Tuesday, May 13, 2014

Large Unsecured Loans Of $20-$25K Are Still Available If You Take The Right Steps

The saying that credit does not matter, until it does, is especially timely in the current financial marketplace. We all remember the glory days only a few short years ago when a mortgage, car loan, or even money for vacation property and boats were given out like free samples at a grocery store. All you needed was average credit and in some cases even that did not matter. The subprime lenders have taught us a lot in the Great Recession, principally the importance of good credit scores and the need to think through every major purchase.

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However, the Great Recession has left other marks on us all and for many potential borrowers these days good credit, or even average credit, is a pipe dream. Lenders are not as likely to give loans to anyone, so if you have bad credit and need a loan it is easy to get discouraged. However, there is hope. If you need a large cash infusion, say $20-$25K then there are particular steps that you should take in order to aid your success.

1. Know Your Credit Score

Having bad credit is one thing against you in the loan market, but not knowing that you have bad credit is much more of a problem. This tells lenders that you are unprepared to take a loan. Also, the average credit scores in the 600's will no longer cut it for large unsecured loans. If your credit score is not 730 or above, you need to make moves to improve it before you go looking for a large unsecured loan.

2. Know Your Abilities

No matter your credit score, if you cannot afford the monthly payments on a loan, you should not take it. In addition to finding out your credit score before seeking a loan, you should also go through a detailed accounting of your expenses and know down to the dollar how much you can afford each month. This is another form of preparation that will look good to lenders.

3. Make Sure You Really Need It

The purpose of your loan is as important as your ability to pay it off. If you intend to start a business, for example, it is imperative that you present a business plan that shows lenders how you can pay off this debt. If you are using the money for personal reasons, such as debt consolidation or medical bills, it is equally important to display that you can afford the monthly payments that will keep your credit in good standing.

4. Find the Right Lender

You need to do the first three steps before you even contact a lender for all the reasons I have already stressed. Being prepared is your number one weapon in getting good terms and interest rates on your loan. You also need to make sure that you do your research into any lender that you seek and that you make sure to compare options with more than one lender. The internet allows for this step to be completed painlessly from home and there are many lenders out there who can and will loan you $20-$25K if you come in prepared with the right attitude.

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