There is one option available, and that is getting a secured loan. Secured means you offer collateral. Collateral is anything you own with value, and the loan amount will be the same as what the collateral is worth, or less. This way, should you be unable to meet the terms of the loan, the creditor/lender can take possession of the collateral and sell it to recover their money. For example, a typical car loan is a secured loan, because if the borrower fails to pay, the bank or lending company will repossess the car and sell it to recover the loan balance.
Anything you offer for a secured loan, you must own. In the case of a vehicle, the lender will let you keep it and will only take it if you default on the terms of the loan. Most smaller items of value, such as jewelry, antiques, or collectible coins, a lender will want to keep in their possession until the loan is paid in full.
Banks generally do not give secured loans except for those involving real estate or vehicles, but you can always check if you prefer to work with a bank. Otherwise, there are lending companies that specialize in secured loans for people with bad credit. You can find listings in your local telephone book. You can also find an abundance of lenders online, many of whom will give you an answer within minutes. One of the best ways to search for a good loan is by using a broker. These types of companies take your information, provide it to several lenders, and get back to you with a handful of offers.
Even though you may be the one in a tough situation, and with the bad credit, take your time and research plenty of offers. Choose a lender that gives you the best deal, whether that be the best value for your collateral or a lower interest rate. The good news is that if you have bad credit, there are still lenders willing to work with you and get you the financial help you need.