Nothing is guaranteed. Certainly not landing a $10K bad credit personal loan. But it is well within the realm of possibility. Of course, nowadays it is hard for even a person with good credit to land a substantial loan. Most of the traditional financial institutions just are not underwriting loans as freely as they did five or six years ago. Credit is tight.
New Lenders Step In
Well, since the banks and credit unions just are not lending much these days, private lenders see the market flush with bad credit borrowers and have stepped in to fill the void. These lenders are the route you want to take if you want to land a $10K bad credit personal loan. Most of these lenders operate online, have very friendly application processes, and you could have an easily approved loan on the way to your bank within 24 hours or less.
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Gainful Employment Is Crucial
If you made a loan you would want to be repaid, just as lenders you are seeking out want to be paid. Most lenders will want to see at least 90 days of steady employment. Others may require six months or more with the same employer. Stability is what the lender is seeking. Seeing steady employment for a good length of time is key to landing a $10K bad credit unsecured personal loan.
Banking History Is a Stability Indicator
Would you offer a $10k unsecured bad credit loan to someone who does not have a bank account. This is another crucial factor in landing a substantial loan. A checking account in good standing is usually good enough. It should have relatively smudge free record with few nonsufficient funds (NSF) or bounced checks, not too many overdrafts, and without other questionable activity. If you have a savings account or money market accounts, that will certainly help your creditworthiness.
You Cannot Be a Phantom
Who you are and where you live is important, too. Since the lender you are working with is online, you will probably never see them face to face. You will need a bona fide government picture I.D. Some lenders require two forms. You will need a utility bill that carries the same address as on your I.D. You will offer your social security number. You will have already proven employment with pay stubs or bank statements with proof of direct deposit. The rule of thumb is, the larger your loan, the more documentation required. But you will not have to run all over town delivering these documents. They can be faxed or scanned to your lender.
Finding the Best Lender and the Best Loan
You are looking for a hefty loan so you should be sure your lender is taking a close look at you. Based on all the information above, a lender can accept or reject your loan request. Do not worry. Different lenders have different criteria. You will eventually find a lender who will work with you. Just keep shopping. The important thing is to find a loan with the lowest interest rates and a repayment plan that suits your check book and your life style. And the internet is a convenient way to shop. Applying online is the easiest way to have that $10K bad credit personal loan on the way to your bank in no time.
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