It is possible to get a bad loan from a number of lenders who specialize in this. With this type of loan will come a higher interest rate because of the risk involved. if you make your payments on time it will help you with your credit score. A lot of lenders will add a margin of 3% or so to the prime amount, for people that have bad credit.
The dollar amount can be limited to a few thousand dollars, it is most important to make these payment on time so that you can improve your credit score and have a better rating. The lender will look a lot of factors to see if you are credit-worthy for the loan such as, debt to income ratio to see if you have too many high balances that need to be paid down. if you have been late a lot or the debt ratio is to high the only loan you may qualify for is a bad credit loan. Not to worry even if you are in this situation you can turn it around. This can take time to achieve but is very doable.
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If you recently have received one it is a good idea as you are improving your credit to, keep all payment records and check your credit score often to make sure you are being reported correctly. You want to make sure that you are on the right path and that the agencies are also.
Just remember things in life happen and sometimes we have to be creative in our finances and get a bad personal loan, but you can always improve where you are today.
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