How To Obtain $10,000 Bad Credit Personal Loan - Your 4 Choices

By Author: J.J. Yong
Total Articles: 963
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$10,000 is not a small amount. For people who have poor credit history, getting a personal loan amounting $10,000 can be a very challenging task. Frankly speaking, if you don't own any fixed asset, the chance of getting financial assistance from the conventional bank is very slim. But you shouldn't give up. There are other alternatives waiting for you. Life is still full of choices.

Your First Choice: Look for your current employer for help

Are you currently working? Does your employer offer company loan to the employees? If yes, you are advised to apply for company loan as the interest rate is usually much lower than banks and non-bank lenders. Even if there is no company loan offered, you can still check with your boss whether he is willing to provide "friendly loan" to you with zero interest. You can repay your loan by deducting your monthly salary.

Your Second Choice: Get assistance from Credit Union

Are you a member of any credit union? If yes, you are advised to obtain $10,000 loan from your credit union. If compared with other non-bank lenders, the interest charged by the credit union is ...
... always much lower.

Your Third Choice: Apply for quick pay day loan

If you don't have any relationship with credit union, your next option will be getting pay day loan. Seriously speaking, you can get fast approval for the loan as long as you have steady employment and an active bank account. No matter how bad your credit is, the lenders do not take into consideration because there is no credit check at all. Although the interest rate for this loan is high, you are able to get cash advance easily at any check cashing stores once your loan is approved. This loan is ideal especially when you need money for emergency use.

Your Fourth Choice: Look for pawn shops

What if you are currently jobless? Is it the end of the day for you? Where can you obtain financial assistance? I would suggest you to look for licensed pawn shops to pawn your valuable equipments and jewelries. Pawn all these items to obtain the loan first. Then you are reminded to raise cash to repay it later.

Last but not the least; if you are taking bad credit personal loan from a non-bank lender, you are reminded to check with the Better Business Bureau to find out more about the background of the loan provider before taking up the loan. This is to prevent you from being trapped by scams.
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