Most people don't qualify for a personal loan, and bad credit is the most common reason they don't qualify. But it doesn't stop anyone from getting a loan, especially if you are a homeowner with considerable equity built up in your home. While nothing is guaranteed, you will have a better shot at approval since you will be offering up your home as collateral for a secured loan. This gives most lenders more peace of mind when weighing whether to lend to you, and they know if you default, their money is secure and they can take your home.