If you have a poor credit rating, then you will find that it is difficult to obtain credit from most mainstream lenders. Usually, people with poor credit are people who have cash flow problems – there is a reason that they have already defaulted on several loans.
It is not a good idea for someone in that position to borrow money. However, if an emergency strikes and you do end up needing to take out loans, you will need to find a company that offers bad credit loan services to help you out.
This could happen if, for example, your car breaks down or you have a dental emergency. In that scenario, a bad credit loan company could provide you with a valuable lifeline. You should look to them to solve the short term problem that you have, and pay off the debt as quickly as possible.
Try talking to a few different lenders and comparing their interest rates. A credit union could be a good option for you if you qualify to join one. You could also consider credit cards (since there are some companies that offer these to people with less than amazing credit ratings) or a payday cash advance. The interest rates on these things, however, are far greater than they are on standard loans and you should be mindful of this if you do decide to borrow money in this way.
Make sure you repay the debt as quickly as you can. Otherwise you run the risk of making your credit rating even worse. Only borrow what you know you can afford to repay, and make sure that you repay on time. The penalties for late payment can be severe, and often financially crippling for families that are already struggling.