Even though your credit may be bad, you can still borrow money. There are a myriad of companies available to you today that will give you a bad credit loan when you need it.

There are a couple of different types of bad credit loans you will be able to get regardless of your credit score. These are your standard pay day short term loan and the bad credit installment type loan.

The pay day loan works like this. You will be required to have a checking account if you do this in person and at the least, you need to have a deposit credit card account if you take out the pay day loan on line. The reason for this is so the lender can pull the amount out of your account when it is due. One more requirement is that with some lending companies, you will have to have a job or benefits with a direct deposit set in place.

You will be able to borrow a small amount of money, for example, two hundred and fifty dollars and it will be payable in full on your next future pay day. You will be offered the opportunity to extend the loan for another pay day if you pay the interest, which by the way is somewhere around one hundred percent. So two weeks will cost you around forty dollars. No one said that bad credit was cheap!

The other loan is the installment; these have the same bank requirements and interest structure. The difference is that you will be able to pay a 300.00 loan back in a 6 month period, one payment per month.

It is great to have this credit available to help you in a time of need. The thing to watch out for is not to get too extended and mess up. Once you do this, you are out of luck for any type of loan.