You need cash big cash to pull yourself out of a big financial droop. Seeking a $50,000 unsecured loan offered by accredited private lenders is going to be your hope. Traditional lenders, much less friends and family members are not going to be willing to offer that sort of cash. For one thing, because of the economic doldrums, many traditional lenders have tightened their requirements for granting loans. When you tie that to a less than sterling credit rating, chances are slim to none to land a loan with them.
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Look At Things A Little Differently
This is an unconventional amount of money – $50,000 – and requires some slightly unconventional approaches. Your partners in this loan have to be private lenders. Consider these four approaches as you deal with these lenders.
First Approach: Go to BBB Listings
Go online and access the listing for the Better Business Bureau. Check for lenders willing to underwrite amounts up to $50,000. Check the BBB ratings. Look at the customer feed back. Choose the top five that look comfortable to you.
Start making phone calls to these five lenders. Check out how one goes about qualifying for an unsecured $50,000 loan. Explain your financial situation. If everything looks good, you should be able to get recommendations regarding loan packages to fit your financial circumstance. This counseling should incur no charges. If up front fees are requested, find another lender.
Second Approach: Be Cautious
Out of these five, choose the personal loan set-up that looks the most comfortable to you. Understand, $50,000 is a lot of money and loaned at a great risk, so you will be paying pretty high interest rates. More than traditional lenders would charge. But, out of those five, you should be able to find a suitable rate.
Third Approach: Check Bank Accounts
Putting $50,000 into any old bank account is very risky. You need to scour your bank account so it is ready to accept such a sum. If there are any automatic payments linked to the account, you should switch them to another. Make sure the account is active, do not let it be cashless at the time of transfer. You should perhaps seek advice from your bank officer before you transfer such an amount from you lender.
Fourth Approach: Get Ducks In a Row
You are going to have to present all your personal documentation. Your lender is going to want to know all about you. This will include: Two forms of bona fide i.d. Proof of residency. Banking account information. Employment information. And your prospective lender may require even more documentation. Still, it is up to you to make sure the lender has given you all the information you need. This is a two-way street.
The Future Always Comes
Since your seeking such a large loan without wishing to present any collateral, they are available if you have the need. Since your credit is already a little spotty, treat this loan wisely. It can do wonders for your credit report if you strictly adhere to the terms in the contract.