If you've been turned down for loans because of bad credit, you may be wondering if it's possible to get a loan at all. Fortunately, you may qualify for a particular type of loan, known as a Secured Loan. These loans "secure" the debt with some type of collateral, such as a house, car or other expensive possession. Here's how to get one:

PICK YOUR COLLATERAL:

The collateral you choose for your loan should be something valuable enough to cover the cost of the amount you plan to borrow--but it should also be something you're willing to lose. That's because, should you fail to make timely payments, the lender can repossess this item to "pay back" the loan. Many people use their house or car as collateral, which is acceptable if you know that you'll be able to make the payments. Otherwise, you may want to consider using a boat, piece of jewelry or a pricey electronics item if it covers the amount you want to borrow.

PICK A LENDER:

There are lots of lenders who offer secured loans, including your local banks, online lenders and other financiers. Do an Internet search to find online loan companies, or ask friends and family for suggestions. Just remember to compare a few different lenders before choosing one, since you'll want to pick the one with the lowest fees, best terms and lowest interest rate.

COMPLETE THE APPLICATION PROCESS:

You'll have to fill out a basic application, undergo a credit check and probably show proof that you own the collateral, such as the deed to your house or car. Be prepared to answer questions about your income, bank balance and investments, too, since most lenders want a complete picture of your financial life before allowing you to borrow money. Although a Secured Loan is easier to obtain than an unsecured loan, it still requires some paperwork.

If you have less-than-perfect credit and a valuable asset, a Secured Loan can be an easy way to obtain quick cash. Just remember: You must make on-time monthly payments or you may possibly forfeit the item you used as collateral.