Personal loans for bad credit are typically unsecured loans given for odd bills, repairs, or personal reasons. This entire niche is filled with potentially dangerous scams, predatory lending, and high interest rates. Use them only as a last resort. And that means a life or death situation, literally.

Many of these outfits make their money off the backs of the poor and desperate. Pay Day Advance outfits and others will gladly lend you several hundred or more, but will charge obscene fees and interest until the entire principal is paid back. They market themselves as aides to folks with bad credit, but those with credit problems are the last people who should be taking on this type of crushing debt.

You're better off pursing any other option besides unsecured personal loans. Hit up a family member, mow lawns in your spare time, or sell valuables to raise temporary cash. If you have access to a credit card that isn't maxed out, use this instead. Even the worst credit cards charge less interest than the average personal loan. A one time withdrawal from a retirement plan like a 401(K) is an even better option in case of emergency. Here, there's no interest attached, and you're paying yourself back.