For people who have an unfortunate financial past getting access to credit when the need arises can be extremely difficult as most lenders will be unwilling to take a accept the risk that you represent to them. For this reason getting a personal loan for people with bad credit means going to lenders who you might never have heard of before. Lenders who might not even exist on the high street where you live but could be easily accessed Online. This article is going to take a look at the kind of personal loans for people with bad credit that exist and what ones you should be making use of if you are in need of fast cash.

Understand that if you have built up a bad credit rating then lenders are going to know that you are in a tough predicament which they will use to their maximum advantage by charging you as much as they can for your credit. Because of this you have to be especially wary when examining the terms of any credit that you are thinking of using. Also, realize that you present a higher risk to any lender and they will want to balance that risk with the potential profit they can turn by dealing with you. All this adds up to increased premiums for people looking for bad credit loans.

What's available in the personal loans for bad credit market?

1. The Payday Advance - A very short-term cash loan which is usually only available in amount up to £1500. These fast cash loans are taken out during the month and paid back at the end of the month when you get your next paycheck. High interest rates mean these loans are like most of the loans available to consumers with bad credit. Only use them when you can't do without the cash and you have no other options available to you.

2. Car title loans - A car title loan is a product that uses your car as collateral for the cash so the lender is drastically reducing the risk involved for them as Doha can take possession of your vehicle and sell it to cover the debt if you fail to make all your repayments. Lenders will usually only give you about 50% of the market value of your car and will be quick to take your car if you fall behind. You would think that because of this the interest rates would be reasonable with this product but unfortunately this is not the case. High interest rates and charges are the norm with these so be very careful how you use them and which lender you decide to trust with your business.

3. Home Equity Loans - If you are looking for a bad credit personal loan that doesn't have crazy interest rates then your best bet is to go to a high street bank with collateral for a loan. If you own your own house then you have the best form of collateral there is. Home owners who have paid off a percentage of the mortgage or who have a property that has risen in value should have no trouble in getting a sizable cash loan at comparatively good rates. These loans are preferable to payday advances and log book loans for obvious reasons although you should be aware that your house is at risk if you can't repay your debt.

Lending from a friend or family member - Most personal loans for people with bad credit are expensive to use and have a huge amount of risk attached, whether that be the risk of losing your property or getting to ever increasing debt. If you have a trusted family member who is willing to lend you the money you need you can get around these problems with an interest free loan but make sure you repay in the time frame that is agreed to avoid splitting the family or friendship.