$10,000 Personal Non-Traditional Loan - Bad Credit Special

While no person is promised anything, except death and taxes, there are ways for bad credit borrowers to land personal loans for up to $10,000. People with poor credit histories are usually turned down for personal loans from traditional lenders such as banks and credit unions. Folks from all walks of life have experienced financial difficulties during these recessionary times and many lenders have reigned in lending practices and tightened up underwriting criteria. And, of course, these revamped lending practices have exacted a heavier toll on those with bad credit ratings. Non-traditional lenders have stepped into the breach and can offer people with bad credit certain loans that they would not usually be able to procure. These loans do not require collateral or any other form of security. Qualifiers for these loans are not that stringent.Have a JobNo matter whether a lender is of the traditional brick-and-mortar kind, or if the lender is a non-traditional online business, they both have in common the need that a borrower have a steady source of income, most usually a full-time job. Most lenders of both types require that applicants show proof of ninety days of ongoing employment with the same company. Some may even require proof of six-months of employment. If you have been at the same company for a good period of time, lenders view this as a sign of stability and thus are more inclined to offer a loan.Have a Bank AccountNon-traditional lenders also require that applicants have a valid bank account, usually checking, but often a savings account will work as well. If you have other accounts, such as money market or other savings or investment accounts, that is just one more feather in your cap when you go to apply for a personal bad credit loan. Present your bank statements to your lender. A three-month record at the bank is often required. Hopefully your bank account is not smudged with bounced checks, excessive overdrafts, and other negative items.Have Proof of Identity and ResidencyNon-traditional lenders do a lot, if not all, of their lending transactions on line. They may never even see you once in person. So, it is imperative that you present proof of identity and residency. To fulfill this requirement, you should have a legal photo ID such as a driving license, military ID, passport, etc. To establish residency, presenting a utility bill with your name and address will usually suffice. Other documents may be required, depending on the size of the loan or the lenders policies. Call ahead or read online instructions. Usually, the larger the loan request the more documentation that may be needed.Have a Good LenderState of residency, income, credit record, and other considerations will establish which lender will, and which will not, approve your bed credit personal loan. Some may be operating right next door to each other and one will reject and the other accept. So, the more you shop around, the more likely you will be approved, and the more likely you are to land a loan with an interest rate and repayment terms you can live with. Some websites ask for a single application and then interested lenders will bid on your bad credit loan. Online application processes are usually a lot easier to complete and can cut down on running around all over town.Bad Credit Loans are relatively easy to qualify for lately. Many people have had credit problems and non-traditional lenders have stepped in to meet the demand of getting these folks the money they need.