There are insurance plans out there for payment protection that claim to help you when getting personal loans for bad credit but it is not necessary unless you believe that you absolutely need it. This is just another way to add charges onto your personal loans for bad credit in my opinion. There was a recent article stating just that and warning people from getting too caught up in what the loan person will tell you. Bad credit loans are hard enough to get, let alone having to pay more to keep is supposedly safe. Always consult with a trusted financial advisor before making big decisions.