So you need $10,000 in cash and you have bad credit. You may need to go for a $10,000 bad credit personal loan. Just having bad credit shouldn’t discourage your plans to get the money you need. Even if you’re looking for the grand sum of $10,000. The lenders are out there and you can get a poor credit personal loan without too much trouble. You just need to know what you are doing. Here is the skinny.

Three things can make a $10,000 loan possible

To get a $10,000 bad credit personal loan, you’ll need to put it all together and put together one or a combination of three things:

One: a co-signer

Two: some guarantees

Three: a handful of payday lenders

These may look pretty fake, but they are the only things you have to get $10,000 cash if you have bad credit. There are basically no other options available, but you can make it work.

To co-sign

If you have someone who trusts you and you can trust them, ask them to sign a personal loan for people with bad credit. They must have a substantially better credit score than you and be in high-paying employment. If you are using a bank or credit union for the loan and do not have enough collateral to secure the loan, the cosigner could be the negotiator.

Of course, the co-signer must fully understand that if he does not pay the loan, it becomes his responsibility. If the co-signer is a good friend or close relative, it’s best not to let them down. That would be a bad blood generator for sure.

some guarantees

Do you have real estate? Do you have any equity in your home? If the answer is YES to any of these questions, you have a good chance of getting your $10,000 personal loan with bad credit, even if you have bad credit. Refinance your mortgage, if necessary.

A vehicle could be used as collateral, but $10,000 is a bit high for a car. However, if you have the correct vehicle or vehicles, then a bank or credit union may be able to lend you the money. Call to see if the vehicle’s warranty is acceptable before approaching the lender in person.

If you don’t have enough collateral with land, a house, or vehicles, see if a combination would work for a lender.

A handful of payday lenders

If you are really desperate, you could get around 10 or 15 payday lenders to lend your higher amounts. These lenders can lend up to $1,500 on each contract. And they lend to people with bad credit. In fact, they specialize in loans for people with bad credit.

Check the rules of the state in which you live or in which you will obtain the different loans. Some cash advance lenders have to check networks to avoid such loans. This is done to prevent people from going overboard with these high interest loans.

The only thing is that you will have 10 or 15 payments due in a very short period of time. Unless you are going to turn the $10,000 to $20,000 in a month, you may very well end up defaulting on a lot of the loans. Even if you try to roll them over to the next month, the lender usually requires at least the interest due at that time.

Defaulting on a series of loans will sink your credit even further. But, if you’re willing to take the risk, there’s at least one way to get $10,000 in bad credit personal loans.