Glossary

Bad credit loan – is a type of loan given to borrowers who has bad credit.

Collateral – a property or valuable object that is given as a security to a loan or other credit. Collateral may be subject to seizure upon default.

Credit Score – a method used in assessing an applicant's or borrower's credit worthiness.

Interest rate – It is a percentage charged the use of a sum of money over a period of time.

Non-secured bad credit loan - type of bad credit loan wherein no collateral is pledged.

Secured bad credit loan – a type of bad credit loan where collateral is offered.