At certain times in most people lives the need for same day cash arises. This may be due to many different circumstances such as overdue bills or the death of a loved one. Although readily available these types of “fast money” loans are heavily criticized for their high interest rates and hidden fees. However, it is possible to get access to emergency loans, even if you have a poor credit rating. The following are the most common types of personal loans for people with bad credit.

Car Title Loans
To put it simply, if you own a car you are eligible for a car title loan. This type of loan allows you to use your car as collateral and borrow (up to 50% of the value in most cases) against it. Be aware that they can have restrictive terms and conditions and high interest rates despite being heavily regulated.

Hard Money Loans
Generally used for refinancing a property these loans can also be used to secure money quickly. Like a car title loan, they require collateral in the form of real estate (usually your family home). They are unregulated in many states and this has lead to complains about the high interest rates and charges that are being offered to desperate people.

Fast Cash/Payday Loans
These are the most common form of small loan that can be accessed in a matter of minutes. Typically a lender offers to pay someone an amount that is close to their weekly pay (70-80% is common) with a small fee on top. The borrower then has until the next payday to return the money, which is interest free. However, if the borrower fails to make the payment the interest rates are usually very high.

Emergency Loans
An emergency loan is fairly self explanatory. It is a loan offered for people who are in an emergency financial situation. Although they are mostly offered by financial institutions and small lenders, some charity groups also offer emergency loans for people in financial trouble.

It is important to carefully consider any financial decisions, even when you are in desperate need for money. Read the fine print carefully and never let yourself be pressured into signing anything.