‘Unsecured’ and ‘personal’ aren’t usually best friends, in fact they’re more like oil and water. Lenders obviously don’t love to lend to people with bad credit and if you take away their ability to reposess collateral, they are left with little security. For that reason, banks don’t provide unsecured loans to people with bad credit.

To say this all more simply, signature loans and unsecured loans are extremely difficult to qualify for if you have a bad credit score.

So what do people do if they really need a loan and can’t qualify for a traditional bank loan? This article provides three options.

1. Payday Loans

Many people really don’t want to take out a payday loan, but they can be useful in an emergency. Let”s say that you get paid on Monday and you’re going to get kicked out of your apartment if you don’t pay the rent today. If your choices are either get kicked out or use a payday loan, I’d use a payday loan.

The problem with these loans is that the interest is absolutely ridiculous. You are going to end up paying more than 1000% annual interest and honestly, that’s a lot of interest. However, like I said, sometimes you don’t have any other choice.

2. Business Cash Advance Loans

If your business accept credit cards, you might be able to get a business cash advance loan. These loans advance you money on sales that you expect to be getting within the next few months. You generally have to have a proven track record of selling and the ability to accept credit cards. As long as that’s all in place, over 90% of applicants get approved for these loans.

These loans are somewhat like regular cash advance loans – they aren’t cheap. You can expect to pay a lot in fees and these loans should only be considered if you have exhausted every other option. If there’s any way that you can get a loan from a bank it will be a lot easier to pay off because the fees will be more reasonable.

3. Find a Cosigner.

No one ever wants to find a cosigner to help them get a loan, but this is sometimes the best possible option. This will save you TONS of money because the interest rates you’ll be paying will be much smaller than either of the other two options that I know of. Unsecured loans with bad credit from a bank are only possible with a cosigner. While many of you won’t want to use this option, it’s by far your best one.