If I need 10000 dollars, but I have bad credit, what are my options for getting a personal loan in that amount? A 10 thousand dollar personal loan is not a small sum of money and no matter what reason you need it for, it’s important to be realistic about your financial standing. Take extra steps to learn about how you can get a 10000 dollar loan and to begin with, you should check your current debt to income ratio – which is the percentage of your monthly gross income that goes toward paying debts.
Lenders will assess your debt-to-income ratio as a way to ascertain your ability to service a personal loan and if you have a ratio that is above 36 percent; the recommended DTI, they are more likely to either reject an application or impose higher interest rates. Similarly, a low credit score will also complicate matters and make it difficult for you to borrow 10000 dollars with bad credit.
Right from the start, you can begin by looking for national banks that offer personal loans or signature loans that are easy to qualify. From Wells Fargo to Bank Of America, these large financial institutions have a wide range of short or long term unsecured installment loans which you can apply to get a car, find a student loan or business financing. Although you may have bad credit, it doesn’t hurt to inquire getting a $10000 cash advance as these are some of the best places to get large personal installment loans with low interest rates. If you can provide some collateral such as your car title or a lien on your house, it will make the deal sweeter too.
Then again, what if I need to borrow money with no collateral and I have bad credit as well? If that sounds like asking for an unsecured personal loan of 10000 dollars, unfortunately it is unlikely for you to find bad credit lenders who can give you 10000 dollars cash that easily. But if you need money right now, say, a 1000 dollar personal loan, you can get it from an online payday loan provider instead. A no collateral payday loan is a small dollar cash advance that you can borrow with a bad or no credit history. You do not need collateral, but you have to provide documentation to prove your income. You can find out more about guaranteed payday loans – They are meant for short term emergencies and tend to carry higher interest rates.
It is not easy to find low interest loan lenders who offer large personal loans with bad credit. Even if you can get to borrow 10000 dollars with no credit check, the compromise is that you are almost certain to have to pay high interest rates on bad credit personal loans with no collateral. If you can accept that, then all is well and good but the best way is to repair your credit history so that the next time round, you will have better options in trying to get a 10000 dollars loan with bad credit.