Secured personal loans with no credit check have a slightly different meaning to lenders than unsecured loans. The reason comes down to risk.
Whether someone has bad credit or not is irrelevant when it comes down to secured lending.
If a borrower has pledged an asset against a loan and he defaults on repayments for that loan the lender can claim the asset as a first charge.
Secured loans differ to unsecured loans
As a result they will be a little bit more relaxed on the terms of a secured loan than on the terms of an unsecured loan to the same bad credit borrower.
Relaxed terms mean a secured loan will have a greater duration than an unsecured loan a lower rate of interest and the amount of the loan will be larger.