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How to Get a 10K Loan with Bad Credit (Page 1 of 2)

$10000 Loan With Bad Credit- It Can Be Done!

During the financial crisis that the nation has been experiencing for several years now, more and more people have been finding themselves unable to pay their bills. Mortgage payments, car payments and, for business owners, payroll have all become increasingly harder to pay. As a result, many people have been turning to short-term loans, revolving lines of credit, and loan consolidation to assist them financially. For those with bad credit, however, securing a loan may seem impossible. Fortunately, though, even someone with bad credit can receive a $10,000 loan by following a few easy rules and becoming familiar with all possible options in order to decide what the best move will be.

What to Do when Faced with the Need for a Large Loan

Nowadays, it comes to no surprise that many people, especially business owners, are in need of loans in large amounts of $10,000 or even higher. Though this is understandable, if you are one of these many people, it’s important for you to step back and carefully think about why exactly you need a loan in this amount and how you plan on paying it back. If you are spending significantly more per year than you are making, or if you are currently unemployed, it is probably a good idea to not borrow any more money to avoid sinking deeper into debt. Ideally, the only type of person who should be taking out a very large loan is someone in transition. If you were recently offered employment but will not begin your new job for a few months, a large loan may be necessary to keep up with your expenses until you start working. Otherwise, those considering taking out a loan of $10,000 or more should probably focus on managing their debt rather than creating more.

With that in mind, even once you’ve decided that securing a large loan is in your best interest, it is highly recommended that you eliminate some of your more substantial expenses and payments. For instance, it may be smart to post your auto lease online so someone else can take it over. A lavish lifestyle and the accumulation of debt do not go hand-in-hand, so make sure to get rid of excess. Once you’ve settled on securing the loan and you feel confident that you’ll be able to pay it back, the following are potential options open to you:

Signature Loans

Signature loans are exactly what they sound like: loans secured by a signature. Designed for those with excellent credit, securing a signature loan will typically require a steady job and relatively high credit score. Also, they tend to carry high interest rates of 11% or more. For those with bad credit, a signature loan is probably not your best bet.

Auto Loans

If you have a car that has been paid off, an auto loan may be your best option if you don’t have exceptional credit. As long as your car currently books for over $10,000, using your car as collateral for the $10,000 loan is very possible.

Home Equity/Mortgage Loans

Business Car Finance Options

Let’s face it, many business professionals travel from city to city to do conduct their daily interactions with their associates. When an individual has a career like this, it is essential that they keep there image professional, clean, and sparkly. Plans that have business car finance options can be very valuable to these men and women. These individuals can typically finance a luxury vehicle for employment purposes.

Many times, these individuals are salespeople who travel from prospective client to prospective client. It is a good reflection of the hiring company, and the individual salesperson, to pull up in a nice vehicle. Business car finance options make this possible as well as the salesperson’s employer. Typically, an employer will either pay for all or part of the vehicle obtained through a business car finance options deal.

The benefits of this arrangement are plenty. Business car finance options have many financial incentives to both the employer and employee. For the employee, some of the benefits include, but are not limited to:

· Business car finance options can be included as an expense eligible deduction from taxes. Typically, the employee can write off expenses such as: gas, light repairs, insurance, and rental cars if needed.

· The employee does not have to incur the risk of his/her own vehicle getting damaged, stolen, lost, or broken into. The company is responsible for all repairs and damage to the vehicle within the parameters of business car finance options.

· The employee gets to drive a luxury vehicle without paying a monthly payment on a loan. Typically, the employer will allow the employee in this situation to use the car for leisure as well. The employee usually gets to take the car home everyday and use it with his/her family.

· Business car finance options allow the employee to gain a better respect in the industry with his/her clients and potential clients. Buyers always feel more comfortable around someone who arrives in style. Salespeople who drive in bad cars are seen as sleazy and shady in most cases.

Benefits of business car finance options do not only apply to the employee. It is easy to see by the great benefits below that this arrangement is very attractive to this type of employer-employee relationship. Many companies today are using this arrangement to protect themselves and save money. Some of the benefits that the employer gets to reap are:

· Tracking their employees whereabouts

· A tax write-off for the monthly expense of the car

· An additional tax write-off for having a contract sales employee

· Reduction of employees arriving late to the office or breaking down and not coming in at all

Business car finance options benefit everyone involved. Some might find it expensive for a company to incur such an expense. Actually, it is not at all. The employer typically gets a large discount for leasing in bulk. And, business car finance options can save money with more people driving to work in reliable cars and missing less work.