Can You Get A Small Loan With Bad Credit? Credit Karma

What You Need To Know

Lobbies closed except M-F by appointment at select offices. There's no shortage of unscrupulous lenders looking to scam potential borrowers. Here are a few tips that will help you avoid scams and make sure you're dealing with a legitimate company: Don't pay upfront fees. Don't pay to apply for the loan. You should feel in control. Take your business elsewhere if a lender threatens you in any way, tries to dissuade you from considering competitors' offers, or tries to get you to borrow more than you owe.

In the past, borrowers typically took out loans for $100 to $1,500 that had to be paid back within 30 days. Loans were secured with an auto title, post-dated check or automatic withdrawal. Interest and fees could exceed annual percentage rates of 400 percent.

Contact your local consumer credit counseling service if you need help working out a debt repayment plan with creditors or developing a budget. Non-profit groups in every state offer credit guidance to consumers for no or low cost. You may want to check with your employer, credit union, or housing authority for no- or low-cost credit counseling programs, too.