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Even With Bad Credit a $10,000 Loan Is Possible

With the financial crisis lingering these past years, many people are finding themselves in the position of not being able to cover bills. Mortgage payments and car payments seem to slip by. Business owners may find themselves not being able to cover payroll. Many folks have been turning to short-term loans, revolving lines of credit, and loan consolidations to keep up financially. Folks with Bad Credit may find themselves in the position of needing a $10,000 loan, but unable to get one.

What a Bad Credit Borrower Can Do

The financial crisis has put a lot of folks in the position of needing loans in amounts up to $10,000. If that is you, you need to step back and take an honest look at your situation. Think about why you really need a loan of this magnitude, and figure out how you are going to repay. If you are a business owner who is drawing in less than paying out, or if you are just struggling to maintain a certain life style, it is probably not a good idea to not sink further. If you have been offered a job, but just need to keep your head above water for a few months; or if you see an upswing in the marketplace for your business, and you have confidence about your ability to repay, the following options may be a way to continue.

Loans on Your Signature

Signature loans are named such for a reason. Money is lent solely on your signature. This sort of loan is designed for those with acceptable credit ratings and a steady job, requiring proof that you have been with the same business for at least ninety days with a reasonable salary. If your credit scores are rather low, this sort of loan may not be worth pursuing. These loans can carry interest rates of 11% or more.

Loans on Your Vehicle

If you have an automobile that has been paid off, using it as collateral may be the best option if you have poor credit. The blue book list price should be $10,000 or higher. Interest rates can be high on these loans, too.

Loans on Your Home

If you have considerable equity in your home or if you have burned the mortgage papers altogether, this is probably the easiest way to put your hands on enough money to bail you out. With a home as collateral, credit scores are not as meaningful for securing a loan. Shop around to find those offering such loans at the lowest interest rate possible.

Loans from Friends or Family

The loans above may not be smart options for you. Consider a private loan. Of the loans mentioned, this may be the hardest or most embarrassing to secure. Since your family and friends know you and understand your predicament, they may very well be willing to lend you some cash. Just make sure that they know you are serious about paying the loan back, set up a payment schedule and even offer a percentage rate.

Loans with a Cosigner

Personal loans are akin to signature loans. These loans are difficult to secure and require a good credit score. The reason this type of loan is mentioned for folks with Bad Credit, is that they can get a cosigner to help secure the loan. You could ask family, friends, even your spouse. They may feel more at ease doing this rather than offering you the money themselves.

Whatever your financial plight may be, whatever your credit score, somebody is willing to help you with a loan. Just have an idea of how much you really need, and how much of a struggle it will be to pay back the somewhat hefty sum.

Mary Wise is a personal loan consultant who has been associated with Bad Credit Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at BadCreditLoanServices.com

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6 Responses to Even With Bad Credit a $10,000 Loan Is Possible

  1. If you are a business owner who is drawing in less than paying out, or if you are just struggling to maintain a certain life style, it is probably not a good idea to not sink further.

  2. Getting a loan these days is almost impossible. Thanks for the tips this will help me and alot of people out getting a bad credit personal loan!

  3. I would say that trying to get help from a family member or friend should be step #1. Th reality is, I doubt that your brother or friend is going to charge you double digit interest rates!

    Mary

  4. I agree that our friends and family know what a struggle it may be to obtain a loan, so finding SOMEONE is definitely possible. However, I would suggesting asking family members first, then friends as an option Z. Car loans are becoming more popular so if you own your own car, that’s a great option to receiving a fast loan.

  5. Obviously if you can find a co-signer with good credit and that is willing, it’s really the best option. Though, why don’t more people go with the Signature Loans? It doesn’t seem that 11 percent is that much, considering how much interest is on a credit-card for every day.
    Ava@ Title Loans recently posted..How to Start a Budget

  6. debtsfree says:

    Today's world thrives on loans and credit. Consequently people seeking debt relief are on the rise. With easy availability of loans people indulge in indiscriminate borrowing ending in a debt spiral. The good news is that there are numerous debt relief plans available in the market today that will suit every debtor's requirement. The choice is up to the debtor. It is he who has to decide which plan he would like to opt for, to become debt free.

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