Is there effects pedals that can be used with bass and regular guitar?

Answer 1

Generally anything that can be used with guitar can be used with bass, but you're not always going to get great results. Some guitar effects limit the frequencies and may not send all of the low end signal through, but I've only had this happen a few times.

As for types of effects, here's a run down: Compression is almost always helpful. Flangers/Phasers are used on the bass with great effect. Chorus can also be good. Distortion can be ok if used very sparingly, but I stress sparingly. Delay and reverb generally don't sound so great with bass.

I have a Line 6 Pod 2.0 that I used with both guitar and bass. I realize there's a Bass Pod, but I really didn't need to spend the money to get the sounds I wanted. Honestly, the Pod is one of the best sounding effects boxes for the money. I highly recommend it.

Answer 2

I have a Yamaha Magicstomp that I use with both bass and guitar. Customisable sounds, easy to use and you should be able to find one for less than $150 no sweat.