Getting a personal loan these days isn't easy and especially for those with bad credit, the prospect of finding a lender willing to give upwards of $10,000 can seem nearly impossible. However, finding a personal loan is not as difficult as it may seem even if the borrower has bad credit. The following five options provide an alternative to a traditional bank when looking for a bad credit personal loan.
Get a $10,000 Personal Loan from a Licensed Lender
There are many lenders out there who actually focus their work on helping get people bad credit loans. These people advertise their services in newspapers, phonebooks and often the internet. This loan will require a basic background check, however. Also, note that unlike traditional banks or credit unions, bad credit lenders generally charge a very high interest rate due to the risk involved in working with so many clients with bad credit. However, if you have no other choice, the high interest is worth it.
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Get a $10,000 Personal Loan from a Cash Advance or Payday Lender
Another option for finding this kind of loan comes through a cash advance or payday lender. Again, using this method will require a background check which will generally include a social security number, employment information, bank account numbers and address. It will also carry a very high interest rate. One benefit of using these methods, however, is a quick turnaround. Often these loans are made within a day or two.
Get a $10,000 Personal Loan from Your House
Owning a home is one of the greatest investments that anyone can make because it increases one's borrowing ability. Even if you have bad credit, you can work out a personal loan by using your home's equity if you offer up the house as collateral. This is a very popular form of lending and many banks and other institutions will be competing to offer a $10,000 personal loan through your home's equity.
Get a $10,000 Personal Loan from Your Job
Another really good (and underused) option for securing a $10,000 bad credit loan comes by way of your employer or employee credit union. By tapping your boss as a source, you bypass the need for employment or credit check and often will be able to arrange a payment plan that deducts a certain amount out of every paycheck. Employee credit unions operate in much the same manner. You can still arrange for your loan payments to come straight from your check and your interest rates may be lower by virtue of your job. Also, because these bad credit loans are secured through your job, they are more likely to go through.
Get a $10,000 Personal Loan from your Family or Friends
Sometimes the most obvious sources for money are literally staring you in the face. Getting a loan from a friend or relative means you won't need a credit check, proof of employment, sometimes there is no interest, and generally a lot less hassle. Friends and family are far more apt to consider the circumstances under which the loan is being taken and will generally listen and work through the problem with you. If you are able to secure a loan from someone close to you, be certain to arrange a way to pay them back. It is a good idea to pay even a small interest fee as well.
Achieving a $10,000 Personal Loan with Bad Credit
If your reasons for seeking this loan are genuine, there is a way to find $10,000 loan with bad credit and there are many avenues through which to achieve it. Also, you must remember that this is serious and that any money you borrow needs to be paid back and often at a very high interest rate. Ultimately, however, anyone can find a personal loan for $10,000 even with bad credit.
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