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Finding a personal loan can be excruciating if you have a poor credit history. In addition to high interest rates, you are also forced to contend with inflated late fees. There may be a prepayment penalty, which means if the loan is paid off early, the bank will demand a payment of the lost interest as well as the entire principal balance. Before this, however, it is likely the lender will insist that you put forward collateral, a personal asset you own, to avoid placing themselves in a problematic situation. Luckily, even an individual with less than desirable credit has ways to borrow money. Don’t get a loan without a specific purpose for the money. It’s too easy to spend the entire loan amount on impulse purchases. Unless you have an express reason for taking out a loan, it would be wise to delay your application in favor for lower interest rates and more favorable terms from a lender. Using the loan for debt consolidation is always a good reason, but only if you then close the credit cards or other debts that the loan pays off, instead of just adding more to your debt burden! Before you start applying for loans, find the best lender with the most favorable terms. You’ll want to look at the fine print too. Inquire about any fees and charges to ensure you fully comprehend them. mortgage loans for bad credit