With the financial crisis lingering these past years, many people are finding themselves in the position of not being able to cover bills. Mortgage payments and car payments seem to slip by. Business owners may find themselves not being able to cover payroll. Many folks have been turning to short-term loans, revolving lines of credit, and loan consolidations to keep up financially. Folks with bad credit may find themselves in the position of needing a $10,000 loan, but unable to get one.
What a Bad Credit Borrower Can Do
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The financial crisis has put a lot of folks in the position of needing loans in amounts up to $10,000. If that is you, you need to step back and take an honest look at your situation. Think about why you really need a loan of this magnitude, and figure out how you are going to repay. If you are a business owner who is drawing in less than paying out, or if you are just struggling to maintain a certain life style, it is probably not a good idea to not sink further. If you have been offered a job, but just need to keep your head above water for a few months; or if you see an upswing in the marketplace for your business, and you have confidence about your ability to repay, the following options may be a way to continue.
Loans on Your Signature
Signature loans are named such for a reason. Money is lent solely on your signature. This sort of loan is designed for those with acceptable credit ratings and a steady job, requiring proof that you have been with the same business for at least ninety days with a reasonable salary. If your credit scores are rather low, this sort of loan may not be worth pursuing. These loans can carry interest rates of 11% or more.
Loans on Your Vehicle
If you have an automobile that has been paid off, using it as collateral may be the best option if you have poor credit. The blue book list price should be $10,000 or higher. Interest rates can be high on these loans, too.
Loans on Your Home
If you have considerable equity in your home or if you have burned the mortgage papers altogether, this is probably the easiest way to put your hands on enough money to bail you out. With a home as collateral, credit scores are not as meaningful for securing a loan. Shop around to find those offering such loans at the lowest interest rate possible.
Loans from Friends or Family
The loans above may not be smart options for you. Consider a private loan. Of the loans mentioned, this may be the hardest or most embarrassing to secure. Since your family and friends know you and understand your predicament, they may very well be willing to lend you some cash. Just make sure that they know you are serious about paying the loan back, set up a payment schedule and even offer a percentage rate.
Loans with a Cosigner
Personal loans are akin to signature loans. These loans are difficult to secure and require a good credit score. The reason this type of loan is mentioned for folks with bad credit, is that they can get a cosigner to help secure the loan. You could ask family, friends, even your spouse. They may feel more at ease doing this rather than offering you the money themselves.
Whatever your financial plight may be, whatever your credit score, somebody is willing to help you with a loan. Just have an idea of how much you really need, and how much of a struggle it will be to pay back the somewhat hefty sum.
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