No matter who you are, looking for an unsecured loan of $50,000 is a tall order. Especially considering the current financial climate and the associated actions by lenders that cause many people with even middle-of-the-road credit scores to be rejected, there is very little hope for those with bad credit, right?
Well, yes and no. This is certainly a tough financial time, so on the one hand, a $50,000 loan would make a big difference in your ability to stay financially solvent, and there are a lot of other factors that come in to play. If you need this kind of money, it is unlikely that you know anyone who can help you out with a private loan (such as family or friends). However, there are some options to consider when it comes to taking out this kind of unsecured loan, bad credit or not.
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Old-School: Going to a Traditional Lender
Your personal bank or credit union is always an obvious choice for any loan application; however there are some special considerations for loans of $50,000. Basically, besides a credit check, most banks will want to do a detailed background as well as check personal references before issuing an unsecured loan for this amount of money. This is because there is no collateral to fall back on should your payments go into default. You need to show that you have the ability to pay this kind of money back in the long-term and therefore a detailed background is essential.
If you are unemployed you can basically forget about this option since lack of steady income will immediately disqualify you. How can you convince a lender that you can pay back a loan with no guarantee and no means to generate cash? But even a good, stable job holds no guarantees in this market, since how much you make each month will be the determining factor as well as other debts and credit history. No minimum wage job will help you get a large unsecured loan.
Alternatives: What to Do If Your Job Is Not Enough
If you do not have the income alone to generate a loan, then your next best bet is finding a cosigner whose income does qualify. This cosigner needs to have the good credit and high salary that you lack since any defaults that you have will fall to him to repay. It is therefore essential that you discuss your repayment plan with your cosigner independent of the conversations that you have with the lender and reach an agreement as to what should happen if you default.
To cut it down to the basics, any income below $120,000 is not going to be enough to qualify for a large unsecured loan. You need to also prove that the income is steady for the foreseeable future generated through employment or successful businesses. If you cannot qualify for this and cannot find a suitable cosigner, the next best bet is to look for a no credit check unsecured loan in the range of $2,000-$5,000.
Beware: Not Everyone Has Your Best Interests at Heart
There are many people in the lending business these days, but not all of them are trustworthy individuals. The "cash advance" ads that you see all around that claim to offer up to $50,000 through the internet or phone without a credit check are scams. The goal here is to get desperate people to pay them fees upfront and then fail to give them the loan. Also, many of these people will steal your personal information for identify theft purposes.
If you are able to get a large unsecured loan, it is important that you make sure that you can afford it given all your other expenses each month. Taking any loan out is a major responsibility as falling into default is how credit is ruined in the first place.
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