This year I have done a ton of research about bad credit personal loans. There is a lot that people don't understand about these loans and honestly I hope that people will dig in to learn a little before they use them too much.
The most common type of bad credit personal loan is the payday loan. If you take out a payday loan, you can expect to pay about $10 for each $100 you borrow - per month. If you figure out how much that compounds over a 1 year period, you'll find that you're paying over 1000% interest and that is a load of interest.
I would highly recommend getting any type of loan you can from the bank itself - even if you have to put down a car or your home as collateral. This will save you thousands on interest and will also help your credit score. Most personal loans don't do this with the exception being signature loans from a bank which are sometime classified as personal loans
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