For those loan seekers who are looking for large loans (which are amounted more than $10,000), it is standard application procedure that an eligible borrower has to put up collateral for the borrower's loan application. In other words, borrowers usually put up their own assets which have at least the amount of money that you want to borrow, in order to be granted with such large loan amount.
However, the main questions are - how could you possibly obtain such financial funds if you do not have anything to back your application? Would those non-bank lenders willing to accept loan application without collateral?
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Here are the answers for the questions above:
In spite of the many lenders who claimed they could possibly grant such large loan amount to their clients with bad credit records - in fact, they are referring to financials solution which is commonly known as unsecured personal loans. As many are often misinformed by various parties, borrowing $10,000 from non-bank lenders is not easy as it seems. If you are wearing the lender's shoes, you will know that it is risky to grant such large loan amount to applicants who have records of outstanding payments and bad credit lines.
Therefore, you need to be realistic that it is extremely difficult to obtain such loans when you have no collateral to support your application. The best way to get such large loan amount is to contact with reputable non-bank lenders who have free professional lending consultation service. It is better to let them know your current financial situation so that they can offer customized unsecured loans with affordable monthly repayments.
In most cases, you will be advised to take up unsecured co-signer loans - which you need a guarantor who is required to put up collateral, or to have his or her credit checked in order to support your application. Therefore, you need to convince someone trustworthy - especially your spouse or friend, who is financially stable.
If you could not find any suitable candidate to be your co-signer, as a last resort, you can apply for small loans from various non-bank lenders. Although this method is risky as it could affect your credit score, you can still have some cash to pay off your outstanding debts. Thus, you need to re-plan your budget so that you can fully make use of the funds to pay off your debts - not overspend it and rack in more unnecessary debt.
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