Other than the two definitions mentioned above, the word ratchet has a literal meaning also.

It was primarily used in the African-American community from the start but has since been used as a descriptive word in all races and genders. It is said that the term came from the way locals mispronounced the word wretched and was generally used to describe a woman who was known for sleeping with multiple men. Rappers that were popular at the time included the word in their songs and produced the definition. It is said the term originated in the area of Shreveport, Louisiana, popularly nicknamed Ratchet City. This term became popular during the 1990s. The negative meaning of “ratchet” is said to mean trashy and overdramatic. The second meaning is implied when using the slang term negatively. The positive meaning of “ratchet” is said to mean perfect or exhilarating. The first meaning is implied when using the slang term to describe someone positively.

The internet slang term “ratchet” can have two different meanings depending on the context of its use.

The ratchet urban dictionary