Nothing in life is guaranteed except death, and taxes, as the old saying goes. Getting a loan, even with good credit, is never guaranteed. Everybody finds getting a line of credit during a recession difficult as many lenders have limited new lending and have tightened their underwriting criteria. Virtually all banks and other brick-and-mortar lenders have ceased loan activities for those with sub-prime credit rates. But, people with past credit problems could be very likely to get a $10,000 personal loan from non-traditional lenders where other traditional institutions would be apt to turn them down. So, non-bank lenders may be the route to get your hands on some money to prime your cash flow. As with anything, there are a few requirements to meet so you can get one of these widely available, often easily approved, loans.
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Steady Job Is a Key
Any lender looks to be repaid, so they need to establish some ground rules to determine the likelihood of repayment. Having a steady means of income from a bona fide employer can be a vital part of obtaining a $10,000 loan from a non-bank lender. Many lenders often expect to see a record of at least 90 days of steady employment. Some may require as much as six months with the same company. To a lender, looked-for stability can be found in a loan seeker having been employed with one firm for a decent length of time.
Your Bank Accounts Help
Most lenders who may be willing to grant a $10,000 bad credit loan require the loan seeker to have a valid bank account. Checking accounts satisfy most requirements, but having a savings account or money market accounts would definitely boost your loan worthiness. Lenders will usually ask to see bank statements for the previous three months. Those should be relatively free of smudges such as non-sufficient funds (NSF) bounced checks, not too many excessive overdrafts, and any other questionable activity.
Who Are You? Where Do You Live?
A lender cannot expect to offer a loan without knowing where the loan seeker lives, and who the loan seeker is. Many non-traditional lenders operate online and may never see a client face to face. The best way to establish your address and your identity is to provide the lender with a State or U.S. ID along with a current utility bill in your name. Other forms of ID may be required to facilitate approval. Of course, this will depend on the lender, the lender policies, and the amount of the loan. In your case, a $10,000 bad credit loan. The rule of thumb says that the larger the loan the more credentials you may be asked to submit.
The Lender Best For You
A lender will look at your credit scores, your income, your length of employment, your state of residence, and on those points reject or accept your loan application. Based on these criteria, some lenders may take you on, some will not. Do not be dismayed if some reject you. Different lenders have differing procedures and policies regarding loan seekers with bad credit histories. To make your $10,000 bad credit loan application a success, apply to as many lenders as you can find. If you get approved by more than one lender, you will be able to choose the interest rates and repayment terms that best suits you and your pocketbook. The nice thing about living in these times, in spite of the recession, is that access to the internet has made it very easy to apply to multiple lenders with very little time and effort. Also, applying online is often the best way to expedite your $10,000 bad credit loan.
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