Saturday, May 17, 2014

Get An Unsecured $50,000 Loan Through Accredited Private Lenders

If you are in need of a substantial sum, such as a $50,000 unsecured loan, to get yourself out of your uncomfortable financial situation, you need to shift your focus to private lenders. Chances are you are not going to find family members, friends or colleagues, or even traditional lender who will lend that kind of money. Because of these financially troubled times and the recent economic downturn, banks and other traditional lenders have tightened up their lending requirements. If you marry that to a poor credit rating, traditional lenders will not even consider you. So, what does one do if they need a $50K unsecured loan?

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Change Gears, Consider These Four Approaches

Since traditional lenders are not apt to grant you an unsecured $50K loan, you need to ratchet up the search for non-traditional lenders. These lenders can be found in the newspapers, in the yellow pages, on fliers and in pamphlets, and, most importantly, on the internet. In fact, you will probably want to use the internet as your first approach to find these lenders. But, when approaching lenders of this type, wherever you may find them, you need keep some things in mind.

Approach 1 - Look to the Better Business Bureau

Go online and search the Better Business Bureau listings. These will show you the accredited private lenders for the type of loan you seek. You will see ratings as well as customer feedback. Find the top ten lenders with an A rating. From these ten, start making telephone inquiries. Learn the requirements necessary to obtain a $50K unsecured loan. The rep should be able to recommend some packages to suit your financial circumstances. This upfront consultation should be free. If anyone tries to charge you, move on the another lender. The demand for upfront fees is often illegal and usually is an indicator of fraud.

Approach 2 - Make Wise Choices

Choose loans packages wisely. Your interest rates will be more expensive than usual because of the risk involved with such loans. Interest rates will be higher to offset the risk. Yes, traditional lenders will have lower rates. But, you have to weigh the cost on other levels. At any rate, competition is fierce in the field so you should be able to shop around for the best interest rates and the most comfortable repayment terms.

Approach 3 - Account Preparation

Make sure your bank account is ready for the deposit of this kind of money. The lender will want to plop the whole sum into your account once the loan is approved. You do not want to have currently outstanding payments already hooked to the account. You want that money to go fresh and free into your account without any hanging debts. Be sure your account remains active as you purge it of the other expenses. You may even want to consider opening a new account especially for the loan funds your are about to receive.

Approach 4 - Check Yourself

Once deciding on a personal lender, you will need to provide your bona fides. This will include government issued identification, proof of residency, account information for you bank, proof of employment and salary. The lender may require info beyond that. Checking yourself does not only require having proper documentation. It also means not signing anything until you have read all the fine print and are fully aware of your loan payment obligations. If you repay the loan successfully according to the terms and conditions of your contract, you will automatically improve your creditworthiness.

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