During the financial crisis that we are now in many people have not been able to pay their mortgage payments, car payments, boat payments, or if they own their own business even their payroll.  Because of this a lot of people have been looking for short term loan and revolving lines of credit. 

Time are tough. I've been talking to quite a few friends and lately things have gotten harder than they've been for a long time. Some of my friends own businesses and find it difficult to meet payroll and find it especially hard to meet the cost of growing in this economy. Since it's getting harder to borrow money, I thought that I would create a small series that can help businesses and individuals to get loans in tough time. Hopefully this information will help some people out.

The truth is that right now a lot of people have been looking for loans in fairly large amounts. I have some friends who are business owners that could really use a $10000 loan for people with bad credit. The 'bad credit' in that statement is what's going to make this really difficult, but I'm going to do my best to tell you about some options that you might have. This is indicative of some of the many problems that our economy is in.

If you are one of those people that are searching for loan that's $10000 or a higher amount for that matter, we would recommend that you take a step back and look at what you really want that money for and how you plan on paying it back.  If you have recently lost your job or are just behind on your lavish lifestyle it is important to take a personal inventory on your life and belongings.

I would highly recommend getting rid of some of your payments before going further into debt. For example, post your auto lease on a site so that someone else can take it over. Get rid of your boat and get rid of your ATVs. There are a lot of people out there that are trying to maintain their lavish lifestyles and frankly, don't fall into that trap. Get rid of the excess now.

Too many people are looking for more financing to pay for a lifestyle that is not in line with their income.  If you are making $40 thousand a year and are spending $60 thousand a year you need to look at your life and figure out how to either make, not borrow, a lot more money.  Or you have to go and figure out how to spend less then $40 thousand a year. 

This might sound really basic but if you are looking for a huge loan your spending might be out of whack.  The only type of person that should realistically be getting a loan of this size are people that are in transition.  If you just got hired for a new job but don’t start for a few months then you may have a viable reason to justify the loan.  And lucky for you in a few months you will have a way to pay the loan off as you have a job in place.  Instead many people take out loans and then just make their situation worse as they have no job, no income, and they have a lot of outgoing expenses.

So the bottom line is that if you are looking for a big loan you are going to have to look at your situation and see how on earth are you going to be able to ever pay it back.  If you have a legitimate plan in place then by all means go and get the loan but if you don’t have a plan and instead just hope to get lucky and make it work out you are going down a bad path of financial ruin. That said, here are some options that you can look into.

Unless you have truly exceptional credit, getting a signature loan isn't going to be a viable option. No bank is going to give you a $10000 signature loan if your credit is poor. If you have solid credit, you can take a look at the signature loan requirements.

If you have a car that's paid off, your best option is to use your car as collateral for the $10000 loan. This of course is only going to work if you have a car that can book right now for over $10000. Individuals with bad credit will be a lot more likely to get a loan if they use something like a car as collateral. If you're interested in that you can take a look at auto loan requirements.

If you have a home that has some equity or a home that's paid off, you can probably pretty easily get a equity loan or a mortgage for the money. I realize that many of you will have already thought of this but hopefully this can help the few that haven't. If you're interested in that take a look at the home mortgage loan requirements.

If the above options aren't going to work for you, you will probably have to take a look at getting some private loans. These loans aren't the easiest loans on the planet to find. I would start by probably taking a look at some familiy members. They will often loan to you even if your credit is poor. Yes, I know that this can be extremely embarrassing but it will be worth it. Make sure to get rid of your excess first because then your family member will know that you're serious about getting your finances back on track.

Finding personal loans with bad credit that are $10000 or more aren't going to be that easy. However, if you want to find out if you qualify, you can take a look at my personal loan requirements.