Getting a $15000 loan can be hard for people with bad credit as it is a big sum of money. Banks are usually reluctant to lend money to people who don’t do well in their credit scores. However, having a bad credit score does not mean that you are at the end of the road. The following are four ways to get a $15,000 loan with bad credit.

1. In Person Interview

If you really need money, you can try to get the lender to agree to conduct an in person interview with you. In the interview, you must prove to the lender why you are credit worthy, for example letting them know you are on the same job for many years. When going to an in-person interview, make sure to bring all the important documents including tax returns, information on your job history, asset list, existing debt list, and bank statements.

2. Secured Bad Credit Loans

The second option is to apply for a secured loan from a bad credit online lender. The interest rate will be higher than what borrowers would normally be charged on a regular loan. The reason is that you are a high risk borrower and the lender has to charge high interest rate to compensate for that risk.

Secured bad credit loans require a property or asset as collateral. Examples of asset that can be used for collateral are stocks, house, yacht, and vehicle. If you decide to use stock as collateral, make sure you liquidate it first. The lender can repossess the collateral when the repayment is not coming in promptly at the due date.

3. P2P Loans

P2P loan is a loan platform where the loans are individually funded by self voluntary investors. Although they do put emphasis on credit score, some individual investors who are more lenient would be willing to fund the loan if you can prove that you can afford repayment. You can bargain with the lender on the interest rate to make the loan affordable.

The individual investors may have their own ways of determining whether you can afford to repay the loans. When shopping around, you must post a listing that states how much you need to borrow on several P2P loan sites. Investors that are interested will bid the amount they want to borrow on the listing. It generally take 1 day – 2 weeks for the funds to be released after the loan is approved.

4. Home Equity Loans

People with bad credit can also tap into their home equity to get a loan. Home equity loan allows you to borrow against the amount that you have paid off in your house mortgage. In home equity loan, you use your home as a collateral. The advantage of this type of loan is that it has lower interest rate and the interest charges are tax deductible. When your home equity loan is approved, you will receive a lump sum cash.

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