Personal loans prove to be a boon when one is facing the problem of huge expenses like renovation of the house, repair of the damaged air conditioner and payment of the income tax. Many online debt consolidation companies have helped people to secure simpler monthly installments with a lower rate of interest on their amount of the debt.

The first thing one has to do is to understand the type of personal loan one can get when one has the bad credit report like installment loans for bad credit or other consumer debt. Personal loan is unsecured, as one does not have to offer or mortgage anything with the bank for securing such a loan. In order to secure a personal loan for bad credit the first requirement is to fill an application form.

A Personal loan application form requires a full name of the applicant, social security number, annual income, pan card and a passport for the address proof.