If you cannot secure a loan for a large sum of money from traditional lenders such as credit unions or banks, do not bear any ill will toward them. They may have turned you down due to a poor credit history. Be assured that you can stay afloat with a bad credit $50,000 loan.
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$50K May Be Very Necessary
The amount of the loan may seem excessive, but without it there would be terrible hardship in the life of the borrower. The question becomes who is willing to lend that amount? The borrower will have to seek far and wide to find that lender. You will eventually find a lender who will work with you. Here are five strategies to consider as you search.
Strategy One: Get Feedback
Go online! Use Google or Bing to find financial feedback sites. You can glean much valuable information and even get a heads up as to who is offering these large sums. You will also learn how many of the potential lenders treat their customers. And you will find out how they fared and avoided pitfalls. You can also find tons of blogs discussing the large loan process. Word of mouth is valuable.
Strategy Two: Traditional lenders
Even though chances are not good, you probably should first approach a traditional, brick and mortar financial institutions such as a bank or credit union. You should do this especially if you have an account with one of them. Or, your chances could improve it your company has a credit union. Ask to speak to a loan officer. He or she should be able to appraise your financial situation and how lenders may be willing work with you. Still, should no offers be forthcoming, head back to the internet.
Strategy Three: More Than One
You may qualify for loans less than $50,000. This strategy is to spread that qualification to a number of lenders until you get the amount you need. Of course, with all these loans floating around, you will have to have a sound repayment strategy. If you choose this way, shop around to be sure you find the lenders most comfortable in terms of interest rates and repayment plans.
Strategy Four: Trusted Friend
This approach requires a very trusted friend or family member who has good credit and a good job. You will ask them to become the cosigner on the loan. With their assets of a good credit record and a good income, you will be more likely to get the large loan you need. Again, have a good payment plan. The cosigner should know that if you default on the loan at any time for any reason, that they will be obliged to take over the loan.
Strategy Five: Persistence Pays
Stick to it. Keep asking. Persistence will eventually lead you to a lender willing to talk to you and help you with your financial plans. Whatever you find, have a good repayment strategy. Since you already have a smudged credit report, if you pay this loan back as scheduled in your loan contract, it will help your credit scores considerably.