Friday, May 2, 2014

Finding a Lender for No Credit Check $10K Loans

Nowadays, brick and mortar traditional lenders, such as banks and credit unions, are reluctant to grant large personal loans. Although these lenders are awash in cash, they are reluctant to release money until they see strong indicators that the economy is improving.

This has caused a so-called credit crunch in the financial industry. Even those with good credit are having a hard time getting loans of $10,000 or more from these institution. Of course, if you have bad credit, the difficulty is even greater.

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Your First Source to Consider

A good place to start your search for non-traditional lenders who are willing to lend large sums, such as $10,000, to borrowers with bad credit would be the Better Business Bureau (BBB). Checking the BBB website will give you a comprehensive list of lenders along with ratings that can give you a good idea of the way they do business and how they treat their customers.

However, just because they are listed as lenders of large sums to borrowers with poor credit, does not necessarily mean that they are willing to do business on that scale with you. But this is a good starting point.

Ask Other Borrowers Like Yourself

Feedback from borrowers such as yourself is another good way to track down lenders willing to make $10,000 loans to folks with poor credit scores. You can easily follow threads at websites dealing with personal finance or reading blogs from folks with experience in the financial or loan markets.

Also, you can look for borrowers with experience on social networking sites such as Facebook, Twitter, and even YouTube. These folks are more than willing to share their experiences, good or bad, regarding their quest and experiences with lenders both reputable and not so reputable.

Approach Lenders Directly

If you have a lead on a lender who might be willing to offer $10,000 loans with no credit check, give them a call or send them a query email. Be upfront with them. Tell them you have poor credit, but that you need a large loan. They should be willing to talk with you and discuss the chances of someone in your financial situation getting a substantial loan.

Do Not Chance Playing the System

If you are not able to get a $10,000 loan from lenders; please do not start getting smaller loans from a number of different lenders. Many lenders subscribe to databases that can identify borrowers doing just that. If a lender sees you have a number of loans from other financiers, they are not going to give you a loan. Even if you are able to amass a number of smaller loans to meet your $10,000 goal, you are presenting yourself with a big mess.

For one thing, too many outstanding loans will put a big dent in your credit scores. Also, you are going to have a number of creditors all looking for repayment at different times of the month, in different amounts, with different terms, rates and conditions. In other words, a bill-paying nightmare.

Shop Until You Drop

One good thing about these times is that the market is wide for lenders and borrowers alike. The wider the field of available lenders, the more opportunity you have to find the best rates, fees, and conditions. Save yourself a lot money by diligently shopping around.

Last Warning Words

Once you land the $10,000 loan, use it very wisely. It would behoove you to set aside a little for a rainy day or emergency fund. Also, be sure you keep to the agreements in the contract you signed. By doing so you will save yourself a lot of future financial heart break. Also, you will be improving your credit ratings.

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