If you are looking for a $8000 dollar loan, the types of lenders available are slightly different compared to the usual choices for smaller loans. For example, most legitimate payday loan companies do not provide loans above $1500, since you may need more time to completely pay off a larger loan. This is not really a bad thing, for such a big loan can become very costly even if approved. Anyway, there are also state laws prohibiting loan companies from making short term loans above a certain amount.
Typically, the legitimate $8000 loan options you can consider are
1. Financial help from family or friends
2. Installment loans from banks or credit unions
3. Peer to peer loan networks
4. Small Business Association
$8000 Loans With No Fees
Firstly, try asking friends or family if they can help you out financially. Money can strain your relationships, so think carefully before popping the big question. Of course, in the ideal world, your friends are able to give you a no fee $8000 loan and you can take your own time to pay back. A softer approach is to ask them to be your loan co-signer, so that you can get installment loan for 12 months. This is especially true if you know that they are not financially well off, but still have better credit scores compared to yours.
At some lenders, you may be offered the chance to use collateral for secured installment loans. But the purpose of pledging a car or a home to get money is usually reserved for bigger sums of money, say, you need a large personal loan of $8000 and above for high expenditure needs.
$8000 Unsecured Installment Loans For 12 Months
Many banks and credit unions provide installment loans where you can borrow a lump sum of cash and subsequently make a series of small monthly payments until the balance is cleared. If your credit is under 620, there are online installment loan lenders available as well, although the rates are less favorable compared to banks. This underlines the importance of maintaining a high credit score to benefit from convenient financing.
P2Peer Loans for $8000
Peer-to-peer lending networks such as Prosper.com are designed to match lenders and borrowers online. The unique feature is that many of these lenders are ordinary folks who wanted to earn a higher yield on their money compared to conventional investments such as equities, bonds, commodities etc. To get a P2P loan, you need to register on the site, create a detailed profile about yourself and information about the loan you need. Lenders who are interested can then decide on the amount they are willing to make, hence you may end up borrowing from more than 1 single lender for a $8000 long term loan. Since the credit risk is diversified by a number of lenders, it is actually easier to get legit large loans approved.
Some lenders also provide alternatives such as installment loans where you can pay over several months (depending on state laws). Such bad credit installment loans are increasingly popular among the working class for getting larger loans and paying back slowly .
SBA Loan for $8000
If your purpose for borrowing money is to finance a business idea, then you should draft up a detailed business plan and gun for a SBA or Small Business Association loan. This is the best option to find money for running your business, instead of personal loans. Note that the SBA association do not give loans directly to borrowers. What it does is simply to guarantee loans made by lenders. However, you do need a feasible business plan to qualify. Hence, there are much more paperwork if you are going this route. Contact legit lenders for a free loan offer now.