Bad credit personal loans can get your hands on fast cash when an emergency strikes your bank account. These loans can be acquired as secured or as unsecured loans. When a consumer applies for the secured option, they are required to put down an asset of a suitable amount as some collateral. Bad credit personal loans that are unsecured will most likely have a higher rate of interest, because they do not require any collateral. If you have received a loan with installment payment methods, repayments will normally cover both the interest due and a partial payment of the loan. Repayment periods and options do differ from one lender to another and you should always discuss the terms and conditions for your bad credit personal loan with the lender that has approved you.