There are many loan providers that give unsecured personal loans to people who have bad credit. Payday advance or cash advance loan providers do a lot of advertisements to attract people. The amount that can be borrowed from this type of a loan varies from $1000 and $2000. The final amount to be lent is decided by the lender after taking in consideration the payment capacity of the borrower, financial history and monthly salary. However, this type of a loan will be short termed and the time period may range from 1 year to 10 years. Also, the payment fees may be a bit higher because of the fact that the person has a bad credit and also because the loan is unsecured.