They definitely charge very high interest rates, yet if these firms are flexible enough to provide Terrible credit college loans, some individuals might just bite the bullet. This structure shows that these loans are taken by people who have problems in managing and planning their expenses and this is the reason banks don't take these lenders positively. So even if you are running on bad credit you can still get the loan. It means that the borrower has to provide any piece of asset having considerable equity worth to qualify for the loan.