For many of you, recent times have proved to be the most difficult financial period of your life. Your problems then become further compounded by the fact that you have a bad credit rating and can't get a loan from your own bank. Unfortunately, this then has a knock-on effect and thus makes your personal monetary situation worse than ever.

I'm sure you have come across many TV, newspaper and magazine adverts of companies willing to take you on as a prospective borrower and willing to lend you money even though you have a bad credit rating. However - Which lender do you choose? Who will offer you the best deal? Who can you trust? These are the thoughts that go through your head and keep you awake at night.

It must be said that many lenders will charge exorbitant and unrealistic interest rates. It's almost as though, they are trying to take advantage of your miserable and luckless situation. i was once offered a $500 loan for a year and the company said they would charge 26.8% interest per month. If i had accepted this offer, that would have meant over the course of a year, i would of had to repay $1608 just in INTEREST to borrow $500!

However, after much further investigation i found that there are certain companies that advertise "Guaranteed Loans For Bad Credit" or "Unsecured Personal Loans For Poor Credit", who are actually organizations that have been created in order to do the donkey work for you. Usually, these companies have a list of lenders on their books that will lend to people with poor credit history or even worse, those who have been made bankrupt and will not charge an outrageous interest rate for the pleasure!

You will have to pay a one-time fee to the "searching" company and you will also be required to provide details of all your finances, mainly your income and expenditure, inclusive of all outstanding debts. They will then either look through or provide you with a huge database of lenders and find someone who is willing to lend you money within your set criteria. Once you find a lender willing to loan you money, not only are you on the road to recovery with regards to your current financial situation, this will also help to improve your credit rating, as long as you keep up with repayments on the loan provided - kind of like a credit repair kit. All lenders are aware that there are many people out there with bad credit looking to improve their finacial situation and one of the best forms of credit repair is actually having a loan and paying back your monthly repayments in full and on time. This will show any lender that you are reliable and honest.

This sevice has been extended to all forms of lending, whether you are looking for Bad Credit Loans, Bad Credit Auto Loans, Bad Credit Credit Card Loans and even Bad Credit Home And Mortgage Loans, there is a lender willing to help you. The most common type of loan for people with Bad Credit is usually a consolidation loan, whereby you will take all your car, personal and credit cards loans and put them all together into one loan and you will usually pay a much smaller monthly payment to just one lender, rather than multiple ones. Again, if you own or have a mortgage on your own home, you may be better off consolidating all your debts (including the one's not related to your home) into one monthly mortgage payment as in 99% of cases a mortgage or home loan will have a much lower interest rate than a standard loan or credit card.

The company that i have used and personally recommend is YourApproved. I had been searching online and offline, unsuccessfully for over a couple of months. As you can see in that time i had only received one solid offer (as above - $500 @ 26.8% per month), but there was no way i was going to lower myself to that. It was pure daylight robbery.

Once i finally discovered YourApproved, they charged me a one-time membership fee of only $25. Many of the other companies i appraoched had a set-up fee in excess of $80. They offered me the following for my $25:-

Bad Credit Auto Loan Lender Database
Bad Credit Mortgage Loan Lender
Database Bad Credit Personal Loan Lender
Database Bad Credit Credit Card Lenders
Database Unlimited Updates to Database
FREE Unlimited Member E-mail Support Instant 24/7 Directory Access, No WAITING

I found the e-mail support invaluable and even spoke to agents directly over the phone if i didn't understand anything. I found them thoroughly professional, helpful and quick in all their dealings with me. Infact within the first 24 hours of my registration i had been contacted by 3 lenders willing to lend me up to $5000, without having to sell my soul to afford the monthly repayments and interest charges. The lender that i finally chose to do business with even had an intial 3-month payment holiday. So i ended up borrowing $5000 in February and my first payment is not even due until May!

The majority of the lenders i spoke to also had no security deposit, no collateral and no co-signers required.

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