You have probably heard that old proverb. While not wholly true, if you have been out and about charging lavishly on your credit cards, you will certainly think it is true. If you have accrued thousands of dollars in credit card debt and are at risk of your creditors suing you unless you pay up soon; what should you do? Is it possible to get a loan from a lender to wipe out your credit card debt even if you have a bad credit history. The answer is affirmative, but with qualifications.

The Better Business Bureau Can Point the Way

For starters, you must find a source for lenders who are willing to grant personal loans to folks with bad credit. Your best bet will be to go to the Better Business Bureau (BBB) website and perform a keyword search in their business directory. The keyword? Loans. Not only will you find lenders who do this kind of business, you will find them in your area, because the search is done by area code.

Once the lenders are displayed, you will find plenty of background information on each. Each will have a BBB rating from A to F. Stick with the A-lenders. You will also find a profile of the company along with all the contact information you will need. You will also have access to customer complaints or compliments

Approach the Bad Credit Personal Loan Lenders

After you have made a list of the top five performers on the BBB website, start contacting them via email or telephone. Be candid. Let them know that you need a loan of a certain amount and that you have a poor credit history. You might as well provide that information up front. If you do business with that lender, it will be found out eventually anyway.

Cut the Cost of Your Bad Credit Personal Loan

Once you have settled on a lender that you are comfortable with, do a little more research before you sign anything. Though maximum interest rates are usually set by state regulators, find ways to cut the costs as best you can. Some lenders have promotional offers for clients who subscribe to their customer newsletters. If that is the case, take a few moments and subscribe to that newsletter. These newsletters are usually free and come via the internet into your email account.

Also, many lenders offer a referral fee of $25 to $100 for any new client that you send their way. This could be a friend, a colleague, or family member who may similar loan products. Once the are granted a loan, the lender passes a referral fee to you. During certain times of the year, especially around holidays, these lenders often offer lower interest rates to help folks with travel or shopping. These seasonal offers will apply to personal loans as well. Some lenders even offer half-off rates to first time borrowers.

By considering the points offered herein, you should be able to find an accredited lender who is willing to offer you a personal loan in spite of your bad credit. Just remember that by shopping around and looking for special offers, you will be able to find a loan with fees, interest rates, and payback terms that are comfortable to you. If spending too much and forgetting your budget got you into trouble in the first place, do not let the same bad habits get you into trouble again. Pay your loan as agreed and you will even start to improve your credit scores.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Unsecured Loans. Hilary publishes informative articles about loans for bad credit and other financial topics at FastGuaranteedLoans.com