Get It Now: $10,000 Bad Credit Personal Loans
So you need $10,000 in cash and you have bad credit. You may need to go for a $10,000 bad credit personal loan. Just having bad credit shouldn’t discourage you from getting the money you need. Even if you are looking for the grand sum of $10,000. The lenders are out there and you can get a poor credit personal loan without too much trouble. You just need to know what you’re doing. Here’s the skinny.
Three things can make a $10,000 loan possible
To get a $10,000 bad credit personal loan, you’ll need to put it together and gather one or a combination of three things:
One: a co-signer
Two: some guarantees
Three: a handful of payday lenders
These may seem pretty bogus, but they are the only things you have to get $10,000 in cash if you have bad credit. There are basically no other options available, but you can get it to work.
To co-sign
If you have someone who trusts you and can trust them, ask them to sign a personal loan for people with bad credit. They must have a substantially better credit rating than yours and be in a high-paying job. If you are using a bank or credit union for the loan and you do not have enough collateral to secure the loan, the co-signer could be the negotiator.
Of course, the co-signer must fully understand that if he does not repay the loan, it becomes his responsibility. If the co-signer is a good friend or close family member, it’s best that he doesn’t let you down. That would be a generator of bad blood for sure.
some guarantees
Do you have real estate? Do you have any equity in your home? If the answer is YES to any of these questions, you have a good chance of getting your $10,000 personal loan with bad credit, even if you have bad credit. Refinance your mortgage, if necessary.
A vehicle could be used as collateral, but $10,000 is a bit steep for a car. However, if you have the right vehicle or vehicles, then a bank or credit union may be able to lend you the money. Call to see if the vehicle warranty is acceptable before approaching the lender in person.
If you don’t have enough collateral with land, a house or vehicles, see if a combination would work for a lender.
A handful of payday lenders
If you’re really desperate, you could get around 10 or 15 payday lenders to lend your higher amounts. These lenders can lend up to $1,500 on each contract. And they lend to people with bad credit. In fact, they specialize in loans for people with bad credit.
Check the rules of the state in which you live or in which you will obtain the different loans. Some cash advance lenders have to check networks to avoid such loans. This is done to prevent people from going overboard with these high interest loans.
The only thing is that you will have 10 or 15 payments due in a very short period of time. Unless you are going to change the $10,000 to $20,000 in a month, it is very possible that you will end up defaulting on many of the loans. Even if you try to roll them over to the next month, the lender usually demands at least the interest due at that time.
Defaulting on a series of loans will cause your credit to sink even further. But, if you’re willing to take the risk, it’s at least one way to get $10,000 in bad credit personal loans.