Not so long ago, it was quite simple to get a loan from a bank and almost anyone could do it. Particularly popular were small loans on the purchase of household appliances which were processed by bank representatives in a few minutes. All this led to the fact that many people had credit obligations to banking institutions, and not all were able to fulfill them even having a bad credit loan.

Bad Credit Loan Facts

Today it is no longer so easy to apply for a loan. And it is almost impossible for people with a bad credit history or open delinquencies to do so. Before getting a loan, banks carefully check the information about the client. Thus, a borrower can get a loan refusal because of many reasons:

  • an outstanding loan;

  • bad credit loan history;

  • lack of official salary;

  • the presence of a person on the so-called "black list", etc.

Quick Ways to Get Money With a Bad Credit History

What should borrowers do if they urgently need money for any reason but banks refuse to deal with them? There are several options for solving this problem when having a bad credit rate:

Credit Donors

Credit donors is one of the alternative ways of obtaining a loan from a banking institution with a bad credit history. The essence of their service is that they take out a loan in their own name. Naturally, it will have to be paid by the real but not the dummy borrower. Most of the credit donors are engaged in this type of activity on a professional level. They can take even a large amount on very good terms. But the cost of their services is quite high. Typically, they charge 10% to 30% of the loan amount.

The price of services largely depends on the size of the loan, the client's solvency, and the conditions of obtaining a loan. Donors work illegally. So when you turn to them for help, you should understand the risks. The bank's security service may find out that the loan was actually issued to a dummy, and then the financial institution will accuse you of fraud and demand a refund. But, as practice shows, this happens extremely rarely.


  • you can get a loan on good terms with a low-interest rate and with a bad credit history;

  • they work with almost all categories of people with a bad credit history;

  • the entire obtaining loan procedure is fully undertaken.


  • the high cost of services;

  • the risk of running into a fraudster and being left without credit and own funds (in some cases, the swindlers also manage to hang the debt on the deceived client);

  • the risk that bank employees will find out the truth and demand to return the money considering this as a bad credit rating.

Credit Brokers

Brokers are persons who help to arrange a loan at a banking institution. In most cases, they have banks to help them get around the lending standards and regulations of the financial institution. Brokers are divided into two main types: "white" and "black".

"White" brokers work only with those people to whom banks, in most cases, will already issue a loan. They simply help to find offers with the most favorable conditions in a particular case. Their services are not so expensive and they work in the legal field. They turn to them mainly in cases when it is necessary to arrange a large loan, and the terms of payment play a very important role.

"Black" brokers work with any client including those with outstanding debts and delinquent payments, as well as poor credit ratings. Often they are ready to go to any tricks to help the client in obtaining a loan. It should be understood that such intermediaries work outside the legal field so their help may turn out to be not the most pleasant consequences. However, "black" brokers is one of the ways to get a loan if banks refuse to make advances.


  • saving time and effort, since all the responsibilities for negotiations and the preparation of the necessary documents are assumed by the intermediary;

  • work with all categories of persons including unreliable payers with a bad credit loan.


  • high cost of services;

  • work outside the legal framework;

  • the risk of facing scammers.

Microfinance Organizations

Recently, small institutions that issue loans have appeared almost at every step. Their peculiarity lies in the fact that they give out small amounts for a short period. If a person needs a small loan which is planned to give in the near future, then this is a fairly good alternative to a bank. Due to the high competition, one can find microfinance institutions that issue automatic loans at a low-interest rate to clients with a bad credit history. Here the best example of such organization that provides quick 500 dollar loans by searching through it big database of different lenders.

However, the penalty for each overdue day of payments can reach 2-5% of the total loan amount. Therefore, when applying for a loan in such an organization, it is necessary to clearly understand that the debt will be paid on time. Otherwise, you can remain due to the amount which is several times higher than taken.


  • quick and easy processing despite bad credit history;

  • work with most people even with those who have not a bad credit history;

  • a small percentage of payments.


  • high-cost fines;

  • give out mostly small amounts for a short period of time.

When choosing a method of getting a loan, one should proceed from many factors. If you need to quickly arrange a small loan for a short period of time, then microfinance organizations is a good choice. Speaking about a large amount, then it is better to turn to reliable private investors or "white" credit brokers. By doing everything deliberately and carefully, it is possible to get a loan on good terms outside of banking institutions.