It's a universal truth many lenders take advantage of: when consumers apply for loans bad credit, they're so grateful for a loan approval that they won't attempt to negotiate the terms of the loan.

Lenders know that when you have bad credit, you're highly unlikely to attempt to lower the cost of a personal loan by shopping around for a better rate or asking for a more budget-friendly deal. Why is this, you might ask? Simple: it boils down to the fact that consumers think bad credit paralyzes their chances of getting approved for a loan.

Therefore, when they're finally approved for bad credit loans, they're so relieved that they're willing to accept any term that comes along with it…

…Even if it means having to pay four times the principal balance over the lifetime of the bad credit loan.

Let's be honest here: you have bad credit. But bad credit, no matter what your score, is not a crime. Therefore, you should be willing to stand up for yourself and demand reasonable terms from your lender - not a massive interest rate that'll strain your monthly budget. When it comes to lowering the cost of your bad credit loan, bring these tools and tips to the negotiating table:

Don't hesitate to shop around for a better deal - and be sure to let your lender know about it. Competition is a threat to any lender, even if they specialize in bad credit loans. Therefore, if you've received a better offer from another lender, ask the original lender to beat the better offer. You'll be surprised at how willing they are to secure your business!

Don't wait for the day of the loan application to understand what's going on in your credit score. Order a free copy of your credit score and carefully check to see if everything's on track. A few clerical errors and mistakes could be dragging down your score - and all it takes is a simple phone call to the credit bureau to make things right again.

Don't put up collateral on a loan unless you're absolutely sure you can make the repayments. Too many consumers have lost their homes thanks to this move - and you don't want to count yourself as one of these unfortunate few!

Bad credit loans don't have to drain your bank account - just follow these tips and techniques, and you'll be approved for a competitive loan much faster than you think!