Qualifying for an unsecured personal loan for up to $50,000 may seem a stretch. Knowing where to look and what to do will give you some insight into the possibility of landing such a loan.
Do you know what a tough job is? Finding any kind of unsecured personal loan for any amount, no matter what your credit history, is a tough job nowadays. And, regardless of your credit scores, the prospect of finding such a large unsecured loan may seem outrageous to many. A bad credit history can compound this fact.
It goes without saying, if you are in a tough financial spot, $50,000 can correct a world of wrongs in terms of keeping your household on an even keel and getting your other obligations squared away. This sum is so large, there is really not much of a chance of turning to family or friends to ease the burden. But, in come cases loans for $50,000 are given and following are some options you should review.
Checking with the Traditional Lenders
You should always check with your bank or credit union. Especially if you have been with them for a long time and if you carry investment or retirement accounts with them. These lenders are giving loans to some folks, sometimes even large unsecured personal loans of up to $50,000. But, it will take far more than a credit check. You will have to endure a rather deep and detailed examination of your background to include personal references. They will dig into your personal life as if you were applying for a top-secret clearance.
They will look at your moving residencies and your present salary and job situation. An unsecured personal loan carries extreme risk for the lender because they have no easy avenue for recovery should you default for any reason. If you have a house loan or a car loan, they can repossess those securities. You need to have your act together for this kind of loan from a bank or credit union. This includes a good job, with a good salary, which can support repayment without causing the borrower undue monthly hardship.
Checking Out Other Available Options
So, your credit scores and your personal income are not good enough to qualify you for a large unsecured personal loan from a bank or credit union, you may want to consider getting a cosigner. This person must meet the same qualifications you failed to meet. Your considerations could range from a friend to a family member. They must understand that should you default on the loan for any reason that they will be legally responsible for assuming the loan. You should have a deep conversation with them regarding your plans to repay the loan and what will happen if you do not.
Understand that the basic qualifiers for a unsecured personal loan of this amount usually requires a salary around $120,000 per year. Many lenders think this is the amount necessary to repay the debt considering all the other costs of life. This income must be stable, as well. If you do not qualify, perhaps you should reconsider your financial situation and go for smaller unsecured loans that do not require a credit check. Usually these can be found in amounts of $2,000 to $5,000.
Look Out for the Bad Guys
The financial collapse of 2008 happened due in large part of unscrupulous lenders giving loans to people who could not afford them. The collapse put a large number of them out of business but others do still lurk out there. Any ads that promise unsecured loans for $50,000 are certainly spurious. You will either get charged outrageous fees and usurious interest rates, or you will be left hanging after you have divulged all your personal and financial information. So, getting any loan is tough. You need to have the cash urgently and you need to be able to pay it back responsibly.