If your credit score is below a desirable level, you are not alone. According to a study conducted by the Corporation for Enterprise Development, about 56 percent of American consumers had subprime credit scores in 2015. While it is not uncommon, bad credit can close many doors and make your life extra challenging. This is especially so if you are in need of financial assistance. One of the main disadvantages of having a poor credit score is that you will have a harder time securing a loan from lenders and banks. However, there are a number of ways that you can finance your life without good credit. 

Get a Home Equity Line of Credit 

This is one of the best ways to get financing if you have sufficient equity in your home or other property. Although it can put your home in jeopardy if you fail to repay your debt, it is a good option if you have a steady income and the discipline to pay down the equity line. A home equity line of credit is tax-deductible and comes with a low interest rate, and it does not require you to have a good credit score. 

Apply to Credit Unions 

Many credit unions are willing to offer loans to people with bad credit. These nonprofit organizations are similar to banks, but they pass their earnings to their members by offering lower interest rates. Compare offers from different credit unions to find the best deal for your situation. 

Consider a Peer-to-Peer Loan 

This is an online lending method that enables you to borrow money directly from an individual. While a lender may still check your credit score, he or she may be more lenient than a bank or established lender. The interest rates charged at a peer-to-peer lending platform may be slightly higher, but they are still competitive compared to other lending options. 

Improve Your Credit Score 

While you are looking for ways to get financing with bad credit, you should also make an effort to raise your credit score. You can do this by finding and correcting errors on your credit report, paying your bills punctually, and avoiding overextending yourself on credit cards and loans. If you are having trouble controlling your credit card spending, you can find out how to get a prepaid debit card. 

There are many other ways to get financing while your credit score is poor. But don't rush in and commit to anything you're not sure about. Instead, take your time to research and investigate the different options that are available and choose a method that is suitable for your individual situation.