$10,000 Personal Loans with Bad Credit: 3 Routes to Approval

It is not easy to get $10,000 personal loans with bad credit, but it is certainly not impossible either. The trick is to find a route to approval, though this usually requires thinking outside the box a little. Alternative approaches might seem complicated but they can be very rewarding.As with every form of funding, of course, approval for large loans is based primarily on an assurance that the money given to the borrower will be repaid in full. This is a risky issue, especially when the realities of the current economic situation taken into account. But there are three key routes around the uncertainties that make approval of a personal loan to the tune of $10,000 more possible.Locate a Qualifying CosignerWhen it comes to getting large loans, like a $10,000 personal loan, with bad credit scores marring the application, there can be some problems. It depends on the lender, but more often than not, the risk is deemed too high to make the loan viable. The only answer is some form of security, and this is where a cosigner is so useful.With approval for large loans, the issue that lenders have is whether or not the investment will be returned (complete with interest). While an item of collateral is acceptable, it creates the problem of turning the item into cash to cover any losses. But cosigners provide a guarantee that the monthly repayments will be made, thereby removing that inconvenience.Of course, only the right kind of person can be accepted as a cosigner on a personal loan. He or she must have an excellent credit history, and have a large enough income to cover the repayments.Security From CollateralHowever, collateral remains the most popular form of security for loans, and as long as items of sufficient value to cover a loan principal can be found, it should work fine. When getting a $10,000 personal loan with bad credit, the problem is in finding something worth $10,000.The most common items used as collateral are property, home equity, cars and personal highly valuable items like jewelry. Often a combination of individual items are used to make up the total sum, but once the final amount is found, then approval for large loans is almost certain.What must be remembered, however, is that by signing over collateral as part of a personal loan application, the risk is transferred to the applicant. The items that they own can be taken in compensation. So, it is preferable to find items that an applicant is willing to lose.Numerous Loan SourcesWhen looking for a $10,000 personal loan with bad credit, it can be difficult to raise enough collateral and to find a person willing to become a cosigner. In this case, the most logical move is to source the total required from several sources.Because approval for large loans is so difficult, applying for a series of smaller loans can be a solution. And because of the lower sums, each application is more likely to be accepted. Therefore, it becomes possible to get the amount needed more quickly and more assuredly.The most reliable source of these loans are payday loans, which range in size from just a few hundred dollars to $1,500. But, there are some aspects to bear in mind. These personal loans typically must be repaid in 30 days, and through the next paycheck. It makes better sense, then, to take 7 or 8 payday loans in succession.