There are loans for people with bad credit available, it is just that they are going to have more restrictions, higher interest rates, and quicker payback programs. The problem is partially due to the economy at the present time, in that there are plenty of people out of work and in between jobs, so there is an abundance of situations that makes it bad for companies to loan money.
One way to possible get a loan however, if you do have bad credit, is to offer something up as collateral. This is a different type of loan as opposed to using your home for collateral.
If you have a vehicle that you have paid off and there are no liens against it, you can put that up as collateral with some loan companies. While this can be a successful method of getting a loan, you have to realize that if you miss any payments on this type of loan, you could have your car reposed due to the missing of the payments.
There is another form of loans for people with bad credit that is worth looking into. Keep in mind that if your credit is not so good, there are not going to be a lot of loan companies lurking around wanting you to sign up for a loan. However, there is a type of loan called a payday loan or a quick cash loan that you can apply for online.
If you can show that you have a steady income and that your own a checking account, you can usually get approved. Once you are approved, you will receive a direct deposit into your checking account in just a few days. The stipulation on the loan, however is that it be paid back to the lender on your next date that you get paid.
Usually the loans on these programs are for smaller amounts such as $300 to $500, but it does get you started on the way to better credit. Plus the fact the these amounts are not really too difficult to pay back quickly. Once you successfully pay back one of these loans, you may be offered higher loan amounts on future loans, with a longer payback arrangement, such as installment loans.
There are hundreds of thousands of individuals who suddenly find themselves in difficult credit situations and this is a way that makes it possible to get your credit back.