There was a time when if you wanted to get a personal loan, you had to sign over some sort of collateral. Normally, you could use your home equity or the title on your car (if you owned it in full), to secure the loan. This meant that if you defaulted or even missed one payment, the bank or loan company could come and confiscate (and sell) your collateral. This was a dangerous way to borrow money!

The good news is that today there are many options for you to get unsecured loans for bad credit. An unsecured loan means that you are putting nothing up for collateral. The loan company is taking you at your word that you will pay the loan back in full, on time. Of course, if you don’t, there are still substantial penalties, so make sure that you are fully able to pay back the loan when you take it out.
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