Ways You Can Get a Personal Loan Even If You Have a Bad Credit

A bad credit score can make it difficult to get a personal loan. If you have a history of missing payments, late payments, or any other kind of financial difficulty, it can affect your credit score and make it hard to get a loan from a traditional lender.

This is especially true if you are looking to get a large loan. You may have trouble finding a lender who is willing to give you the funds you need, especially if your credit score is low. However, there are still ways that you can have a personal loan, even with bad credit. Read on to find out how to get a personal loan, even with bad credit.

What Is a Personal Loan?

A personal loan is a type of loan you can use for personal needs. It’s a great way to get the money you need to pay for things like a wedding, home repairs, or medical bills. It’s also an excellent way to consolidate high-interest debt or make other major purchases that would otherwise be difficult to afford.

The best part? Personal loans are available even if you have bad credit! You’ll still be able to qualify for one of these loans if you have any kind of past credit issues, including bankruptcy filings and late payments on your credit card balances.

What Is Bad Credit?

To understand how you can get a personal loan even with bad credit, it helps to know what credit is first. Credit refers to any financial transaction involving borrowing money from someone else in exchange for interest payments over time.

Bad credit refers to any negative mark on your credit report that indicates you’ve been a bad borrower. Credit scores below 660 are considered bad. Bad credit can come from late payments, bankruptcy filings, or other financial mistakes.

3 Strategies to Get a Personal Loan with Bad Credit

Getting a personal loan with bad credit is harder than getting one with good credit. But it’s not impossible. Here are some tips:

  • Apply for a Secured Loan: A secured loan is one where you give the lender collateral, such as your house or car title, in exchange for the loan. It’s like taking out a mortgage on your home or vehicle instead of paying cash for it at closing.
  • Get a Cosigner if Possible: If your parents or another family member has good credit and is willing to help you out, have them cosign on the loan so that you can get approved even if your credit score isn’t great yet (or ever will be).
  • Consider Lenders That Don’t Require a Credit Check: If you don’t have the best credit, it pays to shop around for a lender that doesn’t check your credit score. Although most lenders will require some security deposit or collateral for their loans, these options are available for people with poor credit and no collateral.


It is essential to know your options when it comes to personal loans. You may have more options than you realize, especially if your credit score is not great. Many companies offer personal loans to people with bad credit, so you should not be discouraged. By taking the time to research your options and then applying for a loan, you can get the money you need when you need it most.

Are you looking to get a personal loan? 365 Loans Canada is a great place to start. We offer an easy application process and fast approval times, so you can get the money you need in no time at all.

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