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It is a myth that you cannot get a personal loan if you have a less than good credit rating title on your credit history report. Personal loans for bad credit are now readily available, and they not only solve the money problems of people with bad credit, but also give an opportunity to improve the credit score. Personal loans for bad credit require a higher rate of interest and a higher down payment than the normal loans. The interest rate on the personal loan for bad credit depends on the credit rating, the security offered, loan amount, personal income, and a few other factors. The loans backed by a collateral security are called secured personal loans for bad credit; whereas the loans not backed by a collateral security are called unsecured personal loans for bad credit.

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