Private Lenders Offer Personal Loans for People With Bad Credit

You have probably heard that old proverb. While not wholly true, if you have been out and about charging lavishly on your credit cards, you will certainly think it is true. If you have accrued thousands of dollars in credit card debt and are at risk of your creditors suing you unless you pay up soon; what should you do? Is it possible to get a loan from a lender to wipe out your credit card debt even if you have a bad credit history. The answer is affirmative, but with qualifications.

The Better Business Bureau Can Point the Way

For starters, you must find a source for lenders who are willing to grant personal loans to folks with bad credit. Your best bet will be to go to the Better Business Bureau (BBB) website and perform a keyword search in their business directory. The keyword? Loans. Not only will you find lenders who do this kind of business, you will find them in your area, because the search is done by area code.

Once the lenders are displayed, you will find plenty of background information on each. Each will have a BBB rating from A to F. Stick with the A-lenders. You will also find a profile of the company along with all the contact information you will need. You will also have access to customer complaints or compliments

Approach the Bad Credit Personal Loan Lenders

After you have made a list of the top five performers on the BBB website, start contacting them via email or telephone. Be candid. Let them know that you need a loan of a certain amount and that you have a poor credit history. You might as well provide that information up front. If you do business with that lender, it will be found out eventually anyway.

Cut the Cost of Your Bad Credit Personal Loan

Once you have settled on a lender that you are comfortable with, do a little more research before you sign anything. Though maximum interest rates are usually set by state regulators, find ways to cut the costs as best you can. Some lenders have promotional offers for clients who subscribe to their customer newsletters. If that is the case, take a few moments and subscribe to that newsletter. These newsletters are usually free and come via the internet into your email account.

Also, many lenders offer a referral fee of $25 to $100 for any new client that you send their way. This could be a friend, a colleague, or family member who may similar loan products. Once the are granted a loan, the lender passes a referral fee to you. During certain times of the year, especially around holidays, these lenders often offer lower interest rates to help folks with travel or shopping. These seasonal offers will apply to personal loans as well. Some lenders even offer half-off rates to first time borrowers.

By considering the points offered herein, you should be able to find an accredited lender who is willing to offer you a personal loan in spite of your bad credit. Just remember that by shopping around and looking for special offers, you will be able to find a loan with fees, interest rates, and payback terms that are comfortable to you. If spending too much and forgetting your budget got you into trouble in the first place, do not let the same bad habits get you into trouble again. Pay your loan as agreed and you will even start to improve your credit scores.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Unsecured Loans. Hilary publishes informative articles about loans for bad credit and other financial topics at FastGuaranteedLoans.com

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How to Get a 10K Loan With Bad Credit

$10000 Loan With Bad Credit- It Can Be Done!

During the financial crisis that the nation has been experiencing for several years now, more and more people have been finding themselves unable to pay their bills. Mortgage payments, car payments and, for business owners, payroll have all become increasingly harder to pay. As a result, many people have been turning to short-term loans, revolving lines of credit, a loan consolidation to assist them financially. For those with bad credit, however, securing a loan may seem impossible. Fortunately, though, even someone with bad credit can receive a $10,000 loan by following a few easy rules and becoming familiar with all possible options in order to decide what the best move will be.

What to Do when Faced with the Need for a Large Loan

Nowadays, it comes to no surprise that many people, especially business owners, are in need of loans in large amounts of $10,000 or even higher. Though this is understandable, if you are one of these many people, it’s important for you to step back and carefully think about why exactly you need a loan in this amount and how you plan on paying it back. If you are spending significantly more per year than you are making, or if you are currently unemployed, it is probably a good idea to not borrow any more money to avoid sinking deeper into debt. Ideally, the only type of person who should be taking out a very large loan is someone in transition. If you were recently offered employment but will not begin your new job for a few months, a large loan may be necessary to keep up with your expenses until you start working. Otherwise, those considering taking out a loan of $10,000 or more should probably focus on managing their debt rather than creating more.

With that in mind, even once you’ve decided that securing a large loan is in your best interest, it is highly recommended that you eliminate some of your more substantial expenses and payments. For instance, it may be smart to post your auto lease online so someone else can take it over. A lavish lifestyle and the accumulation of debt do not go hand-in-hand, so make sure to get rid of excess. Once you’ve settled on securing the loan and you feel confident that you’ll be able to pay it back, the following are potential options open to you:

Signature Loans

Signature loans are exactly what they sound like: loans secured by a signature. Designed for those with excellent credit, securing a signature loan will typically require a steady job and relatively high credit score. Also, they tend to carry high interest rates of 11% or more. For those with bad credit, a signature loan is probably not your best bet.

Auto Loans

If you have a car that has been paid off, an auto loan may be your best option if you don’t have exceptional credit. As long as your car currently books for over $10,000, using your car as collateral for the $10,000 loan is very possible.

Home Equity/Mortgage Loans

If your home currently carries equity or if it has been paid off altogether, it will probably be rather easy to secure an equity loan or a mortgage for the money. If you have bad credit, it would be a smart idea to save up a good down payment, and eventually, it is important to refinance as soon as possible to avoid massive spending on excessive interest rates.

Private Loans

If the above types of loans don’t appear to be smart options for you, you may want to consider private loans. Although private loans are not the easiest ones to secure, you can start by turning to family members, who will probably loan to you even if you have poor credit. Though this may sound somewhat embarrassing, it will be worth it in the end. As long as you take the responsibility to get rid of other excessive expenses and be proactive in getting back on track financially, family members will see that you are serious in paying them back.

Personal Loans

Oftentimes, when people refer to personal loans, they are talking about signature loans. As mentioned, it is difficult to secure these loans with bad credit because you are viewed as high-risk to the banks. In order to get a personal loan with bad credit, you will need to find a cosigner who can use their credit to help you secure the loan. The best people to ask to cosign with you are family members, friends, and spouses.

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