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Recovering from the hit that so many of us have been struck by financially is not quite the impossibility that it seems. There is a school of thought that with a bad credit rating, the chances of getting unsecured loans approved are next to zero. Even if we were lucky enough to find a lender willing to take the risk, the sum of the loan would be small.
But neither of these ideas are actually true, and it is possible to get large personal loans without security and without too much trouble. The issue is not actually the size of the loan, though it is a factor that is considered by lenders, the priority is the ability to make repayments on time. So long as there is a provable income and method of repayment, personal loans that are unsecured can be given the thumbs up.
What is true is that traditional lenders are not the most accommodating, depending on just how low the credit score of the applicant is. But there are other lenders and other ways to secure a large loan.
Convincing the Lenders
The issue with every loan is convincing the lenders that they will get their money back. With secured loans this is rather simple since an item is signed over in compensation, but for unsecured loans it is a little more tricky. The fact that an applicant might have a bad credit rating means that the task is more difficult again, but by backing up an application lenders can be convinced they can trust the borrower.
There are a number of signs that lenders look for. First of all, that the credit history was not always poor and that circumstance, not bad habits, caused credit scores to fall. This shows the applicant can be trusted to repay a personal loan without security.
Another is that the applicant is fully aware of their situation, which tells the lender that the applicant knows the commitment required. A third is that the purpose is genuine. Applicants for personal loans that are unsecured should show evidence that the money will be spent properly.
Search on the Internet
Banks and traditional lending institutions tend to have very strict policies regarding unsecured loans, particularly to those with low credit ratings. So, it is always a good idea to check the online options before settling on any offers that may exist. Online lenders are known to offer the best possible rates and terms for personal loans without security.
The reason this option is so accommodating is that online lenders generally only offer personal loans that are unsecured, since they succeed by filling the void left by policies of the traditional lenders.
Of course, when doing any kind of business over the internet, it is essential that caution is applied. With unsecured loans especially, the fact the applicant must provide bank details leave them vulnerable. Consult the Better Business Bureau to find out about a lender
Plan in the Long Term
If your credit score is very low, then building it gradually through a number of small personal loans without security is one way of getting closer to a large loan. For example, taking out a $3,000 loan and repaying it in full over 12 months, can see credit scores shoot up. The money can be use repay a segment of the overall debt.
However, personal loans that are unsecured are the biggest risk for lenders, which is why rates can be expected to be higher. Online unsecured loans are generally lower, but for larger loans be prepared to agree to imperfect terms.
Sarah Dinkins is a financial advisor who has been associated with Unsecured Personal Loans since long ago. She also holds a master degree in economics from Harvard University. To find home loans with bad credit and other financial products visit

Having bad credit generally means getting approval on a personal loan is practically impossible. That fact that the required loan may be large, makes the task more unlikely, while the whole process is further complicated by the fact that the loan might be unsecured. What chance then of getting a large loan with no security to speak of, like a $50,000 unsecured loan.

These times of economic difficulties have changed the rules a little, particularly in favor of the applicant who has a less than impressive credit history. Many lenders have relaxed their policies to reflect the realities of the market place, so large loans approved with no security is not as uncommon as they might have been in the past.

While guaranteed unsecured loan approval has never really existed, the chances of approval have improved in certain cases, despite the specter of low credit ratings hanging over the applicant. The fact is that many people with previously good credit ratings have suffered financial hits that have left them struggling.

Why Bad Credit Does Not Mean No

Even being unemployed for a short period of time can have very damaging ramifications, putting an individual far behind in their loan repayments. By all accounts, this is a matter of unfortunate circumstances rather than any irresponsible attitude towards money, so a $50,000 unsecured loan might still be possible.

The fact is that the whole credit scoring system was devised to root out those who borrow and run, rather than meet their obligations. Previously, it was difficult for lenders to know if they could trust the borrower, but with a credit history - and appropriate score - available, they can now make a more accurate assessment.

Applicants too can more accurately assess if they can get large loans approved with no security. They can then fine tune their application accordingly to increase their chances and get as close to a guaranteed unsecured loan approval as possible.

Why Secured Loans are Preferred

Of course, getting approval on a $50,000 secured loan is always less complicated than on a $50,000 unsecured loan, and understandably so. Secured loans include collateral that the lender can take possession of should the borrower default on their loan agreement. So, while it might not be the preferred outcome, the lender at least can get their investment back.

Unsecured loans, meanwhile, offer nothing more than the promise that repayments will be made. For this reason, getting large loans approved with no security requires a more convincing application. Therefore, having all of the elements of an application in order can virtually - though not actually - ensure a guaranteed unsecured loan approval.

Important Aspects of the Application

Firstly, any application needs to be within budget. There is always the temptation to seek a $50,000 unsecured loan when a $30,000 loan is all that is needed. A lender is never willing to provide more than is really necessary, since the larger the loan, the larger the monthly repayments, and therefore, the higher the risk of defaulting.

Showing that efforts have been made to improve credit scores is also good when seeking to have large loans approved with no security, while a detailed plan of what the funds would be used to help build confidence. Having all of the necessary paperwork in order is another key aspect that can help towards a guaranteed unsecured loan approval.

Finally, make sure that the lender is properly accredited. It is not difficult to find lenders who will grant a loan, even a $50,000 unsecured loan, but there are penalties should repayments be delayed or missed. Amongst some unscrupulous lenders, these penalties can be crippling. So, check with the Better Business Bureau to ensure the reputation of a lender holds up.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at

The secret is out: the best way to find an unsecured loan with bad credit is the internet. Through online lenders, the process of acquiring this loan, despite credit problems in the past is now easier than ever. However, it is a mistake to think that the process is so easy that there are not qualifications involved o important steps to follow. This article will give you all the basic facts and qualifications that you need to receive an unsecured loan with bad credit from an online lender.

Part I: Basic Qualifications

Online lenders are an important element in the current financial world because the services that they provide through lending to customers with poor credit cannot be rendered by banks. Most traditional lending institutions (which includes credit unions as well) are limited in their ability to lend money to persons with bad credit in their past due to the risk. Online lenders, are willing to take on a greater degree of risk and therefore are the perfect alternative if you wish to find an unsecured loan with bad credit.

However, online lenders would go out of business rather fast if they didn't at least have minimum requirements for getting a loan. Therefore, before you begin your search for an unsecured loan, make sure that you meet all of the following conditions:

You are a US citizen.You are at least 18 years old.You have a held the same job for at least 6 months with a consistent paycheck.

Though meeting these three basic qualifications cannot automatically put an unsecured loan in your pocket. Without these, there is no point in continuing your search.

Part II: Settling Your Expectations

Getting an unsecured loan with bad credit is more complex than simply ticking a few boxes. There are other elements of your financial life that will come into play if you are serious about receiving this loan. Many people do not realize that in the process of trying to find any loan, but especially an unsecured loan, income is equally as essential as credit. Sure, bad credit will hurt you in terms of finding a decent interest rate, but people with perfect credit but no income are in an even more difficult position than you are.

Therefore, having a solid budget in place which shows how much money you earn each month and how much you can dedicate to your loan's repayment is an essential element for anyone looking to get an unsecured loan with bad credit. This will show lenders that the ability to pay exists and that you are prepared to take on the responsibility of your new loan.

Why Online Lenders Are Best

As I mentioned earlier, in the quest to find an unsecured loan with bad credit, going to an online lender is clearly your best choice. Simply put, online lenders are willing to help those people with poor credit scores find money and they are equipped to do so. Yes, the interest rates will be higher than those advertised by your local bank, but they will still be reasonable given your circumstances. The most important thing is to make certain to shop around to more than one online lender and that you are upfront about your bad credit situation.

Finding an unsecured loan with bad credit is not hard; as long as you are able to meet these basic qualifications and have a sufficient income, online lenders will be happy to assist you in your lending needs.

Mary Wise is a personal loan consultant who has been associated with Guaranteed Bad Credit Personal Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Bad Credit Home Equity Loan, and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at

For many of us, the root of our financial stress is not the amount owed, but the number of debts to repay. Between an auto loan, a mortgage, a personal loan and a plethora of household bills, the challenge is making sure each is paid on time. Consolidating the debt into one sum through an unsecured loan is an excellent solution to the problem.

Getting approval on a loan without security is not as difficult as many people think, especially when the purpose of the loan is a responsible one, designed to improve the financial situation.

In fact, although there may be some criteria to be met, and some conditions to the lender approving loans that are unsecured, there is little reason to think an application to the right lender should be automatically turned down.

This may seem very strange given the financially difficulties affecting us all, along with the long held simple fact that nothing can be guaranteed. However, there are good reasons why a successful application is attainable.

Debt Consolidation Explained

Understanding what debt consolidation actually means is a good place to start, helping to keep the contribution made by unsecured loans in context. The whole idea is that the complex web of debts to different lenders and service providers can be brought together into one simple and manageable debt.

For example, a person might have monthly repayments of $800 for an auto loan, $500 for a personal loan, $2,200 for home loan, and have outstanding credit card debts of $10,000 requiring about $350 in interest alone. Monthly repayments, therefore add up to $3,850.

By getting a loan without security, the principal sums can be cleared, and the terms of the new loan can mean lower total monthly repayments. Perhaps the balance on the auto loan is $30,000, on the personal loan is $5,000, while clearing credit card debt will require $15,000. Getting a $50,000 loan, even a loan that is unsecured, can drastically reduce the monthly cost.

Loan Terms to Look Out For

Of course, the terms of any unsecured loan is a key component in this plan. The interest repayments need to be lower than the existing ones if any financial pressure is to be lowered. Therefore, a loan with as low an interest rate as possible is ideal, and preferably on a longer term to ensure the lowest possible monthly repayments.

In our example, a loan without security should require less than $1,650 per month. The home loan is omitted as it is generally very high, perhaps with an existing principal of $150,000. This is too much to be included in an application for loans that are unsecured. Agreeing a loan term of 5 years, for example, at a competitive APR, can accomplish this.

Unsecured Vs Secured Loans

There is another personal loan option to an unsecured loan, namely a secured loan. The obvious difference is that there is collateral involved, which helps in two very important ways. Firstly, the limit of the loan is usually higher, which means a larger sum is on offer than with a loan without security.

Secondly, the added security means that lower interest rates are offered than with loans that are unsecured. All in all, this means that a better deal is available. However, this is countered by online lenders who tend to offer much more competitive rates than traditional lenders do.

This applied especially with unsecured loans, which is the mainstay of their lending business. The sum might be limited, but the benefits of having your total debts consolidated certainly lifts much of the financial burden.

Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Easy Home Equity Loan please visit

There can be no argument that losing a job causes havoc with personal finances. The loss of a guaranteed income makes paying utility bills and meeting loan repayments more difficult. Ironically, this is when the extra funds from a loan would come in most useful, and thankfully, unsecured personal loans for the unemployed are available.

Of course, getting one is generally believed to be next to impossible, what with no job with which to guarantee payments. But a key reason why it is possible to get unemployment loans that are unsecured is that the state of unemployment is usually only temporary, even if the next job is part-time or less well-paying as the first.

True, it is somewhat difficult to get a loan that is very large, but loans for those who are unemployed are designed to cater for those who require a quick injection of cash to alleviate building financial pressure.

Reasons Why a Loan is Needed

Practically any number of things can happen to cause a sudden need for cash. In many cases, unsecured personal loans, for the unemployed and for others too, are the only way that this expense can be paid.

However, it can also be a simple matter of cash flow, with the need for unemployment loans that are unsecured acute if existing costs and debts are to be dealt with. For example, just because a job is lost does not mean that the monthly heating, food and electricity bills are reduced. For this reason, loans for those who are unemployed are so vital.

Unsecured Versus Secured Loans

Getting approval on any loan does require some convincing through the information on an application form. Just because an applicant is unemployed does not mean that they will be ruled out. In some cases, the provision of collateral helps in the cause, with a secured loan quite simple to get because of the inclusion of an item as compensation for any default on the loan.

It is true that unsecured personal loans for the unemployed do require a little extra convincing but there are lenders who actually specialize in lending to the unemployed. That might sound strange, but depending on the size of the loan required, and the employment chances of an applicant, lenders have calculated that there can be a strong chance of even unemployment loans that are unsecured being fully repaid on time by the borrower.

Of course, the fact is that the risk factor is higher than with applicants who have full-time employment and a steady income. That is why loans for those who are unemployed have a set of terms and conditions that differ to those of a regular loan.

Loan Terms

The principal difference is that the interest rate is higher in unsecured personal loans for the unemployed. But it is possible to get more competitive rates when looking for these loans online. The reason is partly the sheer competitiveness amongst online lenders, and partly the fact that typical business overheads are lower, but the fact that unemployment loans that are unsecured can be approved quickly online is a key attraction.

The online option is ideal because many mainstream lenders, such as banks and credit unions, do not offer loans for those who are unemployed. What is more, these lenders are happy with a guarantee the loan repayments will be made, which ultimately means a bank account be provided.

Of course, take care when seeking unsecured personal loans for the unemployed online, and be sure to check the details and history of the lending company chosen with the Better Business Bureau.

Mary Wise is a personal loan consultant who has been associated with Guaranteed Bad Credit Personal Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Bad Credit Home Equity Loan, and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at


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