There is no doubt that, from the point of view of lenders, applicants with low credit scores are considered high risk borrowers. So it stands to reason that their financing opportunities are fairly thin on the ground. But high risk loans are available if the search is in the right direction.In many cases, getting approval with poor credit scores is not dependent on credit scores at all, but on the lender that is applied to. And sometimes the best option is outside the lending industry, to someone known on a personal level, lessening greatly the risk of rejection.Of course, affordability is always the key factor when applying for a loan, especially a personal loan with bad credit. This may be confirmed through lower interest charged, or lower monthly repayment sums, but the loan type is telling too. Here are 3 loan options worth considering.Option 1: The Payday LoanThere are clear advantages and disadvantages to selecting a payday loan. The most obvious advantage is that, despite its status as a high risk loan, it is the most likely to get approval on. This is because the loan is granted against an upcoming paycheck.Securing approval with poor credit scores is almost certain because the approval process does not include a credit check. But there are some negatives to this option, not least the fact that a payday loan is one of the most expensive loan options available.The likelihood of approval despite the high risk involved means that interest can be as high as 35%, and with repayment terms as short as 30 days, there can be acute pressure to clear the debt. Also, as a personal loan with bad credit, it is limited to just $1,500, which may fall short of the required amount.Option 2: Secured Personal LoansThe problem with high risk loans is that lenders are not fully convinced they will get their money back. But when security is provided there is at least a way to be compensated. This is why a secured personal loan is a surer way of getting necessary funds.Also, with the limits placed on payday loans, it is the most practical way to secure loans more than $1,500 – all that is needed is collateral worth the value of the loan required. And because collateral overrides any issue of bad credit, securing approval with poor credit scores is a formality.If an item cannot be found to match a higher loan value, for example $25,000, then a cosigner can be used. He or she guarantees the loan repayments will be made even if the borrower is unable to. With this level of assurance, lenders are happy to grant the personal loan with bad credit.Option 3: Private LoansOne of the most cost-effective options is a private loan, also known as a family loan. Basically, a member of the family or a friend lends the money needed. Though considered a high risk loan, the relationship between lender and borrower is strong enough to overlook the credit status.The advantage for borrowers is that the interest rates are usually non-existent. This is because family members usually do not try to profit from the transaction. Also, approval with poor credit scores is guaranteed, and restructuring is easy in the future.However, be sure to agree terms, write them down and sign them to avoid confusion. And remember that repaying the debt will not affect your credit score. So, when approaching banks, seeking personal loans with bad credit will remain the case.