5 Tips on How to Get a Personal Loan With Bad Credit If you have bad credit, it can feel like getting a personal loan is out of reach. But that's not true! There are plenty of lenders who will work with you if you're able to provide some type of collateral. And even lenders that don't require collateral are often more forgiving than they appear at first glance. Here are five tips for getting a personal loan with bad credit: 1. Save Up for a Down Payment Save up for a down payment. If you're planning to purchase a home, the best way to get approved for a loan (regardless of your credit history) is by saving up enough cash to make a substantial down payment. In some cases, you may be able to get a loan with a down payment of as little as 5%, but it's more likely that you'll have better chances once you put 20% or more into the deal. If you can't afford all of this money at once without running into financial trouble, take time to save until the amount reache...