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$50,000 Unsecured Personal Loans for Bad Credit Borrowers Is No Dream

Even bad credit borrowers do not hold out much chance of getting a large unsecured loan approved. But such financing is available, like a $50,000 unsecured personal loan for bad credit borrowers.

It is understandable that people with poor credit histories would rule out their chances of getting a large loan. But even with no collateral, large loans can be secured. Indeed, $50,000 unsecured personal loans for bad credit borrowers are there for taking if an applicant can qualify.

It is important to note that bad credit scores are not what really matters to lenders. They are much more interested in other criteria, and seeing the right boxes ticked. Securing large loan approval is likely when these factors are satisfied.

Still, the criteria is not simple to meet, and in many cases bad credit borrowers need to make an effort to improve their position before actually submitting an application for a large unsecured personal loans. But the effort is worth it, with strong applications set to be the successful ones.

What The Credit Score Really Means

Credit scores have little direct influence over loan approval, but do influence loan affordability. Affordability is the only real issue that interests lenders, with income and existing debts affecting how easily the borrower can repay it. When granting $50,000 unsecured personal loans for bad credit borrowers, this is especially important.

The only area where credit scores have a say is in the interest rate charged on the loan. The lower the scores, the higher the rate, while alternatively, the higher the score, the lower the interest rate charged. The chances of securing large loan approval is affected when the interest charged on a high principal sum translates to a high monthly repayment sum.

Of course, when the score is very poor, the interest charged makes the loan too expensive, which is why not everyone with low scores can expect to see their application approved. But if repayments are comfortably within the 40% excess income limit set by the debt-to-income ratio, the unsecured personal loan will be approved.

The Significance of the Loan Term

The good news is that even when the monthly repayments are set to be high, there are ways around the problem. If the loan term is longer, the principal owed is divided into more (and therefore smaller) pieces. So, each monthly repayment becomes affordable (even on a $50,000 unsecured personal loan) for bad credit borrowers.

A look at the figures illustrates the point. If a $50,000 loan is repaid over 5 years (or 60 months) then each month $833 is paid off the principal owed. If the same loan is repaid over 10 years (120 months), then $416 is paid. So logically, securing large loan approval is much easier when the term is longer.

There is a downside to this method, however, with the amount of interest paid over the term of the loan much larger than on a shorter term loan. However, when the purpose is to get the green light for a large unsecured personal loan, it is an acceptable cost.

Consider the Lender Carefully

The terms on any loan are decided by the lender, and that is why taking time to choose the right lender can end up saving money and improving the chances of application success.  When seeking a $50,000 unsecured personal loan for bad credit, the online search can reap some great deals, but do not forget to read the small print on loan contracts too - they can reveal hidden charges.

Online lenders are known to be experts in lending to bad credit borrowers, offering lower interest rates and more flexible repayment schedules than traditional lenders offer. And because it is their niche, securing large loan approval is more likely with them.

But, check the reputation of any unfamiliar lendersFree Web Content, either on the Better Business Bureau or the Verify1st websites. Then an unsecured personal loan will not become a financial nightmare.

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Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loans for 5000 and Bad Credit Student Loans Guaranteed. For more information about his services please visit him at

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