During these recessionary times, neither bank nor credit union nor other traditional lender is likely to approve a personal loan, especially if the applicant has poor credit. Of course, the market is flooded with consumers who are in need of cash. Hence, the market is wide with private, non-traditional lenders willing to furnish cash to those who can handle the obligation.
$10,000 Loans
If you are in need of a cash injection of about $10,000, you need to find a reliable lender who can offer that infusion without denigrating your financial state as it is and without putting a lien on any real property you may possess. Such lenders are out there, you just need to know how to find them.
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BBB Surprise
Believe it or not, using a certain website can cut out a lot of the bad wood when looking for a reputable lender. Log on to the BBB website. Once there, list out the top five Better Business Bureau (BBB) accredited lenders for borrowers with bad credit. Use the directories for private lenders who are operating in your locality. The reason to choose one near you is due to the fact that lending regulations vary widely state to state. Select the top five who have ratings of at least "B". Carefully examine the lending requirements for each.
Shopping Around Is Required
Understand that lenders of this nature can only offer rather high interest rates and fees to offset their risk. Many borrowers assume that as a cost of doing business since these sort of loans are easy to get and pay off rapidly. Knowing that, realize you can pick around a little to find the best fees, interest rates, and repayment terms that best suit you. Be aware that at certain times of the year, holidays for instance, a jump in consumer activity may send rates and fees into a discount. Use that to your advantage.
Get on the Phone
No matter the sophistication or lack thereof by lenders, the best way to be sure each lender is indeed offering loans of up to $10,000, is to call them up and ask them directly. Asking a lender for $10,000 is not going to work if you are shy. Know what you need and why you need it. Put that goal in your mind and start working the phone.
Be Frank
Do not hesitate to answer any question the lender puts. Just be honest. Only hedge a little when there is room to hedge. (Think about this beforehand.) Be upfront regarding your spending habits, your credit status and why it is where it is, and your monthly income, including all positive cash-flow resources. A wife or child bringing in any amount should be mentioned. Whether or not that money is presently applied to household income does not matter. It is still a positive point to the lender.
Watching Your Back Is Required
Read any fine print carefully. Sometimes even scrupulous lenders will fail to mention a fee for this or that. Reliable lenders will have forthright concerns regarding both the rights of the lender and the rights of the borrower. Should you have any concerns about a lending document or financial lending instrument, it may behoove you to run it by an experienced person, such as a financial adviser or a lawyer.
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