When you have debt, eventually it starts affecting your life. Ifyou’re unable to pay bills, creditors start calling, you’re unableto sign up for credit cards or apply for loans because your creditscore has dropped – it’s time to re-evaluate your finances and seewhat options are available to you.

If you have a lot of debt, one option you may consider is totake out a bad credit loan or personal loan to help pay off some ofthe debt and consolidate your payments into one.

If you are interested in pursuing bad credit loans,here are a few tips from CreditLoan.com:

* Check the interest rate before you sign on the dotted line.What’s advertised in the ad you saw might not be what you actuallyare offered.

* Review different options, because lenders might have differentbad credit loans available to better match your financialsituation. And if you’re going through a life change, like divorce,job lay off or relocation, you might qualify for differentloans.

* You can choose between secured and unsecured loans. Securedloans are based on a valuable asset you can hold against the loan.As long as you continue your loan payments, you will receive yourasset back once it is paid off. Unsecured loans have higher feesand interest rates, which doesn’t allow you to pay off the premiumas quickly.

Some tips to help you get approved for personal loansinclude:

* Open a checking and savings account, and keep both accountsbalanced. This allows you to demonstrate your money managementskills.

* Save money in those accounts and then consider opening aCertificate of Deposit, or CD, which then could be used for asecured loan. CDs also tend to offer higher interest rates, andthis can help you to save money to pay off your debt quicker.

* If you are unable to qualify for a personal loan yourself,consider asking a relative or close friend with good credit to actas a cosigner. But they need to know that they take on theresponsibility of repaying the loan if you default.

Courtesy of ARAcontent