If your credit rating is medium to bad, it will be much more difficult to find someone to lend money to you at an interest rate that is competitive. For people with bad credit ratings, the payday loan people step in and charge very high fees and interest rates. Not a good idea to go in that direction.
The best most competitive loans are always available to consumers with assets to use to pledge against the loan. Note that if you fail to repay the loan, miss payments etc, you run the risk of the collateral being seized and sold to cover the remaining debt and any legal costs associated with the process.
Never miss a payment to protect both your collateral and of course your credit rating. You have worked hard to achieve both and a missed payment can easily and quickly jeopardize both. Collateral can be a home that is worth more than the existing mortgage on it. It can be a cottage or even a car although both are considered more difficult to use as collateral compared to a home.
Personal loans that are unsecured are typically the product that most banks and lenders offer to customers that do not have any collateral to provide.
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