Traditional lenders are in a credit squeeze that has made requirements to qualify for any of their loans much more stringent. Link these requirements up with poor credit ratings and landing a big loan becomes even less favorable. Of course, approaching friends or family members for a loan of this nature will probably glean just a chuckle, if you are even brave enough to ask. Anyway, they are probably in the same boat as yourself.
Approaching Traditional Lenders
Background checks, credit checks, and criminal checks a pretty much de riguer when seeking a $50,000 unsecured loan from a brick and mortar lenders such as a credit union or bank. When you seek a loan without offering any collateral, such as real estate or stocks and bonds, lenders want to know the borrower inside and out. The primary concern being that the individual has the integrity and the wherewithal to repay the loan.
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Unemployment Does Not Help
Even though the cause of financial need may very well be the employment status of the borrower, it just does not wash to be unemployed. It will be difficult to convince a lender that you will have the means to meet you loan repayment obligations as well as your usual expenses. Often, even if the borrower has a paying job, he or she might not be offered such a loan. Still, a large salary can do a lot toward meeting bench marks.
Cosigner Possibility
Should your earnings be a bit on the low side, your chances of landing such a loan will be increased with the presence of a cosigner. The individual should be gainfully employed with a good salary and have an acceptable credit rating. The cosigner should be fully aware that should you default for any reason, the loan will become their responsibility.
Reality Check
It is unlikely that most lenders will grant such a large sum loan unless the applicant is make in excess of $120,000 a year. Either in a steady job or through some lucrative business venture. Lacking that, lacking a cosigner, and lacking a good credit history, your best chances would be to apply for a no credit check cash advance unsecured loan in the $1,000 to $5,000 range.
Scammers and Swindlers
All over the Web one can see ad from various lenders proffering no credit check unsecured loans for upwards of $50,000. Call them on the phone, get to them online, as the come-ons say. Take the bait and you will usually end up giving away your financial information and upfront consultation fees. These are unscrupulous harvesters; avoid them.
The Final Obligation
Once you land such a large value loan, understand that you have involved yourself in a whole lot of responsibility. Meet your obligation according to the terms and conditions of your contract.
Defaulting will only land you in a world of hurt. On the other hand, if you retire the loan as stipulated, you will have improved your credit rating and increased your chances of landing such a loan again should you need it. Lenders are out there. Search diligently. Know in your heart that you need such a loan. You will be rewarded.
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