Getting A $10000 Non Payday Loan
What are my options if I need to borrow a 10000 dollar loan with monthly payments today? Getting a 10k personal loan is not a simple undertaking and careful consideration has to be taken because falling into debt over such a large amount will have serious consequences if you cannot keep up with the repayments and go into default.
For consumer financing deals, banks offer some of the best rates on large amounts that are above 10000. From Wells Fargo to Citibank, many of these large national banks offer a wide range of personal lines at low APR. Whether you need the money for a new car or using it for wedding expenses, there are auto loans, mortgages as well as a revolving line of credit that you can draw upon for any financial needs. To qualify for the lowest rate on a 10,000 dollar loan, you need to be in good standing with the bank as well as having a good paying history. Other terms and restrictions may apply when you are getting a low interest deal from the banks but generally, these brand name financial institutions are among the best places for large loans that are pegged at affordable rates.
Credit Union For People With Bad Credit
Other than utilizing a bank personal loan with fixed interest, some of you may like to explore the idea of joining a credit union. As an alternative to commercial banks, these are not-for-profits cooperative with members as owners, that provide comprehensive financial services such as savings or checking account with no minimum balance requirement, insurance, and of course, installment loans for ten thousand dollars with a maximum term of 60 months.
There are some large credit unions like Wescom, with more than 28 branches across the country and they can offer very competitive rates if you are wondering how to get a 10000 dollar loan with not so good FICO score. You will still be subjected to an evaluation of your credit history but it is probably safe to assume that unions’ lending guidelines are not as strict compared to commercial banks.
When it comes to borrowing 10000 dollar loans with bad credit, there are limited places for you to get financing. Most banks and financial institutions do not provide unsecured signature cash advance for people with bad FICO, save for those who have assets and are willing to use them as collateral to get a 10k loan with monthly installments. However, due to the sub-prime mortgage crisis, even banks are reluctant to provide cheaper secured loans with collateral and if they do, you should question the wisdom of risking your assets, especially your car or home, to get the money.
Long Term Installment Loans With No Collateral Required
So, if I want to borrow money with no collateral and I have bad credit, where can I get long term installment loans?
Just like how payday lending shops have mushroomed in the past few years, there are many non-bank providers doing business by offering low fee unsecured lending to consumers. For start-up owners, these business loan companies have provided a convenient way to raise funds without the need to use collateral, albeit with a price, in terms of higher interest fees.
Lastly, if you are an existing business owner and need financial assistance fast, a merchant cash advance could provide the financing you need for growing your business.
Before taking on a legitimate installment loan of 10000 dollars, take a check first on your current debt to income ratio. This is the preferred first step since it is important to be realistic about your financial situation and the ability to keep up with monthly payments. Use a loan APR calculator to help you decide if it is better for you to get a long term installment loan for 48 months or with a shorter repayment period to lower the overall financing costs. No matter your decision, you should work out a budget to avoid the consequences of going default as it will not only make your credit history worse, but you may also be sued for bankruptcy as well.