Sure you can get a loan with bad credit. A search on any search engine will reveal many sites that offer bad credit or unsecured loans. These loans are generally known as payday loans. You can borrow money with bad credit or no credit if you have a verifable income, a checking account with direct deposit and agree to Automated Clearing House (ACH) payment direct from your checking account each payday.

Are you prepared for the cost of such a loan?

A payday loan is just that. You agree to pay the loan back at your next pay day. Sounds good so far. Now the catch. The interest rate is a killer. Borrow $500 and you may have to payback $650 on the next payday. Yes, that's 500 plus $150 interest based on an interest rate of 782.14% for 14 days. That's $30 per $100 borrowed. Which isn't so bad if you can pay it back in one lump sum payment.

What if you can't?

Most companies will give you up to 5 paydays to payback the loan. At an interest rate that is recalculated on the new balance. So you may or may not choose to pay the full amount until the last possible payday. Over the life of the loan you would have paid $750 in interest on a principal of $500.

Most companies allow partial payments on the principal. Using this example if you made a $100 principal payment plus the interest payment you would pay $450 in interest over the life of the loan. Almost the original loan amount.

One advantage of the payday loan is the fast approvals and access to the money. Since the funds are direct deposits into your checking account, you will have access to your monay the next day. All contact is via fax and telephone. Many companies are entirely online. No embarrassing in person appointments. You maintain your account online.

Another advantage, no credit applications to complete. You don't have to tell anyone why you need the money. You can use the money for any purposes. Pay the gas and electric bill. Did you get a good deal on a last minute vacation deal and need the money in 48 hours? Emergency home or auto repair. It doesn't matter why.

Another advantage of a payday loan is that your loan amount will increase the more often you borrow. Your first loan could be for $300. Once that loan is paid, you may be able to borrow $400 or $500 on your next request.

So do your research and look for the best deal to fit your needs