Low credit scores are supposed to mean large loans are out of the question. In fact, the rule has little relevance these days, with so many honest borrowers having been affected by the economic turndown. The truth is one can get loans, even $15,000 unsecured loans, with bad credit because the key is the application, not the credit score.
It is generally believed that poor scores are the killer of loan applications, but they actually have very little influence over the approval process. Getting approval with bad credit is more likely now because of the sheer number of consumers with low scores through no fault of their own. Reliable borrowers have lost their jobs, seen their incomes fall and have gotten into tight financial situations.
Of course, unsecured loans have never come with guaranteed approval, and there are more significant factors at play when lenders consider whether or not to approve an application.
The Significant Factors