Tips for getting a 15000 Loan with Bad Credit

Getting a 15000 Loan With Bad Credit – Options

With large personal loans (loans greater than $5000) AND bad credit your options are almost always limited.  Generally you won’t be able to take out a 15000 unsecured personal loan with bad credit, as most banks limit those loans to people who have credit scores above 600 (which may not even get you the loan in our current economic situation).   However, you still may be able to find a lender who is willing to extend you either a secured loan or possibly an unsecured loan where you have a co-signer (and frankly a co-signer may be required in either case, depending on what your actual credit score is).

Secured Loan for $15,000

Getting a secured loan for 15000 with a bad credit score won’t be too difficult as long as you have enough equity in the asset you are pledging.  Basically, with a secured loan you (as the borrower) will ‘pledge’ assets to the bank.  These assets secure the loan - if you default and don’t pay they can come take that asset which was pledged.  Because of this the risk the bank is taking on decreases significantly as long as the value of the asset you are pledging is enough to cover the loan.  The bank will require a certain amount of assets to cover a 15000 dollar loan, and that ratio will vary according to the liquidity available and the price volatility for the asset.  The more liquid the asset (think stocks or bonds) and the less volatility (think price fluctuations), the less amount of equity value the bank will require to secure against the loan.  So, as a person with bad credit, if you want the loan then find an asset which price is stable and that is easy to sell, and you stand a pretty good chance of the bank lending you the money.

Unsecured Loan for $15,000

You are simply not going to get a 15000 loan unsecured with bad credit – unless you find a way to either fix your credit quickly or find a way to boost your credit profile.  Frankly, fixing your credit is a great idea, but it usually will take some real time and effort…which leaves your best option to finding someone who will co sign on your loan.   If you go this route be aware that if you don’t pay then your friend will have to, meaning you will potentially put your relationship in danger.   However, you can get good financing rates and you can actually get the loan.