Do you already know that you have less than perfect credit or even very bad credit? Even with your bad credit you can find a lender out there that will be happy to give you a personal loan to help you through a rough time. However, since a personal loan is one that typically does not require collateral to secure it, it is a bit more difficult to get without a good credit score. Here are some options for personal loans for people with bad credit.
Your first option is always to check with your bank before you go anywhere else. This will do two things for you, one it will give you an idea of where you stand with your credit, and two they will usually be able to give you some good tips to help you fix your credit as well. Plus, if you have a smaller more local type of bank or a credit union, then there is always a chance that they will be willing to extend you a loan if you have a good relationship with them.
Second, you can try a non conventional lender like American General. This type of lender does not go by the same guidelines as a bank and is going to base a loan more on your income, job time, and other factors, than on credit. This is still not going to be the easiest type of loan to get, but there is always the chance they can help you out.
Third, you can go online and use a company called Prosper. This is a website that will actually put you in contact with private individuals that are looking to invest in personal loans. They might only be willing to invest $100 in your loan, but if you need $2,000, then there could be 20 individuals willing to invest $100 each in your personal loan and that would get you to the amount you need to fund your loan. This is an excellent options for those with bad credit because individuals tend to be much more understanding than a bank or lending instititution is.
Last, if you have an emergency and you really just have to have the money in a hurry, then you can go to a local cash advance store or payday lender and get the money you need. They can extend up to $1,500 in a loan solely based on your income. They do not even check your credit in most cases. This is probably the easiest option for personal loans for people with bad credit.
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@Hannah - Yeah, this is definitely a tough economy to start a business. If you have the capital, or know you can raise it, then buying an established business might be the way to go. You'll have to address the reasons why it is for sale and do your due diligence, but it could be worth it. I suggest looking at what's available in your area. There's this site called BizTrader.com. It's this online global marketplace where you can buy a business or even sell one. You can also use it to find a lender or broker. I also suggest looking into local small business groups, because they should also be well versed on the ins and outs of doing business in your area. Good luck!
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