Do you need a large amount of cash, say around $50,000 or so. This current economic climate will introduce a lot of pitfalls for someone seeking a loan of this amount. You see, many banks and other traditional lenders, such as a credit unions, are a little afraid of what the future may portend. Also, they were badly burned by loan defaults during the economic blowout of 2008. So, large loans are sort of tricky since the lenders are not willing to take big risks.
Unless collateral is offered, qualifying for a large unsecured bad credit loan can be pretty tough. Then again, the other side of this coin lies in the relief $50,000 can supply to a person in a sticky financial. Situation. However, with the amount sought being so high, many folks cannot find some private lenders, friends or family, to offer any assistance. Stand back and weigh your financial situation carefully.
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Running the Gauntlet
Mentioned earlier, the likelihood of finding a traditional lender to support you in taking a large unsecured bad credit loan of any size is pretty slim. They are sitting on their cash until this economy starts acting in a more friendly manner. Even the best of borrowers will face a tough time unless they offer collateral. And the traditional lenders will put any borrower through a very serious credit and background check.
They will look at your creditworthiness, your employment history, and your residency. Only the best of the best with sterling reports on all those items will be able to land a large unsecured loan. Banks and credit unions get nervous if they have nothing in the form of collateral or security to fall back on. They have to be absolutely certain that you have the money to repay them and that you are earnest in your intention to repay them.
Employment and Salary
Being unemployed certainly puts an individual in an earnest need for cash. Having been out of work for almost any length of time, an infusions of cash could be exactly what you need to pay your bills. It certainly would be better than bankruptcy. But, the fact of the matter is, if you do not have a job, you will not be able to qualify for a large unsecured bad credit loan.
Lenders would have little to no guarantee that you can pay them back. Plus, even with a steady job at a good salary, you can still be denied a large bad credit unsecured loan. Unless you make the amount of money offering a benchmark the lender has to abide by, you will not be approved. Some lenders may require a salary above 100K per year to even be considered for a large unsecured bad credit loan.
One Way Out
One way you might be able to qualify for a large bad credit unsecured loan is to find a cosigner. However, the person who cosigns needs to meet or exceed the criteria outlined above to be of any help. Also, the cosigner needs to be aware that should you default on the loan, they will have to assume responsibility for it. If you cannot find a cosigner, you may want to consider taking out a smaller loan in the $1,500 to $5,000 range.
Some Last Words on Large Unsecured Bad Credit Loans
No matter what kind of loan you apply for, make sure your lender is reputable. Especially if you shop online, be aware that there are fraudulent lenders who will take your private information and disappear. Or charge obscene or usurious interest rates and fees. When you do find a reputable lender, borrow only the amount of money you need and pay it back according to the contract. Start to rebuild your credit and get that $50,000 later on down the road.
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