Many people have problems and have poor credit ratings but still need to borrow money. This is an increasingly common occurrence and is a problem which is not insurmountable. However, people who have problems with their credit rating do have more limited options compared to those with a better credit record. 

Before going any further, the first thing you should consider is whether you really do need a loan, or whether there is a better alternative. If you want the loan to purchase something, and you could use a credit card to do that, then you would almost certainly be better off applying for a credit card and using that instead of a loan. Getting approved for a credit card will generally be much easier than getting approved for a personal loan. 

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The other benefit of using credit cards is that for someone with a poor credit record, they can be a good way of beginning to build up a good credit rating again and improve your score. If you know you have a bad credit rating, the first thing you should do is check your credit report to make sure there are no errors on it. It is not unusual for mistakes on credit reports to be the cause of an unnecessarily poor rating.

Having a bad credit rating sends a signal to potential lenders that you are not a good risk. It tells them that there is a greater chance of you not being able to keep up repayments after they lend you money. This will be based on your past credit activity, and is why it is harder to get a loan if your rating is not good. The result of this is that because you are statistically a greater risk to the lender, they are likely to charge you much more in interest. They need to do this because a higher proportion of people they lend money to who have a bad credit rating will default on their loan, so they need to get more back from the rest in order to still make a profit.

There are companies that specialise in lending to people with credit problems. Loans in these circumstances will typically involve either paying a higher rate of interest (in some cases an enormous amount more) or having the loan secured against some asset you own, such as your home. Such loans are know as secured loans, unlike normal personal loans and credit card debts, which are unsecured. 

Secured loans are much easier to get, because the lender knows that if you default on your payments, they can have your house sold to repay the debt. Because of that security against your asset, you can often borrow quite large amounts of money relatively easily. However, you should think very carefully indeed before taking out a secured loan, because if your circumstances change and you can't keep up with payments, you could lose your home. When taking out any loan being offered to people with bad credit you should check very carefully that it is not a secured loan, unless that is what you want. If you see adverts for bad credit loans for homeowners, these will be for loans secured against your house.

The other type of loan that can be easier to obtain for people with bad credit are very short term or 'payday' loans. These are normally for small amounts of money, advanced for a few weeks at most, to tide you over until you are next paid. Interest rates for such loans are high, and the penalties can be astronomical if you do not pay them back fully and on time.

The best way to find a lender when you have bad credit is to use a website that allows you to search for lenders that specialise in loans for people with credit problems. If you want a loan because of debt problems, think very carefully before taking out a consolidation loan, as these are rarely the best solution to debt problems. Always shop around as rates vary enormously.

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