It is very difficult to secure a personal loan with bad credit, mainly because it is an unsecured loan – i.e. the bank does not hold any security in case you default on your payment. Lenders primarily look at your credit score and history and income before making a lending decision, hence it becomes very important to have a good credit score.

However, if you have a good monthly income and not many loan obligations, lenders might be willing to lend to you even if you do not have a great credit score.  It is advisable to improve your credit score before applying for any kinds of loan or credit.