Money makes the world go round and at times we find ourselves with no money and the world is still spinning- like your head! Trying to figure out how you're going to pay the bills. Banks are the obvious place to turn but as Bob Hope said “A bank is a place that will lend you money if you can prove that you don't need it". . . . . so true.
You credit rating can be tarnished easily, even through no fault of your own, so in a difficult situation it helps to take a breath and figure out what's going on and not to make it worse.
If you are applying for a loan from a bank with bad credit and have some form of collateral like a paid off car or equity on your house then things may not be so difficult, but understand that collateral is securing the loan - so if you fail to make the payments the bank can take possession of your property.
If you get denied from one bank its not such a good idea to apply to 20 more because each time you apply for credit it is making your credit rating worse. When you apply the lender does a search on your credit which is registered by the credit reference agencies in the UK. The lender will be looking for recent searches (past 6 months), so if you apply to lots of lenders it going to show up lots of recent searches.
So if you can hold out on the personal loan stop applying, as its only making the situation worse. Payday loans do not do a credit check and lend you the money for 30 days which help get you out of the tight corner. Spending on your credit card, or using your overdraft may be an option but the high interest can get you deeper in trouble.
Before you apply for more loans with the bank a few simple steps can turn a bad credit rating into a good one
To learn more about different types of loans or improving your credit rating visit http://www.crunchbankloans.co.uk where you will find this and much more.