As the credit crunch picks up steam and lenders increasingly cut credit lines and deny financing, consumers with shaky credit – those who have a credit score of around 660 or lower – are left with few favorable lending options. But if they're willing to pay up -- say by incurring triple-digit interest rates or strict penalties -- then the opportunities seem almost endless.

For these borrowers, there's no shortage of companies willing to offer them payday loans charging 400% interest or car title loans that require your car as collateral. Take a loan against a 401(k) and the financial costs are plentiful when you start adding up all of the potential fees you could incur.

Even worse, unless such loans are quickly paid in full (say within a month or so), most borrowers will be left with more debt and less savings than they originally had, says Linda Sherry, a spokesperson for Consumer Action, a nonprofit consumer education and advocacy organization.