It’s the universal truth. Bad credit means lesser chances of getting approval for a personal loan. This can pose a major obstacle especially if you need some extra cash urgently. There are various kinds of personal loans available that don’t require you to go through a credit check or a FICO score assessment. However, you will have to cover up this convenience provided by a few lenders by paying higher interest rates.

Find traditional lenders: Contact your local bank or credit union and inquire if they offer personal loans without a credit check. If they don’t, expand your search to banks and credit unions in other areas. A few banks may be prepared to offer you a loan, provided you can prove that you are receiving a steady income to make the loan payments on time. It is recommended that you first approach established financial institutions as the rate of interests will be lower in comparison.

Consider micro lending: Micro lending refers to loans offered by individuals to other individuals who need money. In case of micro lending, you may receive a loan from an individual or a group of individuals. By lending money to groups, lenders also tend to minimize risk. Micro lenders may perform a credit check only to determine the interest rate they can charge you.

Look at pawn shop loans: You can consider pawning some of your valuable items such as watches, jewelry, electronics or artwork in exchange for cash. The pawn shop will hold your items for a specific period until you repay your loan. If you don’t meet the deadline, they will sell them.

Take a title loan: A title loan is a loan that uses an asset as collateral in exchange for cash. In case of a vehicle title loan, you will hand over the ownership of your car to a lender temporarily, in exchange for cash.