Federal Home Loan Bank Unsecured Personal Loans For People With Bad Credit

Secured credit cards are a very popular type of credit cards for people with bad credit. Secured credit cards, as their name suggests, are secured. Secured credit cards require you to open an account with the credit card supplier and maintain some cash balance in that account. This cash balance acts as a security for the supplier of secured credit card. Your credit limit is dependent on the amount you hold in the account that you have started with the supplier of secured credit card. This is generally between 50 to 100% of your account balance. Only a few years ago, if you had any history of defaulted loans or bankruptcy, the probability of obtaining a personal loan would almost be impossible. No financial institution or lending bank would ever think of extending a loan to such individual. However, things have changed drastically in present times. Lenders have relaxed their criteria to make borrowing possible even for the people with a blemished credit history.