An usurcneed loan is any loan wohitut assets backing up the loan. Credit cards are a simple exampleA secured loan would be a car loan or a mortgage. If you don't pay the loan, they get the car or the house.A personal loan is generic language for a loan with no particular reason for it. A car loan must be used to buy a car. A personal loan can be used for any purpose. They used to be much more common in the age before credit cards.Bad credit is a generic term for people who are considered unworthy of (new) credit by the lending industry. In general, they are charged 4 to 10 times as much for any loans they are granted because everyone assumes they are going to default (not pay the loan back in full). Most of the time including these days mainstream lenders simply will not lend to them.

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