According to the FICO credit score model, those with a score below 670 are considered to have bad credit. The lower the credit score, the harder it is to get personal loans. However, it is not impossible. There are several lenders who have minimum credit score requirements. Shopping around and researching is one of the best ways to find offers and discover ways to get money with a bad credit score. Here’s how to do it.

Check credit report and credit score thoroughly
Before starting the process of applying for loans, pull copies of credit reports. These are usually available for free from the three credit bureaus: Experian, TransUnion, and Equifax. Then, review all the information lenders often see while evaluating a loan application. Check for issues or patterns in the credit history, such as closed accounts and missed payments. If there are any errors, get them rectified. Once this is done, take the necessary steps to improve the credit score.

Compare lenders and get prequalification
Several online lenders offer loans even with bad credit scores. While traditional banks solely rely on credit scores, online lenders look at other criteria along with credit scores while approving loan applications. These criteria usually differ across lenders but often include the applicant’s job, income, and education history. Thus, one can check out these lenders and look at their various offerings. Shortlist a couple of the lenders and prequalify with them. Doing this will give a fair idea of whether one is eligible for the loan and what rates would be applicable if the loan gets approved.

Add a co-signer
A co-signer is a person willing to take equal responsibility for paying off a loan. Usually, a friend or family member with an excellent credit score is eligible to be a co-signer. Having someone co-sign is one of the easiest ways to improve one’s eligibility odds and lower interest rates when applying for a loan with a bad credit score.

Look into secured loans
Applying for a secured loan involves pledging an asset as collateral. The asset can be one’s car or house. With collateral, it becomes easier to apply for loans that have lower interest rates. However, not making the payments on time may result in the lender seizing the asset. Therefore, only those who can afford to pay the monthly payments against the loan on time can consider applying for secured loans.