These types of loans are for those who have had a few knock backs when it has come to applying for a loan. On the plus side of things you are able to borrow money if you have no other means of borrowing it elsewhere but the down side of things is that the interest rates are sky high.
If your property belongs to you maybe consider applying for a secured which means using your property as security. You will more than likely be offered a lower interest rate but could face having your house repossessed if you fail to keep up with the payments.
You can do your homework online without leaving any trace on your credit file that could potentially affect you from qualifying, which will help the rejections and won’t damage your credit ratings. There are many different loans for those with bad credit, which is why it is important to do all your research before applying to make sure you have chosen the best loan for you.