Did you know that you can avail of Bad Credit Loans even if your credit score is abysmal? This is because bad credit lenders usually take into the account the reason for your bad credit. This means you can explain your side of it – did you lose your job in the recession? Were you hospitalized for an extended period of time? Did you run into financial difficulties that you could not get out of? Were you a victim of identity theft? They will take all that into account when they view your application, which increases your chances of getting approved for the loan.