Personal loans are easy to obtain. They can be used for a variety of financial needs. However, the worse your credit is the harder time you will have getting a personal loan with decent rates. There are two types of personal loans, secured and unsecured. Unsecured personal loans mean no collateral is needed to secure the loan. If you have bad credit, you will only be approved for a secured loan because you are considered high risk. The forms of collateral accepted include vehicles, property, and other tangible items. The collateral has to have a value sufficient to cover the balance due on the loan.
For detail, please visit http://my-personal-loans.blogspot.com/2010/02/personal-loans-for-bad-credit.html