Why $20,000 Unsecured Personal Loans Are Attainable, Even With Bad Credit Ratings

Written By Paul Johnson on Sunday, June 29, 2014 | 12:54 PM


Managing the financial pressures that come with mounting debts can be a complex task. But there are ways to simplify the undertaking. For example, getting a single loan provides the chance to clear several troublesome debts in one go. Even getting a $20,000 unsecured personal loan can make a major difference.

But there is a problem with that plan. When it comes to getting loans with bad credit scores, unsecured ones are probably the most difficult. So, how is it possible get approval without collateral on a large loan designed to ease financial pressures? Well, it is not that difficult actually.

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While it is true that applicants can expect to be charged higher interest rates, there are ways to make the unsecured personal loan affordable and, therefore, approval more possible. So, here are a few steps we recommend to improve the chances of getting the thumbs up from your lender.

Find A Cosigner

While collateral is ruled out due to the state of the loan, it is important to realize that a cosigner is not considered a form of collateral. Yet, he or she can provide every bit (if not more) security in the eyes of the lender. With a cosigner on board, a $20,000 unsecured personal loan becomes a very real prospect.

In case it is not clear what a cosigner is, the individual is effectively a guarantor in the deal, providing the lender with the assurance that monthly repayments will be made, even when the actual borrower is unable to make them. With this guarantee, getting approval without collateral is something of a formality.

But be aware that in order to be accepted as a cosigner, the nominated person needs to have their finances in very good order. Not only do they need to have sufficient excess income to cover any repayments (if required), they also need to have a very good credit record. Then, they can make the difference and seal the deal on the unsecured personal loan.

Improve Your Credit Score

Another factor to consider is your credit score and rating. While these are not the key aspects to any loan application, they do influence the interest rate charged and this has a direct influence over affordability. Logically, if your credit score can be improved, a $20,000 unsecured personal loan can be proven to be affordable.

The only way to improve your credit score is to clear some of your existing debts, or get up to date on repayments. This means spending some time in advance taking care of matters, but the effort can be worth it. For example, clearing one debt completely can see the score rise by 50 points, that may push the applicant into a lower interest bracket.

Still, securing approval without collateral does tend to make the job harder anyway, so do not expect a dramatic fall in cost. Keep in mind too that should a debt be cleared, the debt-to-income ratio improves. This also helps in getting the unsecured personal loan.

Get A Longer Loan Term

A third very effective move when applying for a $20,000 unsecured personal loan is to seek a longer repayment term. This effectively means more monthly repayments are made, but also that the share of the principal loan repaid in each payment falls. Therefore, the size of the repayment sum is lower - and more affordable.

For example, when repaying a $20,000 loan over 5 years, each of 60 monthly repayments will be around $350. But over 10 years, the unsecured personal loan is divided into 120 monthly repayments, so the sum paid falls to just $175. And since it is so much more affordable, approval without collateral is practically guaranteed.


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Author : Paul Johnson ~dollar loan center

Blog, Updated at: 12:54 PM

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