Obtaining a loan if you have bad credit will limit your options for success. There are ways, though, to get a loan when you have poor credit and you can find loan terms that allow you to pay it back in installments.
Step 1
Apply for a loan with your local bank. If you are a longtime customer, you may have a better chance at receiving a loan no matter what your credit score is. You may have to put up collateral for a loan and your interest payments may be higher. Talk to the manager of the bank you have an account with to see if you can get a loan there.
Step 2
Fill out an application for an online payday loan company. If you have a reliable source of income, a checking account and are at least 18, you are almost sure to be eligible. A payday loan typically withdraws the amount you owe on your next payday, but you may be able to set up an installment plan by rolling over the loan and paying the finance fees each payday, and then paying as much as you can on the principle. These are typically called installment loans.
Step 3
Talk to your employer about receiving a loan from your company. If you are a long-time and trusted employee, your employer may allow you to take out a loan and pay it back in installments. You may even be permitted to have it taken out in small increments out of each paycheck.
Step 4
Look into a car title loan, provided that you own a clear title to a car or truck that you can cash in for a loan. You do not need to have good credit for this and you can find places online that will allow you to apply for a loan. However, if you cannot pay the loan back, the vehicle may be forfeited to the loan company, so be careful when considering this type of loan.
Step 5
Ask a family member or a friend if you can borrow money from him. You can set up an installment plan with him so that he knows when he will be getting paid back. For the most security, draw up a plan and have it notarized so that there is no confusion as to how much is owed and when it is to be paid back.