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Step 1
Community loan sites are a first step toward securing a bad-credit loan, the most popular being Prosper.com. At Prosper, you set up an account and include your social security number. Prosper then pulls your credit score and ranks it on a scale from A++ credit to F. If you fall even in the C to C- range, you will probably secure a loan, albeit that loan will probably run close to 20 percent interest. The site is run by allowing individuals to use their own money to help fund other users requests; users tell their stories about why they want the money, and then they pay back the loan at the higher rates, and the lenders get money back on their original investment plus interest.
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Step 2
Cash-advance stores are a second option. These institutions ask you to provide, in most cases, your last two to three pay stubs. They then give you a loan based on the amount of your paycheck. These loans are easy to secure; however, repayments can range from $10 over 30 days for every $100 you borrow all the way up to nearly a double payment over 30 days. One positive is that your first loan as a new borrower is usually significantly cheaper than future loans. Simply bring your last few pay stubs and identification to the nearest store to start the process.
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Step 3
Title loans are another way to secure money. You must own your car, and the title must be in your name. Bring your title to the loan agency, and they will tell you the maximum you can borrow based on your car's value to them. These loans are also very high in interest just like payday loans; however, if you fail to repay the loan, your car will be repossessed.
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Step 4
Home equity loans can also offer a quick cash fix. For these loans, you will need to be making on-time payments on your mortgage, and show that you can repay the loan through employment records and possibly other requested information. This is a risky proposition, however, as nonpayment could put a lien on your home, and you could lose it in foreclosure.
