As the credit crunch and the mortgage crisis bestows upon the masses its many facets of fallout, with regards to the average credit score in the nation dropping significantly due to this messiness, bad credit loans are quickly becoming the norm. Where in the past people would really shop around for loans, even if they were bad credit loans, these days people are just really happy to get approved for a loan at all. This is because with so many people losing their jobs, their homes and their coveted credit ratings, bad credit loans are becoming the only real loans that most people can actually get approved for. Take this for example: if a person loses their home to a foreclosure, their credit rating typically drops 100-200 points—depending. So, when they were sitting on a credit score of 663 (on average) prior to their financial problems, most are now sitting on a 500 or worse, and have plenty of derogatory items reporting to their credit reports. But still, people need to borrow money; it’s the lifeblood of Capitalism. So for this and so many more reasons, bad credit loans are the only highway for many weary financial travelers these days,