have a bad rating having faced financial hardship, jobloss or because of financial mistakes made in your less responsible youth. A bad FICO score translates into higher monthly bills on credit cards, mortgages and loans, and denies you access to money you could use when you need it most.

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With a bad financial reputation your borrowing costs are higher, and some lenders simply refuse to deal with the high risk of giving you a second chance as a borrower. You can't blame them, they are in the business of making money on the funds they lend, but this guide is about how to borrow money with bad scores, so lets get to it...


How To Borrow Hassle Free With Your Job Earnings
"Having steady income cures all manner of credit woes..."

It you have a job and need to borrow money for a short term emergency, you can use your salary as "collateral" to a bank or lending company and they will let you borrow the money you need. When borrowing money with low scores you need to be creative. Payday loans are the most common loan of this type that accept people with bad scores but if your income is high enough you can use it to qualify with a regular bank for more traditional borrowing.

With a job pay advance loan you must provide a post-dated check and lender will deposit the money you borrow into your checking account, repayment will draft automatically when you receive your due paycheck from employment. Payday loans are very popular because of their flexibility, near instant funding and easy approvals, with millions of dollars borrowed each and every month.

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  • Fast Funding Options
  • Flexible Repayment Terms


  • Near Instant Money Funded Direct Into Your Account
  • No Credit Check - Bankruptcy OK, Foreclosure OK, Repossessions OK
  • Quick, Easy Online Application Process - Fill Out A Quick Form To Borrow
  • Loans Borrowed Are Unsecured - No Security Needed


  • Attaches To Your Bank Account
  • Expensive Borrowing Costs
  • Paycheck Deductions Mean Smaller Paycheck Come Next Payday
  • Typically Short Borrowing Repayment Periods

Have you heard about the dangers of borrowing payday loans? Well there is truth in what is said, borrowing too many payday loans at once can lead to a bad situation in which all the payments are deducted from your paycheck leaving little left for you come next payday. As you can imagine, not an ideal situation that can lead to financial trouble, but if you know how to manage payday loan borrowing effectively, it can be a powerful financial tool in a pinch.


Learn How To Easily Borrow With Creative Security

If you are cash strapped, broke, in need of money fast, the first avenue many turn to is to use a pawn broker where you can pawn personal items of real value to the store. These stores will accept personal items like jewelry, watches, gadgets, musical instruments and even personal computers.

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The pawn broker will assess the value of your item and the money will be given to you in exchange for your personal items as security for the loan. If you fail to meet the repayment obligations the pawnshop will keep what you put up as security for the money.


  • Instant Funding of The Money You Borrow
  • No Credit Check - Bankruptcy OK, Foreclosure OK, Repossessions OK
  • Simple Borrowing Process - Typically a Short Form To Fund
  • Very Flexible Acceptance of Security Items


  • Requires Security Deposit of Something Valuable
  • You Can Only Borrow A Small Portion of The Securities Actual Value
  • High Borrowing Costs

Most pawnshops will keep the items you have for a month or more with interest. If you are not able to pay to redeem the loan in a month, you can renew the pawn agreement effectively extending the terms paying only interest. It will go on until you get your item back. If at any time you stop paying the monthly interest on the money you borrowed, your personal item will be forfeited, put on sale or auctioned off. The monthly interest rate is high too. Not necessarily the ideal solution to borrow money with a low FICO, a pawnshop loan offers an option that can be considered in an emergency.


How To Quickly Borrow Against Your Car Title

Another method for borrowing money with a bad rating is to use your car as collateral. Most title loans for bad credit people will not require a credit check and use the car to secure the money you borrow.

Additionally you can consider borrowing using a refinance of your car loan, in which you borrow in excess of what you currently owe. In lieue of a title loan check out our recommended car loans for a possible refinance, in some cases you can quickly reduce what you pay in bills and free up additional money. Both borrowing options require a certain minimum value in your car and or the equity you have in the car. The amount you can borrow is based on your autos value.

The lender will ask to assess your vehicles value which as you would suspect includes factors such as the vehicle model, its condition and the year it was made. Borrowing based on a title loan will let you get access to money in a hurry, but the lender will keep the title on your car as security for your repayment. Much like payday loan borrowing the grace period for repayment is typically 30 days and it is renewable every month thereafter, but this can vary so read your contract carefully.

Like all borrowing with poor credit, a title loan will inherently have a high percentage interest charge, and can be considered expensive when compared with good credit loan options. This is the unfortunate reality when borrowing money. If you default in payment or you are falling too far in arrears with your payments the lender has the option to repossess your vehicle.


  • Fast Borrowing Option
  • Bad Credit OK - Bankruptcy, Foreclosure, Repossessions Accepted
  • Possibility Of Borrowing Bigger Loan Amounts


  • Car Value Assessment Must Be Made
  • Car Pledged As Security - Risk Of Losing Car In Case of Default
  • High Borrowing Costs

If you default, the lender will sell your vehicle to replace the borrowed money. If the cost of your vehicle is not enough to cover the loan that you have borrowed, you will be asked to pay the difference on top of losing your car to repossession. You have the option to recover the vehicle in some cases but you will have to do it before the vehicle is sold to another buyer and you need to pay the necessary fees which can include the interest, repossession fee and the outstanding loan amount you have with the title lender.

Beware of title loans as you could well be pledging as security your means of getting to and from work.

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Understanding How To Borrow Money With Low Scores

Are you noticing a trend among the borrowing options for people with bad FICO scores? Higher costs, interest increases, risk of pledged security, and hassle. To borrow with a bad history you need to make it worthwhile for lender in some way, to make it worth the higher risk of letting you borrow the money you want. Unfortunately that translates into higher fees in most cases.

Knowing how to borrow with bad credit is as much about understanding what the lenders want to make the loan a win win for both parties.

Your bad FICO score need not prevent you from borrowing, but the best option is to work to fix your credit, get back on your financial feet and unlock all the benefits good credit borrowing can provide.

If you want to learn more about creative borrowing for people with bad credit check out our guide on how to buy a house with bad credit. Or check out how to get a mortgage with low FICO scores if you are interested in financing your home.


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* Important Note: All collection practices of these loans will always be in accordance with the principles of any federal regulations. A typical APR for the loans listed ranges from 261% to 1304% for a short term loan. Failure to repay the loan on time, delinquency or defaults on the registered account could negatively impact your credit score. Renewal policies vary for every lender, please read all the print presented on the application page.

Borrowing Money Online
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Online lending and borrowing opportunities will require that you share basic personal information to determine if you qualify for the programs available. Money is safely wired direct to your account following approval.

Don’t Miss Out

Don't be left out in the cold when killer new offers are made available, so you can sit back and save...