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Bad credit borrowers can have a hard time of it when searching for loans with good terms. It is a consequence of their bad credit history, and one that usually means costly compromises must be accepted to get an application approved. But there are affordable options available for those seeking even unsecured loans with bad credit.

The reason why these opportunities exist is that a low credit score is no longer recognized as an accurate indication of risk. Honest borrowers have been hit by the financial crisis of recent years, and find themselves with low scores. As a result, loan approval is more difficult, but getting loan approval with no collateral is much harder.

Collateral is a hugely significant aspect to a loan application, but it can be hard to get when the required loan is large. After all, who has an item worth $15,000 or $20,000 to put up as collateral that they may be willing to lose. So, for most of us, an unsecured personal loan is the best we can hope for.