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Bad credit is incredibly difficult to deal with. An individual without good credit can expect to be rejected from banks and credit unions and find it very difficult to obtain a loan. Many things can affect a credit score, from late payments to too many in-store credit cards. Over drafting and bouncing checks are the most prominent ways to plummet a credit score.

A perfect score is one that is set at 850. Scores can go down from this number, hitting rock bottom at a score of 300. In order to build credit, you need to get a credit card, make purchases, and repay all of your bills in a timely manner. As your credit rises, banks will note that you are a responsible financial steward, and will be more receptive to helping you in times of need.

Without a high credit score, most banks will close their doors to you when you apply for a loan. Many people are stuck in a rut with low credit and have no way to build their credit back up. Once you have fallen into the "danger" zone with credit scores, you will find it hard to apply for credit cards or secure a means to bring that score higher. Thankfully, there is one easy-to-obtain option.

A payday loan is a short term, small amount loan that could boost your credit if you borrow responsibly. These loans amount to $200-$1,000 and help Americans every day to get the cash they need in between paydays. Though they are usually used to secure a few hundred dollars for a financial emergency, these loans also have the added bonus of boosting credit.

With a payday loan, your credit score doesn't matter. 95 percent of applicants are accepted at most payday loan companies. Instead, payday lenders are more interested in whether or not their applicants have a consistent monthly income and a positive credit card balance. If you meet these requirements, you are well on your way to receiving a payday loan.