Lenders tend to have a cautious attitude when dealing with bad credit borrowers, so finding a loan source can be frustrating for applicants with financial problems. Thankfully, there is a range of loan options to consider, making it possible to get a $10,000 loan with bad credit.
For many, the problem is not their financial position, but their lack of knowledge over where to find loan deals and lenders that is accessible - especially when it comes to securing large loan approval with no security.
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But what are the options available to those of us seeking a large personal loan? Well, the 3 most popular are straightforward personal loans, equity loans and privately secured loans.
Personal Loans
Everyone is familiar with at least some of the range of personal loans available from traditional lenders, and knows that online lenders offer their own affordable versions too. Also known as signature loans, these rely on a promise from the borrower to repay, and nothing else. Therefore, granting a $10,000 loan with bad credit can be a gamble for them.
The risk element puts many lenders off, so getting approval with no security can often be a difficult task. But applying to the right lender can cover that challenge, with online lenders the most open to granting approval.
Even when it comes to securing approval on large personal loans, bad credit scores do not have to be the debilitating influence they usually are. If the applicant has held a full-time job for at least 6 months, and has an income large enough to cover the repayments comfortably, then approval is likely to be granted without the need for collateral.
Home Equity Loans
When it comes to security, however, it is impossible to beat home equity. This is collateral from the share of property owned by the applicant, and not still covered by a mortgage. It makes getting a $10,000 loan with bad credit simple, with as much as $100,000 possible if the value of equity is large enough.
What this means is that homeowners have very little problem in getting the cash funds they need, as long as some core conditions are met. For example, the ability to make repayments is still central to securing approval with no security.
Other than assured approval, the key advantages are the very low interest rates charged, and that equity grows as the mortgage is being repaid, and with improvements in the property market. Therefore, a second large personal loan may even be secured if necessary in the future.
Private Loans
Finally, it is also possible to secure a $10,000 loan with bad credit when lending institutions are avoided. Simply speak to a family member or friend to agree a private loan deal. In many respects, these are the most affordable and most attractive loan deals to get.
For a start, the chances of getting approval with no security are practically 100%, provided the individual spoken to has the funds available. Often, however, more than one family member might be approached - for example, 5 members providing $2,000 each to make a $10,000 total.
But nothing is completely simple, and in order to steer clear of future problems, it is advisable to agree terms, write them down and have all parties sign them. Also, remember that large personal loans from your family are outside the lending industry, so repaying it in full will not improve your credit score.
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