If you have a bad credit rating, then you will find that it is difficult to take out loans. Many people will not lend to anyone that is seen as a high risk. There are some lenders that will though.
Payday loans were invented for people with bad credit ratings. As long as you have an income, you can apply for one and you will get up to £500 for a few weeks until your next pay day comes along. Logbook loans are also for people with bad credit. They can get a loan if they have a vehicle that they are prepared to use as collateral and if the loan does not get repaid when agreed the vehicle gets reposed.
These types of loans are expensive. They are also risky because if you do not manage to make the repayments you may find that the costs rocket. They can be a great way of getting some money and they can be arranged quickly, but they are costly. If you do not repay they can be extremely expensive and become unmanageable.
If you have a bad credit rating this is because you have not been able to show that you are responsible with money. Taking a loan could be a big risk because you may not make a wise decision or be able to pay it back. It is important to think about whether you really need the money and how you will pay it back. Some people will get loan after loan, using one to pay off another and get themselves into a huge mess. Do not let this happen to you. Treat a loan as it should be, as an emergency. Think about whether it is completely necessary and the consequences of getting one. Think about how it will affect you and your family. It could be the only answer to a current financial crisis but you will need to work hard to get it paid back, to ensure that things do not get worse.
So there are some loans designed for people on a low credit rating. However, they are expensive and so they should only be used in emergencies and paid off as quickly as possible. Debt is not something that should be taken lightly and you should do everything you can to avoid being in debt. It can be useful in some circumstances but should not start to become the norm.