If your credit rating is anything less than perfect then your only option could be taking out a bad credit secured loan. People who have credit ratings and scores which are low can find it almost impossible to get a personal loan as they are seen as a bigger risk when it comes to making the repayments on the loan and keeping up with them.
A secured loan however is easier to apply for and be approved for due to the fact that you have to put your home up as security against defaulting on the loan. This means that if you default on the loan repayments then the lender has the right to seek possession of your home in order to get the money back that you owe on the loan. For this reason it is essential that you make sure you can repay the loan and know the total amount that you have to repay before committing yourself.
Providing your circumstances meet the lenders criteria and you have enough equity in your home then you are able to borrow a much larger sum of money than with a personal loan, you are also able to take out the loan over many more years than with a personal loan.
If your credit rating is very low then this will reflect on the amount of interest that you can expect to pay, however a specialist website will be able to get you the best deal and the lowest APR on a bad credit secured loan. The APR is the amount of interest that you will pay and the correct name is annual percentage rate.
A bad credit secured loan might be your only option and a specialist website will be able to get you the lowest APR but it is essential that you ensure you can continue to pay the repayments over the entire term of the loan which could be as long as 25 years.