These days more and more people are seeing their credit histories ruined. One of the reasons is because of the huge credit crunch on Wall Street. Another reasons is that life just throws unexpected curve balls at you, such as unforeseen medical expenses and back taxes – just to name a few. With this risk, more and more banks are leading their eyes towards extending really bad credit personal loans purely based off the borrower's income. The same banks are also extending bad credit auto loans to the same people.

In the past really bad credit personal loans were myths, something that you got at a payday loan store, which essentially sharked your money by charging exorbitant interest rates. However as more and more people see their credit sharply declining; banks are having to make adjustments to their lending practices. Most people these days with a poor credit score can easily get approved for bad credit auto loans, and really bad credit personal loans. The interest rates are higher than normal, but no where near what they used to be for really bad credit personal loans.