Poor Credit Does Not Make Getting a $10,000 Loan Impossible

Some folks are at wits end to solve their financial difficulties, but some of the problems just mentioned have given them poor credit histories. In spite of that, they could really use a loan of $10,000 to get back on their feet financially. Unfortunately, traditional lenders are not going to greet a person who has poor credit with open arms.


Even with a poor credit history, most borrowers should be able to find a lender who will work with them. Traditional brick and mortar lenders will not be helpful, so you should investigate online lenders. The financial markets for these types of loans are very competitive and offering some decent deals. Use the facts below as your start your quest for a lender.

Non-Traditional Lenders

You need to skip the traditional lenders. Banks and credit unions are not going to be much help. Go online. Punch $10,000 Loans into your browser and you will be rewarded with a plethora of online lenders willing to take your application on the Web. Their locations do not matter much, but you do want to check their trustworthiness.

Better Business Bureau (BBB)

Start a journal. On it write down all the pertinent information with up to five lenders you have found online. Now go to the BBB website. You should find the lenders in their files. If you do not, scratch that lender off your list. Other ways to eliminate shady businesses is to be sure you find a BBB A-Rating (an A-Minus is okay). You also need to check out the customer complaint file for each lender. Check out a number of lenders. The more choices you have, the better opportunity to find the best possible deal.

Making Inquiries About Installment Loans

Once you have whittled your list down to five lenders, go back to their website and start making applications. If you have questions, do not hesitate to call the lender. Let them know that you are specifically looking for a $10,000 installment loan and that you have poor credit. Then you need to start the application process. Do not divulge a lot personal information such as your social security number or phone numbers. Save that for later when you have chosen your lender. As you apply, keep your figures the same on all applications so you can get a level view of the various lenders and the rates and terms they offer. It is always good to have alternatives.

After Comparisons

When you have received offers from the various lenders, then it is time to make a choice. Be on the lookout for first-time rates or introductory offers. Look to see if one lender has benefits over the others. That is why it is so important to shop around. Since you need the money, you might as well get the best deal you possibly can on a $10,000 poor credit loan. Of course, you are going to want to go with the lowest interest rate and the most comfortable repayment plan.