Lenders are at pains to point out that every loan they approve is a risk. At least, that is the situation with unsecured loans, where no collateral is available from which to recoup any losses made when a borrower defaults. So why do they approve applicants seeking unsecured personal loans with bad credit in the first place?
The simple answer to that question is that lenders have to lend if they are to make any profit at all, but there is a deeper reason too. For a start, the odds of every bad credit borrower defaulting are extremely low, and so there is money to be made - even from granting loan approval with no collateral.
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