Take a look at a hypothetical situation: During the recession, Ray lost his $24,000 a year job. He still has a mortgage payment, he still has a car payment, he still has credit card debt, and he has a few other smaller bills. He is in a tough situation. Landing a job to take the place of the one he lost and which would allow him some financial breathing room, does not seem likely in these economic times.
As a way out of his deplorable situation, he thinks he might have a good shot of making it in the catering business. He has done that kind of work in the past on a part-time basis for other caterers and he has some connections. However, he needs about $10,000 for start-up funds and his bank will not float a loan because of his less than stellar credit rating. Where is a guy such as Ray to turn?
Finding a Way In
A friend of Ray told him to go on the internet and check out the Better Business Bureau (BBB) business directories to find trustworthy and accredited non-traditional lenders. These companies offer folks with bad credit a chance for online loans to help them out of a financial crisis, or to start a business. In the BBB directories he was able to find non-bank lenders near him that had good approval ratings.
Ray also went online and started participating in internet loan forums that focused on business and financial matters. He was able to follow a few threads wherein the members were discussing starting up businesses and how to gain financing for them. Many of them also had bad credit and had experienced being turned down by traditional lenders. And many had experience dealing with non-bank lenders. He even started a few threads himself and learned a lot.
Securing the Future
Once he had gained sufficient knowledge and was armed with a list of possible lenders, Ray started shopping on the internet for a $10,000 loan for folks with bad credit. He found the market was rather crowded with lenders who were willing to put cash on the line for folks such as himself. And since the internet loan market was crowded, he was able to investigate many lenders until he found one with interest rates, fees, and payback options that he felt comfortable that he could meet.
He was careful not to sign on with an internet lender that had high interest rates, but very low monthly payments for a long period of time - he would have been in debt for decades and the interest would have cost much more than the loan itself. He opted for smaller interest rates with somewhat higher repayment amounts over a shorter period of time. With these terms he would be out of debt more quickly.
If you need a quick cash infusion to rescue your household, or to start an enterprise that will keep your household financially safe; be like Ray. Investigate the market, know what you need, and find the cheapest way to get it. If you are wise, a $10,000 internet loan for bad credit borrowers could be the way out of debt and the way in to security. Another plus? Successful repayment will vastly improve your credit scores.
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