Short of cash? Need some extra dough for that unexpected car repair? Want to remodel your house? These reasons can normally drive a person to visit there local bank for a traditional loan when savings are not enough to cover there expenses. But what if you have bad credit? Well now there are many banks online or lending institutes that compete for your bad credit loans. Bad credit loans traditionally have a much higher interest rate then a traditional bank loan does, and if a payment is late or missed additional charges will compound at a much higher rate on a bad credit loan. If you are unable to get a traditional bank loan then you may want to check out an institution that specializes in bad credit loans. This can be a way of improving your credit if you successfully make all your payments on time, and the next time you need a loan you may then be able to go through your local bank for a much lower interest rate.