To secure a loan with poor credit, individuals should explore secured loans, credit union personal loans, peer-to-peer platforms, and credit-builder products. Secured loans require collateral, such as a savings account or vehicle, to offset risk. Credit unions often offer lower interest rates and flexible terms due to their nonprofit structure. Online lenders specializing in bad credit may approve applications faster using alternative data like transaction history. Additionally, improving credit scores through timely payments and reducing debt can qualify借款者 for better terms over time.

Poor credit borrowers face higher borrowing costs and limited options due to lenders' perceived risk. The Consumer Financial Protection Bureau (CFPB) reports that only 15% of applicants with subprime credit scores (FICO < 620) receive traditional bank loans, compared to 60% for prime borrowers. Secured loans mitigate lender risk by tying repayment to collateral, enabling approval despite credit flaws. For example, a 2023 Federal Reserve study found that 40% of U.S. adults with credit scores below 600 obtained secured loans to access emergency funds. Credit unions, which serve specific communities, approval rates for members with poor credit exceed 30%, per the National Credit Union Association. Online lenders leverage alternative data, such as utility payments or rent history, to assess eligibility, expanding access for 28 million unbanked Americans, as noted by the FDIC. Credit-builder loans, which report repayment activity to credit bureaus, can boost scores by 50-100 points in 12 months, according to Experian. However, interest rates for secured loans typically range from 10-20%, higher than prime rates (6-12%), reflecting the added risk. Combining these strategies—securing collateral, leveraging community-based lenders, and actively rebuilding credit—increases approval chances while minimizing long-term costs.