 TITLE: Best Personal Loan Lenders for Bad Credit CONTENT: How Personal Loans Work\n-----------------------\nPersonal loans are often installment loans with fixed interest rates. With an unsecured personal loan, you won't need to use a vehicle, home or other property as collateral for the loan. But that's also why it can be more difficult—and expensive—to get a personal loan when you have bad credit.\nIt may be easier to get a secured personal loan and you may qualify for more favorable terms if you offer collateral, but you also risk losing your property if you can't afford the payments.\nWhen you take out a personal loan, you'll receive the entire loan right away—often via a direct transfer into your bank account. Some lenders charge an upfront fee that's taken out of the loan proceeds, but you repay the entire loan amount, generally with monthly payments.\nYou can find personal loans from different types of lenders, including traditional banks and online-only lenders. Some lenders may focus on lending to specific types of borrowers (such as those with bad credit) and also may offer personal loans for specific reasons, including consolidating credit card debt. END