It is indeed a challenging task of getting $50,000 when traditional financial institutions are unlikely to grant such amount of loan to people with bad credit history. If you are desperately in need of this amount of money, how could you possibly get such financial assistance to resolve your financial problems?
As far as I'm concerned, getting a $50,000 can be done by conventionally borrowing money from your family, friends and relatives but not all of them are willing to lend their money in this unpleasant economic situation. In fact, many have to be extremely prudent as they financial situation has been also affected by the recent economic crisis.
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In that case, if you have a low credit score, stop wasting your time applying for these loans from traditional banks, and even from some private lenders. You must be asking "why"?
They would normally perform a credit check on their applicants as well as their personal background before they start approving loans to someone. As for unsecured personal loan, the applicants do not have to use their personal assets - i.e. land properties and other valuable assets, as collateral. Since it is risky that lenders grant such loans to their applicants, they have to make sure that the applicants have the ability to repay the loan, they would normally look into the applicants' employment status. If an applicant is temporarily unemployed, it is impossible to get a large loan amount as you're not able to convince the lenders that you've the financial ability to repay the loan.
Although an applicant has a stable job, it does not necessarily mean that the applicant is guaranteed to get a large amount of unsecured loan payout. The lenders would usually grant such large loan amount to their applicants if they have high earnings. If you have low earnings, you would probably get a smaller loan amount unless you' are able to find a suitable co-signer that can increase your chances of getting a large personal loan. Therefore, your co-signer must have excellent credit history and income.
It is important that you need think realistically as lenders would only grant unsecured personal loans without any credit check if the applicants' income is at least $120,000 per year. If your yearly earnings are far less than $12,000, you would only be granted with a $2,000 unsecured personal loan. Thus, don't be tempted with those "lenders" who claimed that they can approve such $50,000 loans on the phone or without any credit check - it could be a bait to lure desperate people into serious trouble.
In conclusion, as a loan borrower, you are responsible for repaying your $50,000 unsecured personal loan by consistently paying off your loan on time. Never spend this money lavishly without any valid reasons. Always save as much money as possible for your financial reserve - to make sure that you're able to catch up with the monthly repayment.
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