Non-Bank Lenders Offer $10K Special to Bad Credit Borrowers

Folks with less than sterling credit, and many with good credit, are finding it hard to get an unsecured loan, especially from traditional lenders such as brick and mortar banks and credit unions. Those with poor credit will find that getting approval for a personal loan from a non-bank lender is far greater than getting one from a traditional lender

Traditional lenders are operating under a self-imposed credit crunch and have tightened their underwriting criteria, reduced loan amounts, and limited new lending. That is why non-bank lenders exist and they can offer a wide array of lending programs with no credit check and for amounts up to $10,000.

Employment Tenure and Salary

Most any lender, whether traditional or non-bank, needs to establish some minimal guidelines to increase the possibility of repayment. Usually that begins with having a steady job with an income that shows a good debt-to-income ratio. Lenders like to see at least 90 days on the job with the same company. Some may require six months. Anyway, the longer you have been employed at one place, the better. Lenders consider steady employment to be a sign of stability.

Direct Deposit Bank Account

To be seriously considered for a personal loan from a non-bank lender you should have a valid direct-deposit bank account. Usually a lender likes to see three months worth of bank statements to approve your loan.

Who Are You and Where Do You Live?

Many non-bank lenders operate online. You may never even see each other in the process of application. Many of them can check your credentials using online resources. If they can not, they will ask you to fax or send a scan of a bona fide picture ID. They may also require a utility bill as proof of residence. Some lenders may require other documents. Usually, the greater the amount you have requested, the more documentation you may be asked to supply.

Shopping for the Best Lender

Your credit score, your income, your residency all play a role in the approval process and will influence your approval. Understand that some lenders will approve your application while another may reject it. Do not be discouraged. Sometimes a lender just might be in a bad mood. They all have different policies and different approval thresholds.

Anyhow, make multiple applications and you will get multiple approvals, thus allowing you to choose the best rates and terms. The internet has made it extremely facile to apply and get approved for a loan without spending too much time or energy. Approval is quick and you can usually have money in your account within 24 hours.


Traditional lenders are operating under a self-imposed credit crunch and have tightened their underwriting criteria, reduced loan amounts, and limited new lending. That is why non-bank lenders exist and they can offer a wide array of lending programs with no credit check and for amounts up to $10,000. Most any lender, whether traditional or non-bank, needs to establish some minimal guidelines to increase the possibility of repayment. To be seriously considered for a personal loan from a non-bank lender you should have a valid check here direct-deposit bank account. Many non-bank lenders operate online.

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