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April 15, 2010
Obtaining secured loans with bad credit can be considerably more difficult than if you have good credit. However, with research and perseverance borrowers can locate poor credit lenders willing to give them a second chance.
Secured loans require borrowers to utilize some form of valuable asset as collateral. Assets might include real estate properties, vacant land, motor vehicles, water craft, or business equipment. Depending on the circumstances, amount of required funds and type of collateral, banks may require bad credit borrowers to obtain a creditworthy co-signer.