In these difficult economic times more and more people are experiencing financial difficulties and many find that their credit rating suffers and they are unable to borrow money from banks and other establishments.
When the banks won't lend you money there are fortunately quite a few perfectly respectable alternative organisations that you can borrow from instead.
Assuming that you have applied to banks for a loan and been rejected, it is probably safe to say that it is because you have a less than perfect credit record.
There are several ways to borrow money with bad credit and there are a great many companies who specialise in these areas of lending.
Before we go into the details of these various ways to borrow money with bad credit, I should mention that it may well be worthwhile checking your actual credit report to make sure that it is accurate and that you are not being rejected by banks due to information that is either incorrect or out of date.
It is possible to do this very easily free of charge by signing up for a subscription with one of the credit agencies, reading your report and then cancelling before you need to pay anything.
Which lenders you approach will depend in part on how much money you want to borrow and how long you need it for.
I will look at short term small loans first, and then larger amounts over a longer period.
One of the simplest and fastest way to get cash when you have credit problems is through a payday loan.
If your need is for a cash advance for a very short period, this type of loan is probably the answer.
One of the big advantages of a payday loan is that there are many good lenders who will not carry out a credit check on you, because it really does not matter.
They won't lend you any more than you earn each month, and this has to be paid back the next time you get paid.
Provided the lender knows that you earn the right amount and that you have a bank account that can be used to pay it back, they have all the security then need.
Another reason payday loans are so popular is the speed with which a good lender can provide cash.
With online applications a good lender will have cash placed in your bank on the day you apply, sometimes in a little as an hour or so after you complete the online application.
When considering this type of loan, you need to know that you are definitely going to pay it back in full when it is due, otherwise large penalty fees may be applied.
These can be really prohibitive and build up at an alarming rate, making it even harder to repay the loan.
When you need to borrow more money than you can get through a payday loan there are several options.
One way to access and compare lots of lenders who cater for people with poor credit is to use a specialist online loan provider who will run your application past lots of lenders, which greatly increases your chance of being accepted.
There are many such companies that cater to people that the banks won't lend money to.
Another route for those who own their homes or have mortgages is to use a home equity loan.
This is a type of secured loan, so called because it is secured against your property.
What this means is that if you fail to keep up with repayments your house could be sold to pay back the lender.
Clearly a serious prospect, so not a loan to be taken on without careful consideration of how sure you are that you can keep up with the payment amounts.
If you know you can afford to repay such a loan, it is one of the best ways to access a large amount of money for almost any purpose at all.
Whichever type of loan you are interested in, it is sensible to follow recommendations for lenders that are known to be trustworthy and good value.
It is much safer to use well established and proven companies than to just borrow money from whoever you find first.
There is also no harm in applying to a few trusted lenders before deciding which one has made the best offer.