If you're in need of a loan but you have bad credit, you can tap into your home equity by seeking a home equity loan. Many people choose this option if they want to make home improvements or further their education because it is an investment in which they can reap the benefits later on. Another common usage of a home equity loan is to avoid bankruptcy, as bankruptcy has quite a harsh effect on your financial well being for at least 10 years. If you're looking for a loan with a lower interest rate to deal with your monthly bill payments, this is also a viable option.
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Home improvements are especially a good reason for a home equity loan because one the renovations are completed, you will have an asset that is worth more to you and the lender alike. Additionally, you're probably going to need a large loan to cover the renovations and you can get that with a home equity loan even with bad credit because signing a foreclosure on your home allows the lender to give you more money at less risk to them. Furthering your education is likely costly as well, but if you can justify it by knowing you'll make more money in the future, than it's a wise investment.
As an alternative to claiming bankruptcy it's almost always the better choice (unless you're unemployed with a massive debt for $100,000+). If you're credit is not so good in the first place, bankruptcy will obviously make it much worse, and at least by taking a home equity loan you are able to get back on your feet.
How much your home is worth and how much you currently owe on your exist mortgage loans determine how large of a loan you can get. Furthermore, with bad credit lenders are still usually going to charge you a higher interest rate on the loan but that's just unavoidable. The interest rate you get from this loan will still be significantly lower than the combined interest rates on your credit cards, so even if you're looking to consolidate your bills it's a smart thing to do.
Another thing you may find appeasing is that with these loans you can take pretty well as much time as you need to pay them off. Lenders would rather have you pay back the loan instead of having a property on their hands; they are in the business of money, not real estate, and would like to keep it that way.
Talk to a credit professional to figure out if this is the best solution for you based on your credit and your situation. There may be better options, but discussing it with a professional will surely help you find out what's best.
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