Are you stressed up because you think you cannot borrow any loan since you had the wind knocked out of your credit scores as a result of financial problems? There is no need to worry any more as here is your help finally. People with a bad financial records with their banks or who are really struggling to build credit for the first time normally face it rough when it comes to wooing bankers to give them money. That seems to be very hard but trust me you have more options than you can even imagine. I will give you the 5 ways to get a small loan with bad credit.
1. Use a Home Equity Line of Credit
As it is a fact that housing bubble has left many homeowners owing more than the homes themselves are worth, it is still possible to get a loan using this perspective if you have equity in your property. This way, you can get a tax-deductible, low-interest credit line that you can use in any way you think it is worth to be used. If you have a reliable income, this method is one of the best since there is no struggling much on making those in power to give you the money but if you are not sure of the source of income you have, you might risk losing the property as the bank can confiscate it to cover for the debt.
2. You can consider applying to credit unions
These institutions are similar to banks only that they are owned by their members who actually have something in common. These people could be working in the same industry or even they live in the same geographical area. Unions are known to be nonprofit organizations whose main aim is to elevate the living standards of its members by offering them loans at very strict lenient rules governing the lend out. They lend more money to customers even with a very bad credit history since what they deal in is the salaries in the case of salaried union members. Using this method can be a wise way of getting some amount of money even with a bad credit.