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How to Get a 10K Loan with Bad Credit (Page 1 of 2)
$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, and 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
Government Grants to Start a Business: How to
Who hasn’t heard the old adage, “that it’s best to invest in risky ventures with other peoples money”? This is why in today’s shaky economy, more people than ever are using government grants to start a business. It sure beats a high interest loan from a bank!
So then, just what are the details that you will need to know to get started on this path to free government money? After all, you can rest assured that it just isn’t as easy as simply picking up a check.
The first thing that you will need to know is that these types of small business grants are available from the federal, state as well as local governments. Also you can rest assured that while the government may not want their money back, they do none the less want something in return.
It can be any number of things that they will want. Perhaps your state is looking for someone to start up a job training center or a halfway house for non violent parolees. Or perhaps your city is looking for someone so start a day care center in a blighted area.
Those are just quick examples because it really does run the gamut. Also another thing to consider, is that your assistance can go way beyond just government grants to start a business. In fact you may be surprised at some of the assistance that people have gotten.
Like how about free land and a free building from your city and no land taxes for up to twenty years? Sound incredible? Well it happens all the time on both a small, as well as large scale. How large a scale?
Well if there is any type of professional sports complex in your city, you can rest assured that it was financed to a large degree by free government handouts. In fact there is a good chance that the city even evicted home or business owners so they could give the land to the developers.