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Start with your local community bank or credit union. If you've been banking there for a while and the institution values you as a customer, you'll get the best rate and loan amount. Credit unions typically offer lower rates because they are not-for-profit organizations.

While the average interest rate for borrowers with good credit is between 4% and 5%, subprime borrowers will pay an average of 10% to 13%, depending on their credit score. Some lenders can go higher than that, according to Phil Reed, senior consumer advice editor for Edmunds.com.

The most redeeming qualities about secured loans are that lenders typically won't check credit, and the loans aren't reported to the credit bureaus. But while frantically trying to gather enough money to pay off those loans, one may neglect paying off things that do affect credit.