October 23, 2009
I think I might have bad credit?

The words unsecured and low rate wont usually be used to describe the same loan. Usually in giving an unsecured loan a lender is taking a greater risk with you and will therefore charge more interest. This may be about 2-6% more per annum than a secured loan for the same value.

Unsecured loans for people with poor credit will definitely have bd interest rates as someone with bad credit and low security you would pose a risk for the bank.

Dodd, Samantha and Don Moore Call For Credit Card Reform by SenChrisDodd

Unsecured loans, especially for people with poor credit are likely to be lower in value in the area of a few hundred pounds. This is another way that the banks can limit their risk, by lending only small amounts at this risk level. If you need a bigger loan amount or a less interest rate it will be beneficial to shop around.

I may need a no credit check loan someday, it can be useful to do the research now to find the best rates. It would be of your benefit to ask a finance advisor.