Missed payments, delinquent payments and collections can be very detrimental to one’s credit reputation, even if they could not be helped. Those who have had past issues can find it difficult or next to impossible to borrow money when needed. However, there are loans for bad credit which may be able to help. These lenders understand that things can happen and generally look for the ability to repay funds, rather than past issues. Although these funds will typically come with a higher interest rate, it will depend on the type of loan, lender and even the duration. Another consideration is collateral. Some institutions may require that the borrower has some type of collateral, but once again, this will depend on the loan. Regardless of past financial issues, there may be affordable lending options that can help the consumer get approved.