Before applying for a bad credit loan know your FICO score. There are sites that give you your score for free. If your score is at least 550 or below the odds of you getting even a bad credit loan is not likely. Study your list of debts and figure out how you can start paying down this debt. There are no credit check loans and safe installment loans available. Never believe you can quickly fix your credit score because it is never going to happen.

Avoid a payday loan at all cost as they are dangerous, because the interest rate is upward of 350 percent! Once you get stuck in a payday loan cycle it is nearly impossible to pay it off without reborrowing each time. These loans are easy to get if you have a low income and bad credit but are bad news for you should you get this type of loan.

If you have debts in collections dragging down your credit score send letters of intent to make payments affordable to you and get rid of these collection accounts. Work to build up your credit before taking out a loan.

Lenders are more willing to give you money if you set up automatic payments from your banking account. Once your finances take a sound hold, apply for a secured credit card. These cards do help you to build better credit when payments are made on time. Never close out credit cards and never open new credit cards during this initial phase of financial restructuring.

The Better Business Bureau Can Guide You

Turn to the Better Business Bureau to guide you to an ideal lender. You may have to put up collateral for your loan. Never sign for a short-term and high-interest loan. This loan is too risky. If you cannot make payments the lender can come and take your collateral.

One lender you can research is your local credit union. Most credit unions require you become a member and to become a member the credit union looks at your credit history. Other factors that a credit union looks at is where you live, where you work, and possibly where you got your education. Credit Union help is worth the try.

A Trusting Co-Signer Can Help You Get A Personal Loan

See if you can find a co-signer for your loan. You may get a lower interest rate because if that person has good credit the approval of the loan is based on their credit score.

Never, fail to make timely payments if you are approved for the co-signed loan because the lender can demand payment from your co-signer and you never want this to happen. Your timely payments are recorded on your credit history as well as the co-signers credit report. Never make your co-signer wish they tried to help you. For more info, check out New Zealand’s loan provider.