Use collateral. If you know your credit is not the best, you can increase your chances of the lender approving the loan by providing the lender with collateral it can use to get its money back. You can use an automobile, motorcycle, recreational vehicle or other personal property to secure a loan. The restrictions on what you can use as collateral will vary by lender, but let the lender know upfront what you have that can be used as collateral. It will increase your chances of getting the loan, if your credit is just fair.
Apply with a co-signor. While your credit may not be the best, you may have a parent, spouse or other relative who might be willing to co-sign with you to get the loan if your credit is fair. If you have a co-signor, while your credit may not be the best, the lender knows there is someone on the loan that they can depend on to pay the debt if you do not.
Seek a lender that does not pull your credit. Depending on the size of loan you need, there are lenders that may be able to lend you the money without pulling your credit. These lenders usually provide cash advances, and you must have an open checking account to get a loan.
Cash advance or payday loan companies do not pull your credit, but rather pull Teletrack to see if you have an outstanding debt with similar companies. Teletrack is a report through which payday advance companies, rent-to-own businesses, high-risk consumer finance companies and other businesses that do not pull credit files report bad debt rather than reporting it to the three major credit bureaus.
Apply with lenders you have done business with before. If you have borrowed money in the past and paid the debt, visit that lender and apply for a loan. If you have a good payment history with that lender, the lender may be able to look past other delinquent debts on your credit file.