Best Ways I Can Get A Personal Loan If I Have A Poor Credit Score

There are so many provisions for obtaining funds. for instance, you can borrow money online or from friends and family members. Lenders first look at a loan applicant’s credit score before approving or declining their application. This fact means, getting a loan with a poor credit score is close to impossible. Yes, close to impossible, but not impossible. There are loopholes that you may explore to get a personal loan even with a poor credit score. Which are these? This article highlights the best ways I can get a personal loan if I have a poor credit score. 

Using A Co-Signer

Who is a co-signer?  He/she is a person willing and ready to enter into a joint responsibility for another one’s debt. Using a co-signer is my first option to get a personal loan, even with my bad credit score.

When I make my application, the lender will consider my guarantor’s credit rating and not mine. Lenders do not mind cosignatory as long as the co-signer has an excellent credit score. 

Does everyone qualify to be my co-signer? No! For the bank to allow someone to take responsibility for my loan, the other party must have a better credit score than mine. Besides, they should have high income that is enough to cover the loan with ease. These two are the main requirements for one to pass the cosignatory test. 

Well, it would be an added advantage if the co-signer to be has a history of borrowing and repaying loans on time. It will make it easier to get my approval confirmed by the lender. 

There are other options available just in case my application gets rejected. Read on.

Get A Loan Security

Loan security is another possible way to skip the credit score barrier. It helps the lender loosen their stance on indigent credit scoring clients.

I can opt to secure my loan using my title deed, car logbook, or any property in my possession. Using assets to guarantee my loan is another way to get my loan application approved despite a low credit score.

Get Loans From Online Lenders

Online lenders are known for risk-taking qualities. They can give me a loan even with a poor credit score. Although online lenders charge high-interest rates to mitigate the risks involved in online lending. To borrow money online you may click here

Once I get my loan, there comes a chance to improve my credit score. Repaying on time and in full will surely improve my credit. As a result, securing a loan the next time I apply for will be more comfortable. 

Although, there is one thing I need to be cautious about with online lenders. They take advantage of borrowers by making them pay extra high interest. This act makes the loan expensive, and repayment becomes a problem.

I should be a worried person if I acquire a costly loan. Financially, it is not viable. Why? Because it may make you land into more troubles. It may become too expensive for you to repay, causing you to default payment.

The consequence of loan repayment default is a further decline in credit rating.


Shylocks and the law are perennial enemies. While this business is illegal in some jurisdictions, it is allowable in others. Do not engage shylocks if it is illegal in your state. 

If I am fortunate enough to reside in a state where it is legal, then this is another option for me. A poor credit score won’t hinder me from acquiring a loan from a shylock. 

The question is, what do shylocks need from you to give you a loan? As long as you have proof of a steady income, you qualify to get a loan from a shylock even with a poor credit score.

Pause! Do I know why some jurisdictions are anti-shylocking? Let me think about it. Could it be because of the high-interest rates they charge? Could it be because of the barbaric ways they use to recover their money from defaulting clients? Yes, it is. Shylocks will rough me up in case I delay their payments. 

I should only go for loans from shylocks on a need basis. They use threats and force in case a client delays refunding their money. What are the options left for me to consider?

Peer-To-Peer Borrowing

A financial institution will deny me a loan because of my poor credit score, but my colleague may not. He/she may not even bother checking my credit score. As long as he/she looks at me as a trusted acquaintance, then I can get the loan without much ado. isn’t this better than to borrow money online?

The only problem with this option is I will be putting my relationship at risk. If I delay or default repaying the money, then I am sure my lender will not understand. 

Therefore, I need to be cautious not to throw my relationship to the bin because of a loan. 

The advantage of peer borrowing is I will not incur any interest. If I will, then the rate will be relatively low. Whether we do a written or verbal agreement, the best way to handle peer to peer lending is through paying back the money on time and in full.

Get A Personal Loan From A Friend Or Family

Blood is thicker than water. When bad comes to worse, the only option I may have left is getting a loan from my family members. During hard times, friends too may be an alternative to borrowing since financial institutions tend to snub borrowers with poor credit scores. 

This also puts your relationship at risk, but it is a cheap and convenient way to get a loan. Just as it is last on this list of options to get a loan if I have a poor credit score, let it be my last option on the ground.


Getting a personal loan with a poor credit score is a challenge though a possibility. This article has highlighted some of the borrowing options I have. I should settle for the option with the least risk involved. 

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