Can You Get a Bad Credit Personal Loan for $10,000?

Written By Rosaline Parras on Wednesday, June 11, 2014 | 11:44 AM


You want a $10,000 loan? And you have bad credit? Okay, you can have it! You did not expect that answer, but it does happen. If you can put in a bit of hard work and muster up some persistence, you can get a $10,000 bad credit personal loan. Ultimately, you will round up a lender willing to lend you that amount, even with a low interest rate and a reasonable repayment plan. But do not let it flutter away.

Have You Considered Debt Consolidation?

Do you know how your credit rating fell into the abyss in the first place? If you were late on any payment from utilities to a car payment, you damaged your credit rating. How about paying off all your debts? You can simplify your life by having one payment, due on one day, to one lender and at one interest rate. Plus, it puts a lot of these on your credit report: Paid In Full. And any future lenders will be pleased to see that you have only one outstanding debt. Your one payment will probably be less than the sum of all your old loan payments.

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Do You Know About Secured Loans and Unsecured Loans?

The lending market offers two types of loans - secured and unsecured. Secured loans are called SECURE because they have some sort of valuable property to back them up. This property is usually real estate, but it can also be stocks and bonds, or even a late model automobile. Should you stop making payments on the loan, the lender can seize the property and sell it to cover the cost of the loan. Unsecured loans are granted with only your promise and your signature to back them up. They are a little harder to find and the interest rate will be rather high to offset the risk.

Can You Find Non-Traditional Lenders Online?

You will have some problems getting funds from traditional brick and mortar lenders such as banks and credit unions. They have tightened their qualifications and even folks with decent credit or valuable collateral are finding it hard to land a loan from them. Fire up your computer and punch PERSONAL LOAN into your browser. You will immediately find scores of lenders that want to give you a bad credit personal loan. With competition, you will be able to shop around and find lenders who offer the lowest interest rates, the lowest fees and the most comfortable repayment plan.

Did You Know That Knowledge Is a Good Friend?

Save yourself some grief. Check the reputation of your lenders with the online Better Business Bureau listings. Each lender should have a grade and feedback from former customers. Do not trust the lenders who have a grade below B. You could also check online forums to see if anybody has had a bad experience with any of your prospective lenders. Learn as much as you can about personal loans and the lending industry.

How Quickly Can You Get the Cash?

When you have checked the credibility of four or five lenders, start making preliminary applications. Be sure the web pages wherein you enter personal and financial information are secure. Again, remember that online lenders will not pay much attention to your credit history. They want to determine your ability to repay. Your job history and salary are their main concern. They want to see that you have enough money left over every month to put toward another creditor. Often you can be approved within minutes. The $10,000 can be in your bank account within 24 hours, sometimes even sooner. Do not use it for frivolous reasons. Lenders consider debt consolidation as Good Debt. Using the money for a vacation cruise is considered a Bad Debt.

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Author : Rosaline Parras ~loans for people with bad credit

Blog, Updated at: 11:44 AM

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