Borrowing costs money. A lender will usually charge a borrower a percentage of the money lent, rather than a flat fee. This is called interest. This guide covers the basics of how interest works, what it is and what it means for your finances.
You can get a personal loan with bad credit, but the rates will likely be high. It can be harder to get a loan with bad credit, and it may be worth trying to improve your score before you apply for a loan.