Loans for really bad credit are mainly designed for people who traditional lenders have denied because their credit reports show poor ratings. These loans typically carry higher interest rates. Sometimes it comes with more significant restrictions than other loans.
The terms and conditions may vary depending on the lender and the specific aspects. Even it may require collateral or a co-signer to help secure the funds. Sometimes, the lenders also require employment and income verification to ensure that you can repay the loan.