There are a lot of different ways to get a personal loan. The term “personal loan” actually has a range of meanings. For example, each of the following qualify as personal loans:

* going to a pawn shop and using your prize guitar as collateral for small loan
* taking out a loan against your car by signing over the title to the lender
* getting a loan against a future paycheck
* going online and applying for an unsecured personal loan
* taking out a signature loan at a nearby brick-and-mortar lender, meaning you put up no collateral other than your signature

Each of these loans is possible through a personal loan lender. Despite all of these various options for getting access to cash through this type of loan, it can be a different story if you have a bad credit score. Any FICO score under 550 or even 600 is considered bad by most lenders.

If you are interested in personal loans online and bad credit is a concern, here are 5 ways to navigate to the loan you need:

1. Be wary of everyday, run-of-the-mill personal loan lenders:

It is true that most personal loan lenders are used to dealing with people with less-than-perfect credit scores. That is why interest rates for this type of loan are usually much higher than for that of a mortgage, auto loan, or a home equity loan. Still, certain lenders actually specialize in working with bad credit individuals. Be sure to not just choose any older lender, but rather you should approach lenders who are used to working with people with low credit scores.

2. Come to terms with your credit report:

Nobody likes taking the time to go through their credit report with a fine-toothed comb. It would be so much easier to just skip that step and get on to the loan application. But, take a half hour or so and review your report in its entirety. And, prepare yourself to answer any questions that may come up about your credit history.

3. Ask a friend or family member where they got their personal loan:

If you know anybody who has taken out this type of loan over the past year or so, ask them the name of their lender and write it down.

4. Try a mix of online and in-person lenders:

Now, it is time to create for yourself a list of bad credit personal loan lenders. Not only is variety the spice of life, but it also helps when it comes to taking out a loan. Add to your candidate list of lenders both online and in-person (brick-and-mortar) lenders, such as those you have seen while driving around town.

5. Read the fine print before signing anything:

Once you have applied to at least 3 lenders, you should soon have one or more offers in your hand. Be sure to read the terms and conditions and other fine print before signing on the dotted line.

Try these 5 ways to navigate yourself to the personal loan you need, even if you have bad credit.

Author Bio: Get access to more bad credit personal loan tips and lending resources at: My Bad Credit Personal Lender.

Category: Finances
Keywords: loans online and bad credit, online personal loans, bad credit personal loans, secured personal loan