If your credit score hovers somewhere in the 300 to 579 range, you’re one of the estimated 16% of Americans with bad credit. These low numbers have big ramifications: high interest rates, difficulty getting approved for housing or credit applications, higher insurance premiums, and more.

Worse, when it comes to finding a bad credit loan, you might find few lenders willing to take the risk. What do you do when you struggle to find loans for bad credit?

If you’re in this situation, here are a few tips to help you find a loan that works for your needs.

Compare Lenders

Before you get too far, take some time to compare lenders. Be sure to look at local banks, credit unions, and online lenders to see what’s available given your financial situation.

Borrowers with low credit often find the best terms by getting bad credit loans online. What’s more, online lenders often allow you to pre-qualify so you can get an understanding of the rates you’d get. However, make sure you’re working with a reputable company with a low APR.

Clean Up Your Bad Credit

While it may be hard to fix everything about your current debts, it may help to do what you can if you don’t need an immediate loan. If you can take care of any past-due accounts before applying for a loan, for example, it may help you earn a small boost. Note, of course, that you’ll need to wait a while between paying down debt and seeing changes reflected in your credit score.

Add a Co-Signer

If you can find a lender who will allow you to take on a co-signer, this can be a great way to secure a loan. Find a friend or family member with a better credit score, and ask them if they’d be willing to co-sign, which can build trust with a prospective lender.

Use Collateral

Certain types of loans allow you to use your assets as collateral. In most cases, this will involve using car loans for bad credit or using your home as collateral to obtain a loan.

It’s worth noting that these types of loans should be a last resort, as you may lose your collateral if you default on your loan. If you do need to go with these options, however, you shouldn’t have a problem as long as you’re in a good position to pay back the loan in full.

Make a Repayment Plan

Once you’ve settled on a loan, make sure you’re prepared to pay it off! Sit down and create your own debt repayment plan, or an organized list of your debts and your plan to pay them down. Having this in writing can help you both commit to the full repayment and see where you’re putting your money at a glance.

Secure a Bad Credit Loan Today

Finding the right bad credit loan may take time, but it’s not an impossible feat—even if you feel like your credit score has plummeted. By investing a little effort and doing your research, you’ll have no trouble getting the loan options you need.

If you’re looking for the right lender, be sure to take a look at our personal loans for bad credit. With very few basic requirements, our loans help borrowers with bad credit get financing when they need it most. Request a loan today!