Finding a $10K personal loan is not as difficult as it may seem, even if the borrower has bad credit. Of course, a traditional brick and mortar lender will probably have some compunctions about executing such a loan. However, consider the following five alternatives to get the funding you need.
Land a $10K Personal Loan: Licensed Lender
Though it may be hard to believe, lenders exist who focus on helping people easily land a bad credit personal loan. You may find ads for these lenders in newspapers, on the internet, even in phone books. These lenders do require a background check. But be aware. Lenders offering such loans carry a high degree of risk. Hence, they do require rather large interest rates. Considering you financial situation, it may be worth it.
Land a $10K Personal Loan: Cash Advance or Payday Lenders
These loans are relatively easy to get, but you must subject yourself to a certain amount of scrutiny. You will need to present bona fide identification papers, proof of residency, proof of employment and salary, evidence of a valid bank account (checking with direct deposit is the preferred), and a social security number. However, these loans are often approved within 24 hours. Should you find such a lender online, as with any internet transaction involving money, take steps to ensure that your identity and your financial information are protected.
Land a $10K Personal Loan: Courtesy of Your House
The biggest asset in the lives of most is the home. The equity in a home greatly strengthens borrowing capabilities. With this kind of security, even traditional lenders will be lining up to offer you a $10,000 personal loan. However, when you have your home used as back-up for the loan, you have a very specific and dire onus put upon you. Should you default, you and your possession could very end up on the curb.
Land a $10K Personal Loan: Check with Your Boss
One often unused resource for landing a $10,000 bad credit loans may be your employer, or a credit union if your company partners with one. Of course, no background check is necessary. Easy payment plans can be arranged with amounts taken directly from the paycheck. Interest rates will probably be very reasonable. Because of the security of your job and your company, these loans are easily approved.
Land a $10K Personal Loan: Friendly Loans
For a number of reasons, usually involving privacy or dignity, many folks find it hard to approach a friend or family member for funds to smooth out a financially wrinkled time. You will not undergo a background check. Friends and family members are more apt to sit down and listen to your reasons for needing a loan and how it would benefit you. Just be certain to make an informal contract, specifying repayment terms and time frames. Even if they ask for it, offer to pay a small percentage in interest.
If You Really Need It, Want It, a 10K Can Be Yours
No loan should be taken unless there is a specific and obstinate need or funding. If you have a genuine need for the loan, if you have a strategy for repaying it according to the terms of the contract you sign, you will find the funding you need.