$10000 Loan Options
There are a variety of options available if you need a $10,000 loan. You can get a secured loan, where you supply collateral such as a home, vehicle or vacant land. The rate you pay is based on the type of collateral you put up to secure the loan. You can also get a $10,000 unsecured loan, if your lender determines that you qualify.
1. Second Mortgage
This is a popular choice for many people. If there is enough equity in your home, as determined by your lender’s loan guidelines, you can use your home as collateral for the loan.
Another popular choice is to use a car, or other vehicle you own free and clear, to collateralize your loan. You will supply your lender with the title to the loan, and they will take a lien against it until the loan is paid in full.
3. Other Collateral
Stocks, bonds and other savings accounts can often be used as collateral. Find out what your lender is willing to accept and the rate that applies.
4. Unsecured Loan
If you qualify, your lender can give you a loan that requires only your signature. The rate will vary, depending on your creditworthiness and ability to repay.