Options For Taking Out a 10000 Dollar Loan with Good Credit
If you have good credit, then getting 10000 dollar loans is going to be much easier than if your credit was poor. Your first option would generally be a bank such as Chase, Bank of America, or Citigroup, or a smaller credit union (and you will probably get better rates from the credit union). However, this will require that your credit score is good, and I’ve heard that in the current environment you need to have a credit score above 700 (instead of just over 650) to secure a $10,000 loan.
If you don’t quite make that cut-off, you may need to look at some newer alternatives to get your loan. One option would be to get a guarantor loan (which is usually something that poor credit borrowers do to enhance their credit, see below). Another option is to get a loan from a peer-to-peer lending network such as Prosper.com. To qualify for a P2P loan (peer to peer loan) you do need to have a credit score that is above 640, so if you fall into the ‘sub 700, but above 640′ catagory, then this may be a very good option for you. Rates are decent and there is a pretty good chance that you will get the loan.
Options For Getting a 10000 Personal Loan with Bad Credit
If you have bad credit and need a 10000 loan, then you may find it a little more difficult to secure. However, there are two different ways to get the loan you need: <!–more–>
- Getting a 10000 Guarantor Loan. A guarantor loan, as mentioned above, is a loan where you get someone to essentially co-sign on the loan and thus improve your credit profile with the bank. These loans are great if you can find someone willing to sign, as you not only are able to secure the loan more easily, but you are also able to get a better rate than you would qualify on your own.
- Taking out multiple payday loans. This is NOT a recommened option, but I thought I would mention it just in case you find your self in an extreme financial bind where no one will lend you money, will be able to pay off the loan in 1-2 weeks, and understand the facts and costs of taking out such immediate cash loans. Again, I won’t go into those details, since you can read the other posts, but remember – these loans are expensive and are to be used in emergencies only. Furthermore, most of the times you can only take out up to a 5000 loan through this lending channel, which is why you may have to take out more than one of them.
Options for Business Loans for 10000:
If you are looking for a 10000 business loan, then you can go one of two routes. Route number one is a traditional small business loan from a bank, and that is the route we will discuss in this post. With these loans you may even be able to qualify for a loan that is backed by the SBA (Small Business Administration) – which is the way you want to go if at all possible. SBA loan options include:
- 7 (a) Loan program – this program is great for both start ups and existing small businesses
- CDC/504 Loan program – this option is better for long-term asset holdings.
Remember, SBA loans are not actually made by the SBA, but the SBA does back them – making them easier to get and cheap for small business owners. You can find more information at: SBA.Gov.