Bad credit loans run the gambit from “payday loans” to high interest mortgage loans. The one thing they all have in common is high interest rates. I’m sure you have seen the ads for used autos-good credit, bad credit, no credit. compare the interest rates for these three types of loans and you will see what I mean. The question I would ask is do you need it right now, or can you wait untill you do a little credit repair and then go for a lower interest loan. In the long run, it’s a important wquestion that could save you a lot of money.