A poor credit history can have its side effect when applying for loan services, sometimes the need for that extra cash in the form of a loan can seem very unlikely. Where can you go?
Is A New Loan A Good Idea For You?
Generally speaking, if you have bad credit you generally already have a lot of debt. Most people probably don’t want to hear that they shouldn’t take on more debt. However, you need to weigh the risks of raising the amount of monthly income services your debt.
No one should take on more debt at the expense of ruining their financial future. A $10000 loan is no joke.
You can get help to sort out any existing debts by virtue of a consolidation loan. This is your best bet at the moment, as you do not want to make your situation worse. Being counterproductive with your finances will only see you have more difficulty getting financing later. Sort your debt out now and you can go on to better things in a couple of years. Or maybe, just maybe stand a chance of a bigger loan in the near future.
Think about the benefits of tomorrow and not that bathroom set that you need today.
A simple search for the right debt consolidation agents will get you started; once you have a list of the better lenders to hand then you can start applying.
If you are serious about getting yourself out of financial trouble, then it could be as quick as in 6 months that you will find it much easier to get a few things that you “want”.
Good credit will of course get you a much better interest rate, but not everyone is in that situation. Generally speaking credit card interest is much higher than you would pay taking out a $10,000 loan with bad credit.
Auto loans are often much easier to take out than many other types of loans. This is because the car itself is used as collateral on the loan. On top of that, cars are much easier to reposses than a home. This provides the bank with less risk as they can recover some of the money they lose when people default.
Your best bet is to take a look at one of these two options, they are by far the best.