Having a credit score is no fun. It can keep you from doing a lot of things that you want to do in life, especially when it comes to getting a loan. Most banks place a large emphasis on what a person's credit score is when deciding whether or not to give them a loan. If your score is too low, chances are you will be denied. When this happens to you, you need to find another alternative. Luckily there are a few options for people living in the UK. Below are some different kinds of bad credit loans, with the pros and cons of all of them.

Payday Loan

A Payday Loan is just as it sounds, a loan that holds you over until your next payday. This type of loan is designed to be for the short term, and for a relatively small amount. While these loans are very easy to get, and the money is delivered to you quickly, borrowers should use caution. Because these loans are over such a short period of time, and because the lenders are giving to people considered to be high risk, the interest rates are very high. In fact, many people report needing to take out a second loan just to keep up with the payments for the first loan. If you want to get a payday loan, be sure that you plan out your budget ahead of time to ensure you can make your payments.

Guarantor Loan

If you don't want to use your credit score to get a loan, you can use someone else's. This is what a guarantor loan allows you to do. You ask someone – usually a close family member – to be your guarantor. This person signs the loan agreement with you, and uses their good credit rating to get you a better loan rate. All of the payments still fall on you, and the guarantor only has to get involved should you fail to meet your payments. Keep in mind that a guarantor loan runs the risk of damaging the relationship between you and the person you ask to be your guarantor. Putting money between two people is not always a good idea, so make sure you think carefully before going after this type of loan.

Logbook Loan

This is the type of loan you should get if you don't want to use your credit score, and you would rather use your vehicle as collateral. Logbook loans are very easy to apply for and get approved, and the money is delivered very quick. For those of you concerned that you need to have your car in order to get back and forth to your job, don't worry. You get to keep driving your car while you have the loan, so there is no disruption to your daily life. Since you are using collateral – your vehicle – interest rates are lower than with other types of bad credit loans. The major downside with this type of loan is that if you miss too many payments, you run the risk of losing your vehicle. If you can plan out your budget beforehand however, you should be fine.

Doorstep Loan

Lastly, there is a Doorstep Loan. This is essentially a type of Payday Loan, but with an added level of customer service. With a doorstep loan, a member of the lending company will come to your home to deliver the money, then come back to collect the payments. They can also discuss your finances with you to help you make sure that you meet your payments. If you want a loan experience that comes with a friendly face and a little bit of assistance, this is a good program to consider. Keep in mind that doorstep loans have the same problems as payday loans, so go over the loan agreement carefully before signing anything.