Many folks may think that having a poor credit history automatically means that no loans of any substantial size are available. This is not necessarily the case. Strategies exist for you to land a substantial loan, even up to $30,000. It's really just a matter of satisfying certain terms, conditions and other requirements, most of which are put in place to assure the lender that the money will be repaid.
Putting Collateral on the Line
Do not let your poor credit history stymie your search for a substantial loan. A good bet would be to use any collateral you may own as security for your loan. Collateral could include real estate (home or property), late model or classic vehicle, perhaps shop machinery or even a collection of old silver services. Query your prospective lender to see what might be accepted. Loans secured with real property come with lower interest rates and more favorable repayment terms.
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Default Invites Seizure of Property
Of course, by putting this real property on the line, you have to meet your payment obligations. Should you default, the lender will be legally able to take possession of the property, even if it is worth substantially more than the face value of the loan, and sell it to resolve the obligation. Of course, defaulting on a loan, secured or not, puts another hefty black mark on your credit rating.
Cosigners Are a Feasible Option
Perhaps you do not have any property that a lender would be willing to accept as collateral. If you have a trusted friend, colleague, or family member, you may want to discuss with them the possibility of cosigning your loan. They should have better credit than you and be substantially employed. They should also understand that should you default on the loan, for whatever reason, they would be legally responsible for its repayment. If you do find a cosigner, please do not put them in that situation.
Sometimes Substantial Employment Is All That Is Required
Without collateral or a cosigner, your employment could be your trump card. If you have a steady job with an income that shows some disposable income, indicates good risk of repayment. The longer you have been with the same employer, the better. You may have to submit a budget to the prospective lender to show how you income is handled. Chances for landing a substantial loan are increased if your employer is willing to sign on as a referee to confirm that you are trustworthy and are capable of adequately handling the agreed repayment.
Unsecured Loans Are a Possibility
Lacking the existence, or willingness to use, one of the options above, you could approach a lender for an unsecured loan. You can find them online, even in the classified ads of your local newspaper. They require no credit check. You will be asked to prove identity, offer bank account info, place and term of employment, social security number, and residency. Be prepared to deal with very high interest rates and fees. Lenders hike the amounts for those requirements to offset the risk they are taking. These loans can usually be available in your bank account within 24 hours.
A Large Part Is Up to You the Borrower
Even though you may have bad credit scores, you can still land a substantial loan. Just keep your eyes open for any possibilities. Of course, collateral and a steady income certainly boost your chances for getting a large loan. Your most important job is to convince a lender you may find that your capable of repaying the loan and trustworthy enough to take on the obligation.
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