Your financial resources are getting scarcer and scarcer. The stacks of bills are getting higher and higher. You are missing payments and your credit scores are getting lower and lower. What is looking better and better is a rapid infusion of a good amount of cash to get yourself out of the financial doldrums. If you have poor credit and are seeking a sizable amount of cash, approaching a traditional lender such as a bank or credit union is probably not going to work. They have tightened their lending qualifications, and a large, unsecured personal loan requested by a person with a poor credit history will have a very tough time getting approved.
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Income-to-Debt Ratio Means More Than Credit Scores
When traditional lenders will not lend, it is time to turn to the non-traditional lenders that you are apt to find online. The lender will mainly be looking to see that you have a steady job with a salary that allows you to meet all your typical monthly obligations with income left over to cover another monthly payment on your large, unsecured personal loan. Many of the other bench marks are easy to meet and do not usually include a credit check. The lender may give your credit history a glance, so be sure there are no inaccuracies.
Build Your Creditworthiness
You may have figured that presently there is no way to quickly renew your creditworthiness, but there is for non-traditional lenders. Start out low. Borrow $500, or as much as the lender will give you at the moment, and pay it back on time or even sooner. Then go for $1000. When you go for $10,000, the lender is more likely to approve such a large, unsecured personal loan because of your recent good performance on the smaller loans. Since these loans are unsecured, you do not have to put up any collateral or valuable property.
You Can Measure Up to Easy Benchmarks for a Large, Unsecured Personal Loan
Though they do not usually check credit ratings, these lenders do require some information to help them in case you do default on your large, unsecured personal loan. You will need:
- Government Identification
Usually two, driving permit, passport, military identification card, state identification card, etc.
- Employment Proof
Usually pay stubs or proof of bank direct deposit will suffice.
- Social Security Number
Also helps verify legality of immigration status.
- Proof of Residency
Utility bill with same address as on your identification, employer records, or bank records.
Often your potential lender can check your documentation online. Faxing or scanning this documentation is usually acceptable.
Tips on Non-Traditional Lenders
Many non-traditional lenders are out there and eager to make large unsecured personal loans to folks with poor credit. So, you need to shop diligently to get the best interest rates, lowest fees and most comfortable repayment terms. Take your time; these lenders are used to working with borrowers who have poor credit. Never accept a condescending tone from a lender and do not tolerate one who tells you that they are doing you a favor by granting you a large, unsecured personal loan.
Do Your Financial Homework
Before you go looking for a large, unsecured personal loan, you should sit down a put together an honest budget. Figure out the amount you will need to set aside to see you through a rainy day. Figure out a strategy for paying back your hefty loan. Despite the fact that your lender did not use your credit history to grant you a loan, they will still report any late payments and defaults to the credit agencies. Do not default on the loan - it will make your credit worse. However, if you meet all the terms of your contract, you will be greatly increasing your creditworthiness to other lenders.
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