Bad Credit Consumers – $10K Non-Bank Personal Loans Especially for You

Some folks say that nothing in life is guaranteed except hard times and bad luck. Getting a $10,000 loan by a borrower with bad credit is certainly not guaranteed. Wrong! Indeed, many traditional brick and mortar, traditional financial institutions have limited new lending and have tightened up their underwriting requirements. And folks with sub-prime credit ratings need not apply.As a contradiction, people with bad credit could be very likely to get a $10,000 personal loan from non-traditional lenders. So, if you have poor credit, skip the brick and mortar guys and get ready to get your hands on some money to prime your cash flow pump. As with anything, there are a few requirements to be met so that you can take advantage of one of these surprisingly available and often easily approved loans.Non-Bank Lenders Want You If You Have a Steady JobOf course, a lender is in business to be repaid with a little extra for the trouble. So, having a steady means of income with a bona fide employer is vital to getting a $10,000 loan from a non-traditional lender. A lender likes to see proof of at least ninety days of employment with the same company. Some like to see six months. Yes, you may not have good credit, but steady employment makes you less of a risk to a concerned lender.Non-Bank Lenders Want You to Have a Bona Fide Bank AccountA solid direct-deposit bank account that you have held for ninety days or more is a good sign of stability to a lender. Of course, if you have other accounts such as savings or money market accounts, all the better and closer to approval you will be. You may be asked to furnish bank statements for at least three months and hopefully they will be relatively free of smudges such as NSF bounced checks, excessive overdraft stroking, or other questionable activity.Non-Banks Lenders Want to Know YouIt would be pretty crazy for anyone to lend money to another without knowing who that other is and where that other lives. You may never see your lender face to face if that lender operates online. So, your lender is going to want to see a bona fide picture ID (driving license, military ID, state ID, etc.) and will probably ask for a copy of a utility bill to prove your residency.Other documentation may be required depending on the lender, the lender policies, the amount of the loan ($10,000!), and the state in which you live. The rule of thumb says that the larger the loan, the more documentation that will be required. A nice thing about online lenders is that they can check many of your credentials using online resources. If not, you can fax, or scan and email, credentials that cannot be verified online.You Want to Know Your LenderA lender will look at all the credentials you will have submitted, some may check your credit scores but will not depend on those to any great degree. Do not be upset if one of the lenders you have applied to, rejects you. Each lender has slightly different procedures and policies regarding folks with less than sterling credit.To make your search for a $10,000 bad credit loan successful, submit applications to a number of lenders. Online application makes this very easy. Some will eventually come through. So, you will be able to pick and choose among the approvals to find the best rates, lowest fees, and most comfortable repayment terms. You can often have your cash in your account within 24 hours.