Types of Bad Credit Personal Loans: Secured Loans
While it can be difficult to obtain a loan once you have a poor credit standing, it’s not impossible. One of the best ways to help you secure funding in a bad credit situation is by taking advantage of Secured Loans.
Secured loans work because you’re setting up one of your assets—say a car—as security to your loan. If you own a car and it’s registered in your name, you can let the lender or broker know. They'll determine the maximum amount you can borrow based on the value of your car.
Such securities can facilitate your borrowing if you’re trying to obtain a bad credit loan. The drawback though is that these loans also carry high interest charges. And another thing: if you’re unable to repay the loan, your car will be repossessed by the lender.
Many of the loan amounts can be pretty low, in many cases, up to $2000. If you can repay the loan though, it can be the beginning of rebuilding (and repairing) your credit history.
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