My Credit Is Shot: How to Borrow Money With Bad Credit


Every year, more than 20 million Americans take out personal loans. That number is high, but it would likely be even higher if those with bad credit thought they would be able to qualify for a loan.

If your credit isn’t great, you might not think that you’re eligible to take out a loan. But the truth is that you can borrow money with bad credit. You just need to know where to look for it.

Whether you need to get a loan to pay off a car repair bill, a medical bill, or something else, you have options. Here is how to go about borrowing money with bad credit.

Begin by Tracking Down the Right Lender

If you need to borrow money with bad credit, you’re probably not going to have much luck going through a traditional lender. Many of these lenders shy away from working with people who don’t have good credit.

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There are, however, lenders out there that specialize in providing loans for bad credit. These lenders are more than willing to take a chance on people who might not have the best credit in the world.

Do your homework and locate a lender that is known for providing loans to people with less-than-perfect credit. You should be able to put together a short list of options in no time and choose the right one for you.

Fill Out an Application for a Bad Credit Loan

Once you find a lender that offers bad credit loans, the next order of business will be to fill out an application with them. You can usually do this within a matter of just a few minutes.

A lender will ask you to provide them with:

  • Your name and contact information
  • The amount of money you need to borrow
  • Your monthly income

From there, they’ll let you know whether or not you can borrow money with bad credit almost right away. The best lenders will give you a decision within a minute or two and give you the money you need within one day.

Make Sure You’re Prepared to Pay Your Loan Back

It’s possible to borrow money with bad credit once. But you might have a tough time doing it again if you don’t pay back your first bad credit loan.

It’s why you need to put a plan in place for paying off the loan that you take out. Try to figure out how much your payments on the loan will be and check your budget to see if those payments will be manageable for you.

It’ll ensure that your bad credit loan helps bring your credit score back up as opposed to dragging it down even further.

You Can Borrow Money With Bad Credit If You Need to Do It

Don’t let your bad credit stop you from trying to apply for a loan if you need one. You can—and should!—borrow money with bad credit if it’s going to help you live a better life.

Look for the right lender and put in a loan application today. You might be surprised to see how willing some lenders are to work with you despite your low credit score.

Learn more about the different loans that might be available to you by reading the loan articles on our blog.

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