Those with bad credit looking for a quick personal loan know that going to a bank or traditional lender typically won’t work. If you have bad credit you need to find a good way to get personal loan. Chances are you do have ways to get a quick personal loan and you didn’t even think of them.

When trying to get a personal loan from a bank they often want some guarantee that you will repay them. This guarantee is usually in the form of some sort of collateral which is an asset that guarantees the loan. The most common forms of collateral are cars and homes, but there are other ways to get a quick personal loan if you don’t have a car or home to use as collateral.

Here are 10 ideas to think about if you need a quick personal loan:

  1. Take a cash advance from a payday loan company. This only works if you need the cash for a short period of time because payday loans need to be paid back within 2-3 weeks. Alternatively, you can give yourself a quick personal loan by taking cash from a credit card.
  2. Withdraw cash from your savings account. I know most people have checking accounts these days, but many neglect savings accounts which can be a good source of quick cash. If you don’t have one, consider opening a savings account specifically for emergency money.
  3. Use a store credit card to buy what you need. Of course this isn’t really a personal loan, but it is quick and depending on what you need the cash for you may be able to buy it at a place for which you already have a credit card.
  4. Use your insurance policy to get cash. Depending on the type of life insurance you have you may be able to tap it for a quick personal loan.
  5. Get an SBA loan. If you’re trying to start a business the Small Business Association may be able to help you with a small loan. Don’t overlook this valuable government agency if you need a quick loan to start or fund a business.
  6. Get a direct personal loan from a site like Prosper.com or Lending Club.com. Both of these sites match people looking for loans with people willing to lend money. The interest rates are pretty competitive and once you’re qualified as a borrower it can be a great way to get a quick personal loan.
  7. Get a personal loan from a friend or family member. You might think they won’t be willing to lend you the money, but they may surprise you. Anyway, it never hurts to ask.
  8. If you own your own business you can get a loan through the business, typically much easier than obtaining a personal loan as banks are more willing to lend to businesses.
  9. If you have a retirement plan at work you can often borrow money from there and pay yourself back for the loan. Just be careful to understand all the terms or you could end up paying a penalty on this type of personal loan.
  10. Get someone with good credit to co-sign the loan for you. This may be easier than getting friends or family to lend you the money themselves. Plus, it will help you re-establish your good credit which might be a good selling point to convince them to help you now.

As you can see there are many creative and different ways to get a quick personal loan. So, if you need some money now, but you have bad credit don’t give up. One of these 10 ideas might be your ticket to a quick personal loan.

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  3. Low Interest Personal Loans
  4. A Guide To Applying For Quick Payday Loans
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  6. Personal Loans Explained
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