If you are looking for a big solution to your financial problems in the neighborhood of $50,000, friends or family or traditional lenders may not be willing to come up with that kind of money. Banks are pulling a credit crunch with very strict lending requirements because of the recent economic downturn. Couple that with a less than sterling credit rating and your chances of getting a loan from such a traditional lending institution is next to impossible.
Shift Your Focus and Heed These Four Points
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If you are in need of a substantial sum, such as $50,000 to get yourself out of your uncomfortable financial situation, you need to shift your focus to private lenders. When you approach such a lender, keep these four points in mind.
Point One - Find Three Accredited Lenders via the BBB
A good way to start is to find the three best accredited private lenders you can find. A good source is the business directories of the Better Business Bureau. These directories show you the private lenders who will offer large unsecured loans and will give you rankings as to how they have treated their past customers.
After you have chosen the top three, start making phone inquiries. See what the requirements are to obtain a $50,000 financial solution without any collateral. The representative should recommend some unsecured personal loan packages to suit your financial needs. This up front counseling should be free of charge. A lender who asks for upfront money is not a lender you want to use.
Point Two - Choose Wisely
Choose a suitable personal loan package wisely. Your cost will be higher than for other secured loans because of the risk involved in this type of loan. To offset this risk, private lenders usually require interest rates that are somewhat higher than those offered by traditional lenders. Still, shop around to find the lowest possible interest rate as well as monthly payments that are affordable regarding your financial situation.
Point Three - Prepare Your Account
You should have your banking account ready to accept such a large sum of money. Your lender will want to transfer this large sum directly to your account, the safest procedure for large amounts. If you currently have outstanding payments linked to your account, you may want to transfer those obligations to another account so your money is free and clear in the account you will use for the transfer. Be sure the account remains active during this procedure.
Point Four - Have Your Bona Fides In Order
Once you have chosen an appropriate lender, you will need to supply all your personal particulars. These will include documentation such as a bona fide document of identification, proof of residency, banking account information, employment information, and other information required by your particular lender. Before you sign anything, make sure you have carefully considered all rates, terms, and conditions of the loan.
Do Not Forget the Future
If you have no real estate or other large valuable collateral to present, applying for a large, unsecured personal loan is your best avenue if you have the need. As with any loan, but particularly with a loan of this size, be sure you have the financial wherewithal to meet your loan payment obligations when they come due.
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