The bad thing about having a bad credit score is that it will not just impact your ability to get a job or to acquire an insurance policy with lower premium, but it will also lower your chance of getting approved for personal cash loans. Fortunately, credit consumers of today now have more alternatives to getting cash loans even with poor standing.

Cash Loans from Credit Unions

Credit unions are among the most traditional sources of cash advances, aside from banks. They basically work like banks, only that unions are owned by members working in the same industry or area. However, compared with banks, loan reps from these institutions will look at you at a more personal level, rather than check out your history. So compared with banks, the likelihood of you getting approved of cash loans is higher.

Cash Loans through Peer-to-Peer Lending

Peer-to-peer lending is also growing in popularity. If you are having difficulties finding good loan programs from banks, you can choose to borrow from individuals, or from complete strangers, through peer-to-peer lending, without having to worry about your FICO score. To get such loans from this type of lending, you just need to find good websites that offer this type of lending, create an account with them, and let other members know how much you want to borrow, as well as the interest rate that you are willing to pay.

Online Lending Companies

Payday advances are also excellent and popular sources of cash loans these days. If you need urgent cash or just enough money to last you until your next paycheck, then payday advances are a good option. There are several lending companies that offer payday cash loans online, making these loans more convenient and easier to access. These companies also do no credit check. Instead, they will look into your source of income, which will then determine your capacity to pay the loan. So even with a poor FICO score, your chance of getting that green light is as high as everyone else, for as long as you’re able to present a good source of income.

Having a poor FICO score can, indeed, be a serious problem and can impact various aspects of your life, including taking out cash loans during emergency situations that require urgent funds. But with more and more lending options being offered, having poor FICO rating these days doesn’t seem too bad at all. In fact, you can use these new lending options, particularly payday loans, not just to help you with your current financial situation, but also to fix your FICO scores.