Landing a loan for $50,000 is a pretty big challenge for just about anybody. In these recessionary times, banks and other traditional lenders are practicing a credit squeeze that has made requirements to qualify for loans much more stringent.
Couple all this along with having a less than sterling credit report and it may seem insurmountable to get the kind of assistance or relief that a $50,000 loan would bring. And of course, your family or friends would probably be hard pressed to lend you that type of money, especially considering that they are probably in the same boat that you are.
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Traditional Brick and Mortar Lenders
Regular lenders such as your traditional brick and mortar establishments often pull a credit check on loan applicants and delve pretty deeply with background and character checks before they approve large loans. When it comes to getting a unsecured personal loan, one that has no collateral to secure the cost of the loan such as real estate or other valuable assets, background checks are even more stringent because the lender wants to be sure that the applicant has the wherewithal and the integrity to repay such a loan.
Of course, temporary unemployment can really put the kibosh on such a large loan, because it is difficult to persuade a lender that you will have the financial means to meet the future obligations or repayment. Even if the applicant has a stable job, that is still no guarantee that he or she will receive a loan so generous. Of course, the size of the salary has a lot to do with meeting the criteria.
Alternatives to High Salary Job Requirements
If your earnings are relatively low, you can increase your chances of landing a large sum loan by enlisting the assistance of a cosigner. Of course, your cosigner must have a good credit rating as well as a substantial income. And the cosigner should be aware that if you default on your loan obligation for any reason, he or she will be liable for the entire sum.
On the side of reality, it is unlikely that a lender will grant such a large sum loan unless the applicant is making at least $120,000 a year in a steady job or successful business venture. If you have no cosigner and your earnings are far less than that, your best chances would be to land an unsecured, no credit check loan in the $2,000 to $5,000 range.
Watch Out for Swindlers
You have probably seen ads from so-called cash advance lenders who say that you can easily be approved for $50,000 loans over the phone or online without any credit check. These are usually just bait to lure desperate people into paying upfront fees with no results, or as a way to harvest identity theft information.
At any rate, should you land such a large value loan, realize that you are responsible to meet your end of the obligation to pay your loan off on time under the terms and conditions you agreed to when you signed on the dotted line. Should you default, you will be hauled before a judge and your credit rating will be ruined for a very long time. Be sure you have an airtight plan to meet your indebtedness obligations.
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