Landing a $50K loan is a mighty big catch to reel in for practically anyone. Because of these recessionary times, most traditional lenders such as banks and credit unions have made their qualifications much more stringent. Should you find yourself in need of this large of a loan, your prospects may seem somewhat daunting.
Of course, a loan of this amount would offer quite a bit of relief to any cash-strapped borrower. And, unfortunately, not many folks in need of funds such as this are probably not going to be able to approach friends or family members. So, you will need to take a step back and consider your prospects.
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Traditional lenders may not be able to step into the breach.
Should you approach a traditional brick and mortar lender, such as a bank or a credit union, you are going to have them checking you out pretty carefully. You will undergo all sorts of background checks, including credit checks, residency checks, employment checks. If your credit history is less than glowing, you will probably not be approved.
A home, other real estate, stocks and bonds, perhaps even a late model luxury car, are the usual collateral required for secured loans. Since no collateral is offered for unsecured loans, the bank or credit union has to be sure the individual has the integrity and the wherewithal to repay the large loan.
Are you unemployed? Or do you have a high salary?
As big strike against a loan applicant would be unemployment. You will find it rather difficult to convince a lender that you will have the means to meet the future obligations of this large a loan if you are unemployed. Indeed, even a person with a good employment history and a decent salary is not guaranteed to be able to land such a loan. Of course, if your salary is approaching the three figures, the greater the possibility of your success in landing such a loan.
A cosigner could be your angel.
If you are faced with unemployment or have a low salary, you may want to find a cosigner. This person should be gainfully employed and have a very good credit rating. The cosigner should be aware that should you default on the loan, he or she will assume the loan and will be responsible for settling the debt.
Face it, the likelihood of landing a $50K unsecured loan to anybody making less than $120K a year is pretty slim. That income can come from a steady job or a rich business venture. Should your earnings not meet that benchmark and if you have no credit-worthy cosigner, you should probably opt for an unsecured loan somewhere in the $2-5000 amount.
Look out for swindlers.
Many lenders who offer unsecured loans on the internet or over the phone without a credit check are usually bogus. These lenders often collect upfront fees and disappear. Sometimes they harvest your identity and other financial information and disappear as well.
Meet your obligation.
When you land such a loan, understand that you are the one who must meet the bill. Understand your contract thoroughly so you can meet the terms. If you do not, you will face your day in court and your credit will be no good for a long, long period. Make sure you have a budget and the wherewithal to meet your payments on your $50K unsecured loan.
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