Getting A $10000 Personal Loan
What are my options if I need to borrow 10000 dollars 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 borrowing $10,000, banks offer some of the best rates on large personal loans that are above 10000 dollars. From Wells Fargo to Citibank, many of these large national banks offer a wide range of personal lines and loans at low APR. Whether you need to borrow 10000 dollars for a new car or using it for wedding expenses, there are auto loans, mortgage loans 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 credit history. Other terms and restrictions may apply when you are getting a low interest personal loan from the banks but generally, these banks and financial institutions are among the best places for large loans that are pegged at affordable rates.
Credit Union Personal Loans 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 credit union savings or checking account with no minimum balance requirement, insurance, and of course, personal 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 need to borrow 10000 dollars with not so good credit. You will still be subjected to an evaluation of your credit history but it is probably safe to assume that credit unions’ lending guidelines are not as strict compared to commercial banks.
When it comes to borrowing 10000 dollars with bad credit, there are limited places for you to get financing. Most banks and financial institutions do not provide unsecured signature loans for people with bad credit, 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 secured loans with collateral and if they do, you should question the wisdom of risking your assets, especially your home, to get a personal loan.
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 apply for long term loans of 10000 dollars?
Just like how payday loan shops have mushroomed in the past few years, there are many non-bank loan companies doing business by offering unsecured loans for people with poor credit history. For start-up owners with bad credit, 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 for 10000 dollars could provide the financing you need for growing your business.
Before taking on a personal loan of 10000 dollars, take a check first on your current debt to income ratio. When you want to borrow $10000, 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 term to lower the overall cost of the loan. 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.