If you have bad credit, you might think that it's impossible to take out a cash loan. However, you do have options that are geared specifically for people who don't have the best credit scores. These are three potential loan options that you can look into, regardless of your credit score.
1. Payday Loans
Your first option is a payday loan, which you can apply for in a local office or online. With a payday loan, you will be granted a rather small loan that you will more than likely be expected to pay back on your next payday. These loans aren't for long-term borrowing or for borrowing large amounts of cash, but they can be great for getting your bills paid on time or just getting by until you get paid. You may be expected to write the lender a check or to agree to an e-check that will automatically be cashed on your payday; this is how the lender secures the loan.
2. Title Loans
Title loans are another option for those with bad credit, and they're typically a good option if you need to borrow a larger amount of cash. Basically, you use your car as collateral and give the lender the title to your car until you pay your loan back. The amount that you are loaned will depend based on how much your car is worth. If you don't pay your loan back, you should know that the lender can repossess your car.
3. Pawn Shop Loans
Pawn shops also offer loans for people with bad credit. In fact, they generally don't check credit scores at all. Like a title loan, these loans are also collateral loans. However, you simply bring in a piece of jewelry, a gun or another similar item that can be used as collateral. You'll have to leave the item at the pawn shop until you come back and repay the loan, but this can be a bit less risky than a car title loan. This is because most people would rather lose a piece of jewelry upon not repaying the loan than to lose their car.
As you can see, you do have loan options available to you, regardless of how bad your credit might be. Look into one or more of these options, and you can get the cash that you need into your hands more quickly than you probably think.