Having a bad credit history can doom a person for a long time. An individual who is trying to buy a home or a car will have a hard time borrowing money with poor credit. There are a few alternatives, though, for people who have bad credit and need to borrow money.

Talk With Your Bank

If you have a checking account and a job, you can visit your bank or credit union. While banks have tightened their lending regulations, they still look at each individual application and evaluate them one at a time. Just because you have bad credit doesn’t mean that you will not be approved. You can always try. The worst your bank can say is no.

Consider A Payday Loan

There are numerous payday, or cash advance, lenders out there. They do not care about a person’s credit history. If an applicant has a job, then he or she can be approved for a loan. Payday loans are secured based upon employment and the individual’s next paycheck. These short-term loans are great when money is tight and you only need a few hundred dollars.

Try A Car Title Loan

If you own a car that has a clear title, you can apply for an auto title loan. Title loan companies, such as Embassy Loans of Florida, will lend to those who own their cars outright. Borrowers must verify their identity and residence as well as produce the title to the vehicle. The vehicle is assessed for value and then used as collateral to complete the loan. Credit checks are not necessary since these loans are secured by a vehicle.

Are You A Veteran?

If you have served in the nation’s military, there are emergency funds available to you. Check with your commanding officer if still active or with a local veteran’s administrator if retired. There are several sources of funds available as well as loans from companies that offer payday loans and other short term loans. If you are a veteran and inquire with these types of companies, be sure to tell them that about your military service. These companies are required to tell you about other options they may have.

While having bad credit can be detrimental to an individual’s finances, it doesn’t have to be the end of the world. When looking to borrow money for whatever reason, remember that there are alternatives that will not drive you deeper into a bad financial hole.