Whether you want to buy a new car, new home or renovate your present home, a $10,000 loan will turn your dreams into a beautiful reality. A number of financial institutions, online lenders and credit unions offer and happily approve loans of $10,000 and more to the applicants with a good credit score.

Dreams and necessities do not depend upon a person’s credit score but certainly, the approval of a loan does. So, does that mean a person with a bad credit score can no longer borrow money from the lenders? The answer to this is “No”. If you have a bad credit score and are daunted with this question then, don’t worry! This article comes with a few solutions to get your personal loan of $10, 000 approved. Let’s begin:

A credit score of 650 or higher is the general expectation of the lenders for the applicants applying for the loan of $10,000. And, this criterion is a little difficult for the applicants needing the approval of $10,000 loan with a bad credit score.

Loans up to $10,000 come in different types: secured, unsecured, business, short-term or long-term. Before going for the credit score, identification of the type of loan fulfilling your requirements should be done.

These loans can be availed from both traditional and non-traditional lenders. The applicants with a bad credit score too can get this loan approved through non-traditional lenders like the online lenders. They can alternatively use Payday loan lenders like MoneyMart or can even go for debt consolidation lenders and services.

All a bad credit score applicant needs to do is to meet the lenders requirements like securing the loan with assets like home equity, car etc. The interest rate and terms vary according to the credit score, payment history and ability to make the repayments.

Unlike the old times, a loan with no credit check today is found to be a great substitute for traditional loans from banks and financial institutions. To get a loan with no credit check, one needs to ditch the banks and financial institutions and look for following types of lenders:

• Private lenders who do not follow the strict guidelines as banks do.
• Alternative lenders who are eager to work with applicants rejected by the banks
• Niche-focused lenders who work with a specific group of borrowers

The lenders, who don’t check the credit score, check the creditworthiness in the form of documentation or assessment. Documents like bank statements, source of income etc. are asked for verification. Collateral as a security or a guarantor can be asked in cases where the applicant is not making enough money to get the loan approved.

Having a good credit score of 650 or higher opens up a variety of options of getting a personal loan of $10,000 for the applicants. It not only makes the applicant eligible to get the loan approved from online direct lenders prevailing over the internet, but also from traditional lenders, like a credit union or a bank.

* For monthly payments calculation purposes, the following parameters were used: $3000 loan size and 36 months loan term.

Borrowell

You’d want to choose Borrowell as your lender if you are looking for a quick and easy process of applying for a loan. Borrowell can offer you a loan between $1,000 and $35,000. You will be able to select the term – either 3 or 5 years. The fixed rate offered by Borrowell starts at %,99% APR. In addition, there is no minimum loan term since you can pay off your loan at any time.

Fairstone

Fairstone provides personal loans between $500 to $30,000. You can get a free loan quote in just a matter of minutes without impacting your credit score. This lender is able to provide you with funds on the day of application, as its process is very simple. You just need to get a quote and wait for a response from a representative.

Ferratum

Ferratum’s loan application process is broken down into three basic steps. You can select the desired amount of loan and apply for it online. Once you get approved, you will get your money directly deposited into your bank account in as less as 24 hours.

Mogo

Mogo’s personal loans are going all the way up to $35,000, as the lender provides a wide range of borrowing options. Also, Mogo is able to offer loans to anyone irrespective of their credit score. The lender has flexible terms and a free personal call regarding your loan. Get a no-obligation pre-approval in just 3 minutes.

Magical Credit

Magical Credit is one of the most popular private lenders in Canada, as it claims to provide you with a “credit you deserve.” This lender can even offer you a loan if you have poor credit or a non-traditional source of income.

SkyCap Financial

Get your loan after filling out the basic questionnaire provided by the SkyCap Financial – you can borrow any sum up to $10,000. The provider offers flexible loan terms with anywhere for up to 3 years. Feel free to use the funds for any purpose, as this lender does not ask for a reason why you need the money.

Fast Access Finance

Fast Access Finance is able to provide you with a loan if you are 21 years or older. You also need to be employed for at least 6 months and have a valid checking bank account. With this lender, you can borrow up to $10,000. The rates range from 9.90% plus the applicable application fee. APR* – 15.75% – 58.99% maximum (effective rate will vary).

The short answer to this question is “Myth”. In fact, there are no “guaranteed approval loans” for a bad credit. No credit card provider ever offers a 100% guaranteed approval. Also, having a bad credit score tightens up the options to borrow money from the lenders.

And, this is the reason people with bad credit score opt for the loans without a credit check. Online lenders, payday loans, debt consolidation lenders and services are the options left for applicants with poor credit to get their loans approved.

So, the fact in this case is that you should explore the options for borrowing money from the lenders and not getting into the trap of the company or lender offering 100% guaranteed loans with bad credit.