In general, most of the people prefer to look for unsecured loans when they need financial assistance. Although the interest rates for this type of loan are much higher, the financial obligations the borrowers need to bear are lesser. They don’t need to put up collateral and they can reduce the risk of losing their fixed assets when they fail to repay the loans.
The same mindset applies for people who have bad credit scores. However, to be frank, since their credit histories are bad, getting unsecured loans can be very challenging, especially for those people who intend to apply for a big sum of loan. In this case, $50,000 is considered a large amount. If you need such amount of financial assistance for emergency matter, what can you do to ensure that you can obtain it successfully?
First thing first, you need to look for the right lender. Don’t waste your time to talk to traditional financial institutions as it is for sure that they will reject your application by looking at your credit file. Hence, you are recommended to look for non bank lenders or credit unions for help. Since there is no collateral involved, the lenders usually consider your application by taking your monthly income into serious consideration. Your monthly earning represents your financial ability in paying back the loan.
Now, here is another challenge you need to face. In order to obtain $50,000 loan, your monthly income must be more than $10,000. If your monthly salary is $15,000, you can get the approval from the lenders fast. On the other hand, having a steady employment doesn’t mean that you can get the loan successfully. If the monthly income is less than $3000, it is not possible for you to repay your loan within short period of time. It is not rational at all for the lenders to offer you the loan with such amount.
If your earning is low, say $3000, you may only get your quick loan approved up to $8000 only (maximum). Sometimes, due to your poor credit, some lenders may only approve $2000 loan for you. These are the real facts you may need to face.
What can be done to obtain $50,000? The only way is to get either a co-signer or a guarantor. It is a must for you to get a third party to assist you. Get a co-signer with excellent credit score to jointly apply the loan. Since the co-signer has good credit history, the lenders usually approve the application fast. Some lenders allow the applicants to bring in guarantor. Hence, you need to find someone who has high creditability to be your guarantor.
Last but not the least; you are reminded that there are many scams in the market. Don’t be too excited if the lenders tell you that you are eligible for the loan without any terms and conditions. Although you are desperate to look for money, don’t get trapped by those unethical companies. They will make use of your identity for other illegal activities.
If your qualifications do not meet the requirements and you fail to get a co-signer, you are advised to reduce your loan amount. If you are currently jobless, you are advised not to take up any loan. Even if you need cash urgently, I would suggest you to sell off your assets or look for friendly loan.None found.