Saturday, May 3, 2014

Finding A Large Unsecured Loan For $20,000-$25,000 In Four Easy Steps

Having a great credit score even five years ago was not such a big deal if you were looking for a loan. Many people with middling scores or even those with terrible credit were able to borrow money without much consequence at first. However, at some point along the way it all went terribly wrong. Markets crashed and even those with good credit lost footing and ended up in horrid financial positions. Some even needed to file for bankruptcy.

In essence, we learned a lot in this financial firestorm, but sadly many had to fall victim before we could realize the importance of protecting one's credit score and thinking and planning through large purchases. If you were a victim of this financial bubble, or even just someone who made some bad decisions in the past and have poor credit to show for it, the idea of finding a large unsecured loan nowadays is more a fantasy than anything else, right? Wrong. In fact, there are places still lending money, as much as $20,000-$25,000, if the circumstances are right. Follow these four steps to see if you can qualify today.

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STEP ONE: Credit Check

If you suspect you have a low credit score for whatever reason, now is the time to make sure of it. Before you even do another internet search, learn just how far in the hole you are. Before the crash, a score in the mid 600's could still secure a large unsecured loan. Today, you need to be 730 or higher. What is more important, however, is that knowing your weakness shows lenders that you know where you stand and are making steps to improve your credit score. This will go a long way in helping you ultimately get the money you need.

STEP TWO: Budget Check

Even if you do have a credit score that is good enough to qualify for a large unsecured loan for $20K or more, you need to also be sure that you can afford this loan. Defaulting on this loan will not help you in the long run, so you need to engage in some serious soul searching and numbers crunching. Know your expenses present and future. Decide if there are payments you can eliminate and luxuries that you can forgo. Bring in your budget to the meeting with your lender to show him that you are prepared and able to take on this new financial burden.

STEP THREE: Reality Check

In this economy, the only reason to take out a large loan is for something that is dire or will pay back in the end. Therefore, make sure that your reasons behind taking this money are sincere and legitimate. You may want to start a small business, and therefore will pay the money back with your returns. So, present a detailed plan for this business. If you have outstanding medical or credit card debt that you are looking to consolidate it is just as important to show proof of just how much money you need to pay as well as the burdens of each monthly payment and how this loan will help in the long term.

STEP FOUR: The Right Lender

To get a loan of this magnitude - $20,000-$25,000 - you need to be certain that the people you go to for the money are legitimate, through internet background checks, and giving you the best deal, by comparison shopping. By following the three steps above and coming to the lending table prepared you will already be one step ahead. There is a way to get an unsecured personal loan for $20,000-$25,000 if you take these steps.

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