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Where to Go for Loans if You Have Bad Credit

It’s not uncommon to find yourself in a situation where you need money but don’t have the best credit. 

Maybe you have an emergency expense or unexpected bill, and you don’t have the cash on hand to cover it. Or, perhaps you’re looking to consolidate some debts or make a large purchase, but your credit score won’t allow a good interest rate.

Whatever the case, if you need a loan but have bad credit, you may wonder where to turn. Luckily, there are many bad credit loan options – you just need to know where to look. 

Here are the best places to get emergency loans for bad credit:

Where to Source Bad Credit Loans

Online Lenders

Several online lenders cater to those with bad credit. These lenders are often more flexible regarding credit requirements, so it’s worth checking them out if you have trouble getting approved for funding by traditional lenders.

Credit Unions

Credit unions are an excellent option for bad credit loans because they’re often more willing to work with you if you have a history of financial difficulties. If you’re a credit union member, ask about their loan options for bad credit – you may be surprised at what’s available.

Family and Friends

Get everything in writing if you’re considering a loan from a family member or friend. This will protect both parties and ensure no misunderstanding about the loan terms.

Peer-to-Peer Lending

Peer-to-peer lending platforms connect borrowers with investors willing to fund their loans. This can be an option if you need a loan but don’t have the best credit, as the interest rates are often lower than what you’d get from a traditional lender.

Government Programs

Several government programs offer financial assistance to those with bad credit. One option is the Low Income Home Energy Assistance Program, which assists with home energy costs for low-income households.

What Now?

Plenty of options are available if you need a loan but have less than stale credit. Just be sure to research and compare your options to find the best deal.