large unsecured personal loans

large unsecured personal loans

We will find you a loan, simple online application, same day

approval and loans up to R150 000 • Blacklisted can apply




Large Unsecured Personal Loans with Good Credit

Have you been rejected by the banks and other more traditional lending institutions even though you have great overall financial health and a good credit score? Do you think that alternative lenders only work with those who have bad credit?

If you answered yes to either of those questions then you’ll be happy to know that the unsecured loan landscape is changing. Big unsecured lending has arrived and people with good credit can now get approved for the large loans they need and want without having to work with a bank or put up collateral.

Banks often scrutinize potential new borrowers and find risk even with those who have good credit scores. The alternative lending industry has witnessed the issues that good credit borrowers are experiencing and has finally stepped up to the plate.

How do large unsecured personal loans work?

These large unsecured loans do not require any collateral; they are given to borrowers based on credit score, credit history, income and overall financial health. While it may seem like these loans are hard to get approved for, they aren’t. If you have good credit, this is without a doubt the type of loan you should be looking for. This is especially true for those who have been rejected by a bank.

The great thing about an unsecured personal loan is that it can be used for all most anything, including but not limited to:

  • Purchasing a new vehicle
  • For home renovations
  • To take a vacation
  • To pay off high interest credit card debt
  • Down payment on a house
  • School expenses or tuition
  • Debt consolidation

There are numerous lenders looking to help get good credit borrowers approved for large unsecured loans. This means you have options, which is great for getting affordable interest rates and favourable terms.

Learn how to qualify for a person loan here.

Anyone with a good credit score and an income can apply for a large unsecured personal loan. The approval process will vary from lender to lender. While there are general guidelines that all lenders follow, each will typically have its own set of requirements that you need to meet.

These loans are specifically meant for those will good credit scores, unfortunately if you have a low credit score you will not be approved. But don’t be too discouraged as there are endless financing options for those with bad credit.

The lending industry is seeing both seasoned, alternative lenders change their qualification criteria, as well as the introduction of new lenders. Alternative lenders with years of experience are stepping outside of the boring loan box, improving their services and increasing their reach. Industry newcomers, mostly active in the online space, are also shaking things up. Best of all, no matter what you’re looking or who you are, Loans Canada’s proprietary system can help match you with the best lender, at the best rate possible.

At Loans Canada we can help anyone, looking to get approved for a large unsecured loan, navigate the process, complete their application and then match them with the lender that can best represent their needs. If you’re in need of a large loan but have felt in the past that no one would ever be willing to lend you upwards of $30,000 unsecured, you’re in luck. These loans exist and you’re just a couple of simple steps away from getting approved.

A $50,000 loan limit is classified as a large personal loan by most lending standards. Typically, large personal loans are secured against an asset for collateral; for example, home equity loans may have high limits. If you would like to secure this large loan without collateral, you will be exposing both yourself and the lender to a large amount of risk. As a result, the lender will have more stringent requirements from you up front, and the cost may be high. By agreeing to these terms, however, you can potentially secure a $50,000 personal loan.

Provide an Excellent Credit Report

An unsecured loan of any size is rarely provided to an individual with low credit. If the borrower would fail to repay the debt, which is common with a bad credit borrower, it is unlikely the lender would recover the lost expense. As a result, excellent credit will be required for most unsecured personal loans. The only exceptions would be very small loans, such as pay check advances, which may not require a credit check. With a large $50,000 loan, a credit check will be run. You must pass with flying colors, such as a score over 720, in order to meet the first criterion.

Maintain Low Debt Limits

Even a good credit borrower can present risk to a lender if that borrower has a number of other debts. This applies not only to active balances on debts, such as a mortgage balance, but also potential credit limits. For example, if you have $100,000 of available credit on your current credit lines, you could potentially spend this money while your new personal loan is active. As a result, your personal loan payments would be much more difficult for you to make. Lenders will shy away from extending this large line of credit to you if you have high credit limits as a result.

Verify a High Income

If your income is high enough, you can significantly reduce the risk associated with your loan. For example, for a person earning $150,000 in a given year, a $50,000 loan could be repaid in a year or two. The income is considered as part of a ratio, however, not on its own. Your income will be compared to your current debt and your current assets. Therefore, you will qualify for higher limits if you are earning $150,000 this year and have only $20,000 of existing debt as opposed to $200,000 of existing debt.

Agree to Strict Terms

Once you qualify based on credit, debt ratios and income ratios, you will still pose a risk to the lender. The lender will ask you to compensate for this risk by agreeing to strict terms. These can include high interest rates, high monthly payments and high fees for missing these payments. You should consider these terms heavily before making a decision. Ask yourself what would happen if you lost your job or encountered a financial emergency. How long could you sustain the debt until it went into delinquency? The penalties on a delinquent, high limit personal loan can threaten your financial stability.

I am looking for a personal loan of £25000 and wondered if you could help. I would prefer the loan to be unsecured and am happy to pay back around £550 a month over 5 years in order to keep the payments sensible for me. I consider my credit history to be reasonable but my bank only provides large personal loans of up to £15000. The purpose of the loan is for home improvement and a small extension on my house. I look forward to hearing from you soon.

Hi Sean and thanks for your email regarding the home improvement loan that you are looking for.

Your bank is not unusual in restricting your loan to £15000 and most banks have some kind of limit depending on whether you have your current account with them.

An unsecured loan for £25000 should be no problem and the payments should actually come out nearer £520 a month over 60 months with an APR of 9.9%.

Pegasus Finance are fairly unique and large unsecured personal loans are what we are good at arranging and can be possible up to £100k, so if you need a bit more then just ask.

For more information on large personal loans click here.

If this all sounds ok then you can either phone one of our finance advisors on 0800 066 2882 or complete our simple online application form and we will call you.

Pegasus Finance is a trading style of The Car Loan Warehouse Limited

The Car Loan Warehouse Limited is authorised and regulated by the Financial Conduct Authority. Our registered FRN is 662397. Registered Company No. 08127935. All finance is subject to status and income. Applicants must be 18 years or over, terms and conditions apply, guarantees and indemnities may be required. The Car Loan Warehouse Limited is a broker, not a lender and can introduce you to a number of finance providers based on your credit rating and we may receive a commission for such introductions. Written quotation on request. Certain exclusions for Northern Ireland residents. Representative example: Loan amount £10,000, representative 7.9%APR over 60 months, an annual interest rate of 3.6% and a deposit of £0.00. The amount payable would be £202.29 per month, with a total cost of credit being £2,137.14 and the total amount payable of £12,137.14. Terms available 12-120 months, 5.9%-49%APR.

Pegasus Finance, Technology House, Station Road, Alton, GU34 2PZ

Large Unsecured Personal Loans for People With Bad Credit – How to Get Such Large Loan Amount?

Start by searching accredited non-bank lenders and then research their business credibility and review on Better Business Bureau (BBB) web site. From this large business directory you can select accredited non-bank lenders in your area. Here you will find not only their names and contact information but also their company profile, BBB ratings and customer complaint history. Based on this information you can further shortlist trust-worthy and reliable lenders most suitable for your requirements.

Once you have a list of lenders, along with their contact details, the next step is to get in touch with them. You need to find out all the details about any unsecured personal loans for people with bad credit that they may be providing. When their customer services representative calls be sure to answer honestly and provide any detail regarding your credit score, current salary and current financial situation, so that they can assess your eligibility for a large unsecured personal loans for people with bad credit.

Unsecured personal loans are as expensive as shopping at an exclusive boutique. All the items are costly, but you cannot go in another shop, so you must analyze and buy the cheapest product. So, when making decision about unsecured personal loans for people with bad credit, make sure to select the one with the lowest interest rate and a monthly installment plan that you can afford and stick with.

To conclude, the Government or large banks might not answer your financial troubles, but there are accredited non-bank lenders that can help you with unsecured personal loans for people with bad credit. Though these will be more expensive than secured loans, you can benefit immensely if you find the reliable lender, the lowest rate and you pay your installments on time to strengthen your credibility for any future financial requirements.

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This entry was posted on Tuesday, December 14th, 2010 at 10:36 am and is filed under Personal loans, Unsecured loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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