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In the world of bad credit lending there are two very distinct types of loans. The first type of loan is the secured loan. This is the most common of all the bad credit loans. This particular bad credit loan will require the borrower to offer some type of collateral in order to secure the loan. the most common form of collateral is a home and second would be a car or vehicle of some sort. However, the value of collateral will greatly depend on the size of the loan you are looking for. So while you might have a home and a car, most of the time only one of thew will need to be used a s collateral