Hauling in a $50K loan is a big fish to challenge just about anybody. The economic and political turmoil has put stress on many, and banks and other traditional lenders are exercising a credit squeeze by making qualifications for such loans far more stringent than usual.
If you are looking for such a loan, and have a credit report that does not quite glow, your prospects for such a loan may seem insurmountable. A $50K unsecured personal loan would offer a tremendous amount of relief to many a cash-strapped borrower. Of course, family members or friends are unlikely to be able to rustle up that kind of cash for you.
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The Good Old Boys - Banks and Credit Unions
Background checks, employment checks, residency checks, credit checks - all your regular brick and mortar financial institutions will delve pretty deeply into the private life of an individual seeking a $50K unsecured personal loan.
Since unsecured loans have no collateral - home, real estate, stocks and bonds, luxury model car, etc. - the lender has to be assured that the the borrower has the integrity, as well as the wherewithal, to provide full recompense for the loan as described in the contract.
Other Considerations on a $50K Unsecured Personal Loan
Unemployment is a big strike against a loan applicant. A borrower will find it rather hard to convince a lender that he or she will have the financial means to meet future obligations if unemployed. Consider that even a gainfully employed person has no guarantee of landing such a loan. However, the larger the salary the greater the possibility of success.
You Are Unemployed or Do Not Have a High Salary
Faced with certain uncomfortable realities such as unemployment or a low salary, you might want to seek the assistance of a cosigner. Of course, your cosigner must be gainfully employed and have a good credit rating. The cosigner will know that should you default on the loan, he or she has assumed the loan and will be totally responsible for its settlement.
Facing the Reality of a $50K Unsecured Personal Loan
The hard fact of life is that a lender is unlikely to make a $50K unsecured personal loan to anybody earning less than $120K a year in a steady job or lucrative business venture. If your earnings do not mount that high and you have have no credit-worthy cosigner, your best chances would be to go for an unsecured personal loan in the $2-5,000 range.
Promises and Come-Ons Abound
Do not be swindled. Ads from so-called lenders promising guarantees for $50K unsecured personal loans over the phone or on the internet, without any credit check, are 99% bogus. They prey on desperate people only to collect upfront fees and then disappear. Or, they harvest your financial and identity info and then also disappear.
Followup On $50K Unsecured Personal Loans Mandatory
If and when you land such a loan, you must realize that you are the one who must meet the bills or pay dearly. Know the intricacies of your contract so you know that you can meet them. If you do not, you will be dragged into court and your name will be ruined for a very long time. You must have a watertight plan to meet your $50K payments.
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