Bad credit loans and guaranteed approval loans abound in the market today. These loans are especially designed for people with bad credit. Since bad credit or a low credit score is unacceptable for standard loan lenders, some people are left with no choice but to apply for a bad credit loan. Although bad credit loan lenders grant approval despite a bad credit rating, these loans often come with high interest rates. If a loan applicant isn’t careful, he or she may end up with a predatory lender.