Getting a $15,000 Bad Credit Unsecured Loan – The Basics

If you need to get a loan but are afraid that with your bad credit that will be impossible, rest assured there is an answer. Unsecured bad credit loans are actually offered quite frequently online through a number of different lenders. The bonus to finding these loans online is that the qualifications are simple and most people who are over 18 and employed are eligible.Basically, you will find all the information that you need right on the website, but it is important to know the basics before you go looking for these unsecured loans. Here is a quick break down of what you will need to give lenders online if you need a bad credit unsecured loan.Basic CredentialsAs I mention in the introduction, you need to be over the age of 18 to qualify for this loan, since that means you are legally eligible to sign the documents, etc. The other main qualifier is employment status. Those looking for an unsecured loan need to have stable employment with a reliable paycheck that will show lenders their ability to repay the loan each month. This means those who are self-employed with variable incomes may not qualify as easily as those with third-party employment. Finally, many of these loans are available only to those who are US citizens. So make sure that you have proof of your citizenship in the form of a social security card or naturalization papers.Secured OptionsIf you are concerned about your ability to qualify for an unsecured loan because of employment or other factors, there are other options that can help you such as securing the loan with collateral. This means that if you own a home or a vehicle, you can borrow money against its value as a means to guarantee repayment in the event that your job does not provide that kind of security. For younger people, if you own a car than that is the best choice. You will be able to borrow as much money as the car is worth. However, you need to understand that if you cannot repay the loan that the lender can repossess your vehicle.Interest Rate ChoicesThis is one area of lending that a lot of first time lenders or those with bad credit histories fail to give a lot of thought to. However, interest rates are very important to consider in the long term of loan repayment. Obviously, those with better credit will get better rates, as will those with collateral to back their loans. However, if you can offer neither of these, do not consider that any money you can get is good regardless of the interest rate. Remember that the convenience of online lending also allows you to shop around for rates and terms. So make sure that you comparison shop with at least 3-5 different lenders.Final ConsiderationsOnce you have found a list of lenders to consider, make sure that you contact each to ask about further terms and repayment schedule. Do not trust a lender that does not allow contact with an actual person either by telephone, online chat, or email. Automated systems make mistakes and you want to make sure that does not happen with you. You also need to check the security settings of any website you use and be very careful with your divulgence of personal information such as your social security number.Chose a lender based on interest rates, fees and repayment schedules. You may want to consider making payments every two weeks to coincide with your paycheck rather than every month to spread the burden out a bit more. There are many lenders available online that can help you get an unsecured loan with bad credit, there is no reason to feel like this is not an option.