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A financial crisis can hit anyone at some point in his life.  It is a difficult phase in life that will be a struggle to get out of.  Sometimes a loan is the only thing that can give a person a chance to start again.  However, if you have a bad credit score, you might not have such an easy time getting a loan.  The question that many people in need have on their minds is whether or not it is possible for a person with a bad credit score to get instant loan approval.

The honest is answer is no.  Your credit score is one of the primary factors that lenders look at when they evaluate loan applications.  A bad credit score is always a red flag for lenders. You will have to build up your credit score before you can expect instant approval for your loan application.  For someone who is down and struggling, time is not something they have a lot of.  One who is desperate need of money do not have the luxury of time to repair his credit record and pull his credit score up a few notches.

How to Get a Loan

While it is difficult to get a loan when you have bad credit, it is not entirely impossible.  There are still lenders who offer loans specifically designed and intended for people with bad credit scores.  Do not expect, however, that your application will be approved instantly or that you will get the lowest rates and the best terms.

Your financial condition will be thoroughly evaluated when you apply for a loan on bad credit.  You will have to prepare a number of documents to support your application.  If you do not have a stable and regular job, you will have an even more difficult time applying for a loan.  You need to prove to the borrower that you can afford to pay for the loan that you are applying for.

Loans You Can Apply For

Your first choice is a personal loan that can be used for any purpose. This kind of loan is available through banks, credit unions, and even online lenders. This is almost always the easier kind of loan a bad credit holder can get. The credit score will weigh heavily on the decision on the loan amount that you will be approved for.

There are also short term loans like payday loans that are quick and easy to avail of.  Your credit score will not be much of an issue for as long as you can provide evidence that you have enough cash flow on your next payday to cover the amount of your loan plus interest.

Be careful when you have bad credit as you can be an easy prey for scam loan companies.  You are an easy target for those who use various tactics in order to lure you.  Even if you are desperate for money, do not put yourself at risk of losing even more when you jump at a loan offer that sounds too good to be true.  Make sure that the lender you are dealing with is legitimate.