No Collateral Loan from 1K, 3K, 10K, 100K – Bad Credit OK? Yeah Right…

Many borrowers are looking for no collateral loans between 1K, 3K, 10K, and even over 100K. Many of these new age borrowers have bad credit rating as well, making it even more difficult to get approved by any bank, private lender, or loan shark. The reality is very stark when you learn about the reality of how banking institutions work on a day to day basis.

We started looking into some of the practices employed by bad credit borrowers as they try and get approved by lenders lending between 1K and 100K dollars – our findings were astonishing! Many of these lenders were not even employed, and if they were employed they made less that $1000 dollars a month take-home pay. On top of this, they had huge debts that were crippling to themeselves, and even worse – their families.

Some hard-liners will say that borrowers (consumers) deserve their bad credit ratings from over-spending and under-earning. Well, in some cases this is true – no question about it, and some borrowers make the mistake of applying with multiple banks and web sites hoping to get approved, not knowing that there is detailed data-trail of all their failed applications. The credit bureaus have a record of all the credit applications they have made in the last 7 years. Not good – not good at all, because ever time there is record of you applying for loan and subsequently being denied the loan, they see you as a high-risk borrower. It’s a bad downhill snowball from there my friends.

If you don’t have any collateral (such as house, a new car, new boat, new RV, or any kind of security) the major banks won’t even consider your application. Your application won’t even make it past the first line of defense for the lenders (being the centralized computer software system), and human eyes will never even see your desperate application. BUT, the credit agencies WILL see it, without any actual manpower exhausted by the bank’s employees. No collateral and bad credit make it pretty well a guarantee that your application will be declined in the first run at the bank’s database. There is an old saying that goes something like this,

“Broke, rock bottom FICO score, and no collateral, is no way to go through life son.”

Well OK, maybe it’s not a saying after all. Think I’m paraphrasing quite a bit there. I’m not going to get too deep into credit repair methods today, because that is subject for another day, so I will stick the collateral and bad credit issues at little bit more, for the sake of making sure this sticks in your brain.

When I see wannabe borrowers scouring the Internet, searching for “bad credit personal signature loans with no collateral, no security, no job, and no house”, I have to ask myself one question – how could someone be so silly as to think they would ever be approved for a loan under those conditions. It shows me that there are millions uninformed people who think they can maybe find a lender willing to lend them some money – SOMEWHERE out there is cyberspace. The result is usually the run around. Often the would-be borrower(s) will find multiple web sites that claim/promise to approve a loan for 1K, 2K, 3K, 4K, 5K, 6k, 7k, 8k, 9k, 10k, and upwards of $100,000 dollars, and you don’t even need a great credit rating, collateral, security, or a job. NOT a chance my friend. The only reason they advertise such a ridiculous loan is because they know there are some people who might just be elidgible for a loan approval.

This is true too – some consumers (you know – people!) have better credit ratings than they realize, and they fall into a category which would afford them financing. The lenders know this, and they know that of you have a steady job, been living at the same address, and not TOO much current debt being serviced – then they may be able to get away with approving the loan at a very high interest rate and high opening and closing fees. Basically these lenders are your average everyday loan sharks working within the confines of your local State Law.

This does not mean you every want entertain this kind of loan shark loan, but it is nice to know that your credit rating is not so bad as to make the bankers wretch when they see your application (well, I suppose computers don’t wretch – they just freeze) If you credit is good enough that the banks and lenders will consider your application, this is good news, but no reason to start dancing around the velvet ropes at your local bank. This means you just have less work to get yourself “approvable” than someone who has absolutely no credit, no job, no collateral, and frankly no hope. You still need to clean up your “financial act” and start earning more and spending less. I know – I know, it’s hard, and you’ve had some bad breaks along the way – this doesn’t mean you should be making excuses though, because regardless of your personal financial situation, you are going to need to bring your expeditures and your earning(s) back into balance. Back into balance for good!

So if you are one of those wannabe borrowers out there who are lurking around the Internet applying with every online application from you come across – stop! Stop trying to borrow, stop spending on anything that is NOT a necessaty, and start learning of new ways to earn more money each month. I know this post seems harsh, but you need to understand the cold, hard, true facts, if you ever want to have some real collateral, an excellent credit rating, a very high FICO score, and 10K (or more) in your savings account.

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This was written by . Posted on Thursday, June 10, 2010, at 1:55 pm. Filed under No Collateral Loan. Tagged bad credit, crazy, loan, no collateral, no home, no job, nutjob, silly, stupid. Bookmark the permalink. Follow comments here with the RSS feed. Post a comment or leave a trackback.

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29 Responses to “No Collateral Loan from 1K, 3K, 10K, 100K – Bad Credit OK? Yeah Right…”

1
Phil Says:
December 13th, 2010 at 8:20 pm
I need a small 2-3k loan for a down payment on a car. My credit score is low 500′s
2
Josh Cousino Says:
February 8th, 2011 at 8:08 am
I need $35000-$40000 to start up a trucking business my credit score is 665-680 can you help i have no collateral.
3
JAY Says:
February 15th, 2011 at 7:27 pm
I need a 100K loan payable in 1 year or less. my credit score is 680. Have a good 6 figure job but no savings and I need the money NOW asap for a sure fire investment a one in a lifetime oppotunity
4
adam Says:
March 7th, 2011 at 11:27 pm
I need 80K-100K loan payable in 15 to 20 years. I have poor credit but a ok job more than capable of making payments Please help.
5
TONI OBETKOVSKI Says:
April 5th, 2011 at 3:21 pm
I am looking to purchase a used semi trailer,need a loan of 10k,my semi truck worth 25k is paid in full,would like to get 24 month loan,but am sure i will pay it off with in a year,i have been in the trucking bussines since 1994,but due to the economy crash ,my credit score suffered greatly,wife could co-sign she has a credit score of 690,thank you for your help!
6
Kelley Says:
May 6th, 2011 at 5:10 pm
I need a 15k loan on Monday to pay for medical care that I am unable to afford without a loan. I have a VERY stable job and more than capable of making monthly payments as well. I don’t have any money to put down or pay fees upfront. I have bad credit for years past and am very serious about getting a loan.
7
Kathleen M. Says:
June 2nd, 2011 at 3:34 pm
Is there anyway I can get help with a 30yrs to 40 yr personal bad credit loan with no up front fees or collateral or cosigner for a loan from $30,000 to $120,000. I had over $25,000 stolen from my checking account yrs ago so my credit is very bad. I would like to pay all my bills and by a home.

I want a second chance an prove that I am a good dedicate person and pay my bills. PLEASE PLEASE, I NEED YOUR HELP IN ANY WAY.

Please contact me by phone 555-409-3920 anytime day or night.

Thank you in advance.
Kathleen M.
(address removed for privacy)
8
Anna S. Says:
June 27th, 2011 at 8:35 am
I need a small $1000 non-payday unsecured loan. My credit score is about 525. I would like to be able to pay about $125 per month. Is this possible? Please e-mail me at (removed for privacy).
Thank you
9
Jules Says:
July 9th, 2011 at 5:21 pm
I need to borrow 15k for my California business. Credit score is 664. Need funds like yesterday, will like to make monthly payments. Can secure with collateral. Please Help.

Thank you for your time and consideration.

Jules
10
lesli Says:
August 12th, 2011 at 4:55 pm
I need a small loan to pay some bills and for school I just need someone to give me the chance to prove myself I have not had a loan in ten years and have medical bills and that is why my credit sucks
11
Nick Says:
August 17th, 2011 at 3:05 pm
i have collateral, Need 10k will pay 5% interest a month for 6 months i am employed and own a manufacturing business
money will be used for working capital for my business need yesterday unfortunately, i reside in Los Angeles Ca please contact me at any time.
12
J Says:
August 23rd, 2011 at 12:15 am
20000
10%
5yrs

within 5/10 days

Loan Calculation Results

Total Amount to be payed: 25038.42
Total amount of interest 5038.42
Payments: 192.08

I have a good job just want to put my bills in one spot and start a savings I live in NKY Cincinnati area.
13
Harvey Says:
September 24th, 2011 at 2:36 pm
I need a $15-20K loan at 12-17% payable in 4 years. I have a good job but terrible credit and no assets due to past medical bills. I need the money “like yesterday.” I would plan to pay this loan off early!
14
Jordan Says:
September 28th, 2011 at 9:22 pm
Need $60 K for 60 days, Would like to form a global multi-business corporation formed. Will pay any reasonable interest rate. If there is anyone looking for an investment. I’m offering 300% for a investment of $1.3 million to $5 million also. Will be able to repay in 6 months.
15
Myles Says:
October 3rd, 2011 at 3:05 pm
I would like to apply for a loan for the amount of $15k. I plan to use the loan to pay off some of my existing bills. Also to put down for a car which will enable me help me with my job. I can have loan paid back within 40 months @ 9% interest rate. I don t have good credit but this will enable me to get back on my feet. I would appreciate your help. Thank You and have a blessed day.
16
Amaya Says:
October 25th, 2011 at 9:54 pm
How much: 2500-3000
When: asap
Loan Product: personal loan, have car but it is financed
State: California
17
Amanda Kulacki Says:
November 15th, 2011 at 5:00 pm
I need a personal loan for $5000 to pay off debts that I have. I need the money ASAP and I live in PA.
18
Kim Says:
January 28th, 2012 at 10:28 pm
I need a unsecured personal loan for $5000.00
I have a good job and I need to pay off some debts because of a layoff.
I live in Indiana.
I would like to attain a loan as soon as possible
19
Kenny Says:
February 9th, 2012 at 4:26 pm
I need 10000 to cover bills that i desperately need to pay off. At the time, i was not employed. But i have job that pays me well enough. So paying back the loan will not be an issue. I live in Maryland. I need the money ASAP. It has to be a unsecured personal loan.
20
Lanney Says:
February 14th, 2012 at 7:35 am
i need a personal loan fast for 75,000$ will pay back in less than 1 year please contact me soon
21
Michael Says:
February 29th, 2012 at 2:25 pm
I need a signature loan of $20,000 to pay to fix my credit, medical bills, and car repair. I’d like to keep the payments approximately $300. I live in California and am gainfully employed at the same place of business for over 3 years. I need loan as soon as possible.
22
Carl Says:
March 12th, 2012 at 5:08 pm
Need 100K, next 60 days. 30% for 8 years, monthly payments. Take home monthly 6000. all non taxable.
If you know someone that can do this, just let me know.
23
Stephanie Says:
March 23rd, 2012 at 12:36 pm
How Much: $5,000
When: ASAP
Loan Product: I have some credit but not much, I have a secure job that I have been at for 2 years. I have a checking and a saving. I can do automatic debit.
State: Texas
24
Jay Says:
April 12th, 2012 at 2:21 pm
I am in desperate need of a loan. The loan amount is 5,000.00. I have a steady job but horrible credit because of people stealing from me. I need it as soon as possible. If you can help me, please write me back and I am more than willing to explain my situation. I work full time so I am able to pay back very quickly. I hope someone can help out. Live in California
25
Ira Says:
April 15th, 2012 at 5:56 pm
Need 100k loan with 3% interest rate for 20 years. Looking to buy a forclosure to live in. Will put house up for collateral and when we can be approved for a mortgage in time we will pay you off fully.
26
Carl Says:
April 18th, 2012 at 1:34 pm
I need a 60000 dollar loan to buy a house the house I have been renting for the past 6yrs. My landlord is losing it and fond what I want but I have bad credit
27
Michael Says:
April 22nd, 2012 at 8:46 am
I am looking to start a business and have a solid plan. Need only 10k looking to have it paid off within 24 to 36 months. Business income potential at 87K by 24 months.
28
Jennifer Says:
April 23rd, 2012 at 6:09 am
I need a loan to bay off bad debts and student loans please help.
29
melissa Says:
April 30th, 2012 at 12:20 am
i need a loan of 15000 asap first I’m about to be evicted i had been sick and off work and now I’m working the place i live won’t work with me i also do want to lose my car so part would goto that the rest to hospital bills but need fast in the next 7 days please someone get back with me i live in Tennessee