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The different loan types work in dissimilar ways. Thus, it should not be strange that some loan types are easier to get by those with bad credit than others. Generally speaking, those loans that carry collateral are easier to obtain because the risk of default is reduced due to the security that the collateral provides. The lender incurs in fewer risks by lending money when the money is guaranteed by an asset.
Thus, home loans, car loans and home equity loans offer a varied range of options on sub-prime lending. However, unsecured loans are not so easy to get for those with bad credit. The lack of security is worst for those with bad credit since they can not provide an additional guarantee of repayment unless they can provide a co-signer. Nevertheless, there are certain loans (like student loans or business loans) that are awarded according to the needs of the applicant and disregard credit scores and history. Bear in mind though, that these loans are subsidized by the government or private institutions and thus are not easy to get.
There are also unsecured loans that require no credit checks at all. These loans are known as payday loans or cash advance loans. Though they are excellent for emergencies as they are approved within the day, the interest rates charged tend to be very high and thus, they can not be used as a regular source of financing. Otherwise they would drive the borrower into a vicious circle of debt.
Sub Prime Lending
If you have bad credit the most common scenario for loan applications with traditional lenders, banks and financial institutions is a straight decline. Your only options to boost your chances of getting approved by traditional lenders are offering an asset as collateral for the loan or providing a co-signer that will agree to be obliged to the same loan terms as you (the co-signer will need to have a good credit score).
Otherwise, your only option will be to venture into the world of sub-prime lending. Sub prime lenders are non traditional lenders that are used to dealing with those with bad credit. However, in exchange for taking a higher risk than normal lenders, they charge higher rates and fees to lend money. The easier way to find a lender willing to approve a loan regardless of credit is to do a quick search on the net for bad credit loans. Then, access the results and compare loan quotes to get the best deal possible.
