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Bad credit personal loan The bad credit personal loan is another kind of loan that must be approached carefully. Such a loan will have extremely high interest rates. In fact, some financial advisers refer to the bad credit personal loan as another form of the payday loan. There are many similarities between the bad credit personal loan and the payday loan. First, there is no credit check which is convenient for people with bad credit. Second, the borrower relies on his employment or some source of income as the means to pay off the personal loan. And third, the interest rate is astonishingly high and the total debt can double in just a few months. |