Fast o credit check unsecured personal loans in the United States have become increasingly popular since the collapse of the housing market and the economy three years ago in our country.
Prior to the credit crunch, Americans were sitting pretty fuelled by a mountain of debt including jumbo mortgages, personal loans and credit card bills coming out of their ears.
This was all fine as American banks funded the credit boom. Americans were living far beyond their means but were not being punished for it. In fact quite the opposite was happening and with plenty of money sloshing around people weere being encouraged to take on more debt.
The dream could not continue as the economy imploded. Those same credit junkies watched in shock as the value of their homes suddenly collapsed. 
Jobs were lost and banks started to call back mortgages and loans as people began to break their covenants.
Why are bad credit unsecured personal loans so popular?
People desperate for money suddenly could not turn to prime lenders that were happy to give them generous credit before. These prime lenders had no more money to lend and certainly were not going to lend to people who were now considered a credit risk and a high risk of defaulting on any loan.
In desperation, many Americans began to turn to subprime lenders who offered personal loans to those with bad credit, preying on people who were considered a bit more vulnerable. Subprime lenders charge at higher interest rates than prime lenders such as bank of America and the National Bank of California. They lend for shorter periods than prime lenders and lend smaller amounts. If you are late on making repayments the late penalty fees are astronomical.
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