When it comes to applying for loans, there is a traditional stigma that comes from having bad credit. But while some believe they are a fatal hindrance to loan approval, the truth is far less severe. In fact, the credit scores are not that troublesome, and getting a large personal loan with bad credit is not really a problem.It may be true that traditional lenders are reluctant to stamp an application approved when there is a perceive high risk to granting the loan. But the influence scores have in the approval process is actually quite limited, and there are more significant factors - like income and debt-to-income ratios - to worry about. Securing loan approval with poor credit scores is possible if these are in order.Submitting a strong application is the secret. For large personal loans, this means that all of the necessary boxes are ticked, with the weaknesses in a credit status duly improved to ensure the potential lender is confident of receiving repayments on time and without hassle.Factors That Really MatterApplicants must submit a loan application that is in good order, otherwise the application will be rejected immediately. When it comes to a large loan, the risk factor is higher, so lenders are more hesitant and need some extra convincing. So, securing a personal loan with bad credit comes down to ticking the right boxes and easing lender concerns.The best way to ease those concerns is to satisfy the issues of income and debt-to-income ratio. The source and reliability of an income is very important, with lenders being less impressed by a large income from a 12-month contract, than a steady income over a long period of time. To get approval with poor credit scores, a long-term employment situation is better.The debt-to-income ratio is arguably the most important factor since it confirms how much in repayments is affordable. This ratio states that no more than 40% of available income can be used to repay debts. If existing debts are too high, then another large personal loan is going to be turned down.The Value of SecurityWhen collateral is provided as part of an application, the task of convincing lenders their investment is safe is made easy. This is extremely helpful when applying for a personal loan with bad credit. This is because lenders are given something through which to claim compensation with should the borrower fail to pay.When it comes to large loans, finding collateral that matches the sum required can be a problem. Not everyone has an item worth $10,000 to put up as collateral for a $10,000 loan. But there is more than one way to offer security, and get approval with poor credit scores.For example, a cosigner can guarantee monthly repayments will be made every month, even when the borrower is unable to make them. When it comes to large personal loans, this is an invaluable element, but remember the cosigner is only acceptable if they have an excellent credit history.The Most Suitable LenderFinding the right lender comes down to finding the loan deal with the most suitable terms, especially when applying for a large personal loan with bad credit. Generally, the best lenders are found online, as online lenders tend to charge lower and more competitive interest rates than traditional lenders do.When credit scores are very low, then a subprime lender is usually required. While their rates are higher, the chances of getting approval with poor credit scores are very good and a longer term make the loan very affordable.Of course, when the pressure is on to get the necessary loan funds, even large personal loans at high rates can be accepted, if the monthly repayments are manageable.