When you have a poor credit standing, getting loans is almost impossible. Banks, especially with the current economic condition, have toughened the terms and conditions of crediting. If you have a bad payment history, your chances of being granted a loan is nearly zero. For these financial institutions, a less-than-perfect payment history is a sign of an inability to pay back the loan. You are as well considered a high risk due to your poor score. These traditional lending institutions, however, are not your only source of funds. There are other institutions or people who can lend you personal loans with bad credit. You can even find deals with low interest rates and charges, as well as those that require no collateral. Here are tips on how to find low-interest, no-collateral personal loans with bad credit.

1. Ask from friends, family, or coworkers. Your friends, family, or coworkers are probably the simplest and easiest way to go to when in need of immediate cash. These individuals know you personally, so they’ll lend you even with no collateral. Moreover, you can easily negotiate the terms, such as asking them to give you low interest rate or even zero interest, or prolonging the payment duration until you have enough or extra cash.

2. Try peer-to-peer lending. Peer-to-peer lending lets you borrow from private individuals whom you may not know. With these individuals you can get a loan with low interest rates. They may also offer you longer payment duration. Importantly, the transactions are done online, and are faster and easier than traditional lending institutions.

3. Seek help from credit unions. They see themselves not as financial institutions but as financial cooperatives. They are owned and run by members, and they primarily work to help people with financial needs, offering them personal loans with bad credit with low interest rates, along with other cool perks, which may not be offered in banks. Also, compared to banks, credit unions are friendlier and more approachable, so taking out personal loans from such institutions is not a challenge.

4. Go to online payday lenders. Payday lenders are another great source of bad credit loans. These lenders do no credit check, and can offer you loans regardless of your score or even if you have no property to use as collateral. While the lenders are known for charging high interest rates, you can still find deals with low charges. You can always haggle with lenders in order to get better deals. You can also get good deals by researching and comparing different lenders of online payday advances.

The best deals on personal loans with bad credit are those with low interest rate, and those that are offered by trustworthy lenders, who at the same time are flexible enough to extend the duration of payment on any condition. And while the best way to get a good deal on personal loans with bad credit is to use collateral to secure the loan, there are definitely other simpler and easier ways to get low-interest, no-collateral bad credit loans, such as those mentioned earlier.