Getting $15,000 Personal Loans For Bad Credit And Debt Management

Most of us believe that having bad credit scores means we have very little chance of securing a meaningful loan. Lenders, after all, do not like lending to risky borrowers. But with the growth of online and subprime lenders, large loans have become attainable. So, a $15,000 personal loan for bad credit and debt management is realistically possible.It would be nice to get fast loan approval, but lenders will often take their time to check credit histories when a large sum is being sought. However, getting loan approval to clear debts is more likely because of the purpose. The only thing for applicants to worry about is meeting the basic criteria.But to help in the approval chances, it is worth enhancing aspects of the application, like improving the credit score to lower interest rates, and adding a cosigner to remove the risk. With such a strong application submitted, getting a personal loan becomes a formality.How to QualifySo what are the basic criteria that must be met? Applying for a $15,000 personal loan for bad credit can be tricky but qualifying is pretty straightforward. There are just four principal qualifications to worry about, and these are no surprise to anyone who has ever sought a loan in the past.The first qualifying condition is that the applicant is aged 18 or older. The second, is that they are a US citizen, or have a permanent residency visa. And the third, is that they must be in full-time gainful employment. Normally, the applicant must be employed in their current job for a minimum of 6 months.It is impossible to get loan approval to clear debts if these conditions are not satisfied first. But once they are, other details are examined, like income and debt-to-income ratios. Applicants also need a bank account, to ensure an easy funds transfer and to facilitate automatic repayments for the personal loan.Consider Credit Score ImprovementThere is no secret to the advantages of getting a $15,000 personal loan for bad credit management, or to clear debts that are causing financial woes. The extra cash can clear existing debts, and as each is paid off, the credit score of the applicant rises. As a result, extra cash is freed up to allow funds to be go elsewhere each month.But bad credit borrowers must accept some compromises if they are to secure these loans at all. Low credit scores mean high interest rates, which means the repayments each month are high. Getting loan approval to clear debts may be admirable, but if the repayments are too high then rejection will follow.So, it is a good idea to improve the credit score before submitting an application. This can be done with a series of small payday loans, perhaps of just $500 each. They must be repaid quickly, but when they are, each loan cleared will raise the score, making life easier when seeking a larger personal loan.Get a CosignerImproving the credit score is a good idea, but getting a cosigner vastly improves the chances of securing a $15,000 personal loan for bad credit. Cosigners guarantee that monthly repayments will be made, even if the borrower is unable to make them. In doing this, the element of risk is removed from the loan deal.It also means that interest rates are lowered and so the loan becomes more affordable. And with nothing to worry about, lenders are only too happy to grant loan approval, to clear debts or any other reason.The only condition is that the cosigner has an excellent credit record, a healthy debt-to-income ratio and a reliable income that is also large enough to handle the personal loan repayments.