Bad credit may happen due to numerous reasons. Usually late payments, bankruptcy, default, arrears, and foreclosures lead to a bad credit score. If you are looking to apply for a loan, then get your latest credit report and make sure there are no mistakes in it.
Fortunately, you can apply for bad credit loans in case you have no more money left or you need additional funds for your rent and mortgage. A careful analysis of the loan market can help get you a good deal on a loan for bad credit.
Getting a loan should not be stressful, but that is not the case when you approach banks. Banks require a lot of information, including your credit history. It also takes a lot of time to get loans from banks and generally you have to put up collateral. Their loans would not do much for you if you have a poor credit score or if you need cash fast.