There are two different variants of loans that you can think about, if you are a person with a bad credit history. If you we speak about a personal load for people with bad credit, we can speak about unsecured loans and secured loans.
Unsecured loans are also called signature loans, because all you need to get the money is your signature. These loans are not secured by collateral. Sometimes you give only your promise that you will repay the debt. Of course you will need to sign a contract, probably fill out an application, add a promissory note and some of the lenders will ask you to fill out a payment schedule. This way you can see that the unsecured loan is a very low documentation loan and it is a great personal load for people with bad credit.
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On the other hand we can speak about the secured loans. These loans are backed by collateral. That means that when you get the money, you will have to provide some security that you will be able to repay the loan. The collateral is what makes these loans different from the unsecured loans. You can use different items for the collateral like money, cars or other vehicles, livestock, assets, your house or other real estate, any personal belongings or any other items that have any value.
The best thing that you can use is your house, because if you use it as collateral, you will often get quite low interest rates. With the money you can pay your home remodeling, or the purchase of a new vehicle or medical expenses. Of course there is a risk that you can lose your home, but if you have the discipline to pay the payments each month, you will save a lot of money on the interest rates compared to credit cards or similar. This is what we would like you to remember. If you do not repay what you borrow the collateral can be used and you will lose whatever you have used as collateral. Secured loans are a great variant of a personal loan for people with bad credit.
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