Even if you have a poor credit rating or bad credit history, you can still find a range of "bad credit" personal loans, although interest rates are generally higher than on standard loans. Beware, however, of "payday" loans. Sometimes called cash advance loans, check advance loans, deferred deposit check loans or post-dated check loans, however check cashers or finance companies refer to them--they are EXPENSIVE.

Usually, a borrower writes a personal check payable to lender for amount needed plus a fee. Let's say you need a quick $100 and write a check to lender for $115. You receive $100 and lender agrees not to deposit your check until your pay day arrives three days in future. It cost you $15 to borrow $100 for three days! You don't even want to know Annual Percentage Rate (APR)on that loan.

When you need credit, shop carefully. Compare offers and institutions. Look for loans with lowest APR. Compare total finance charges, which include fees, interest and of types of credit costs. By going online you can obtain a multitude of loan options including: interest rates, length of loan and actual total monthly payment cost.

Learn lending terminology, understand different types of loans that are readily available and then make a choice that is best for your unique situation. In borrowing world, there is no "one-size-fits all" solution. Your credit history, ability to repay loan in a timely fashion, and purpose of loan should all be thoroughly considered.