With a poor credit rating, many figure that it is pretty unlikely they are going to get a personal loan, especially not one for $10,000. But, lenders are out there who will offer $10,000 bad credit loans, and often without all the processes that make getting a loan so tedious.
One: The Friendly $10,000 Personal Loan
This type of loan requires no credit check. The applicant doesn't have to prove employment. Often the interest rate is zero. If one needs an infusion of cash urgently, without hassle, borrowing from someone you know, friends or family, is often the best way to get a $10,000 loan.
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This may require some personality adjustments, set your ego aside. Success rate with friends or family is going to be a lot higher than if you approach a bank or a credit union. Even if jobless, friends and family will understand the hardships you are facing and be more apt to lend a sympathetic ear and open purses. You should work out a payment plan and offer a modest interest rate.
Two: The Employer or Employees Credit Union $10,000 Loan
Your next venue could be your employer or your employees credit union. Some bosses will make loans because it is in their interest to do so. It promotes loyalty to himself or herself by you, the employee. There is no worry about where you work, what you get paid. So, there isn't a bunch of paperwork or background checking. Waiting for the loan check to be disbursed should not take long. Have your boss take a certain amount for repayment from each paycheck.
Everything mentioned for your boss giving you a $10,000 bad credit personal loan, would also apply to the credit union that serves the employees. Arrangements can be made to deduct payment from paychecks, interest rates are usually very low.
Three: The Home Equity $10,000 Personal Loan
This is a easy loan. With your home as collateral, many institutions will be willing to give you $10,000. In today's market, many lenders are competing to supply these loans, so you should be able to find very affordable interest rates.
Four: The Licensed Lender $10,000 Personal Loan
Licensed lenders who specialize in $10,000 bad credit personal loans will often advertise in the want ads of local newspapers or in the yellow pages of the phone directory. They can be found on the internet. The lender will do required background checking, making sure of who you are, checking names and addresses for yourself and others close to you. This type of lender operates under different rules than banks and credit unions and can charge very high interest rates because of the risk. Since you need money badly, just figure the high rates as a necessary evil.
Five: The Payday or Cash Advance $10,000 Personal Loan
Lenders of these types of loans will have to do some background checking before they will make a $10,000 bad credit personal loan. You will have to give them bank account and employment information, and your social security number. These loans offer a quick turnaround, usually a day.
A $10,000 Bad Credit Personal Loan Is Possible
Take the right approach. Remember, you're the one asking for the favor; set your ego aside. Don't forget, you could be subject to very high interest rates. Be sure you will have the ability to repay the loan. Don't pursue such a loan for frivolous reasons, it is not play money. With the options outlined above, most everybody should be able to get a $10,000 bad credit personal loan.
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