$25,000 is a lot of money for any kind of loan for any person, even those with good credit. What if you have bad credit? If you have a steady job with a significant flow of income, you will probably be able to land such a loan without too much difficulty and without sky-high interest rates, fees, or uncomfortable repayment terms.
Some Background
Usually lenders will offer installment loans for those who posses a credit rating of 700 and above. But, in these hard times, there are credit unions and other financial institutions willing to lend to folks who have less than sterling credit with repayment terms of one to five years.
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Some Legwork
Approach these traditional lenders until you find one who will at least provide you with an estimate. As long as you do not have a recent bankruptcy, you should be able to find one who will talk to you even if you do have bad credit. You may be faced with the prospect of a higher annual percentage rate (APR) and higher additional interest rates and fees. Once you land such a loan, be prepared to start making monthly payments immediately.
Traditional Lender
Another good way to get a substantial installment loan is to have a credit union or bank with whom you have done business regularly for a number of years. Approach a loan officer there and explain your financial situation. Even with a poor credit rating, they are more likely to give you a loan, especially when you can document your ability to repay.
PayDay Loans Not Such a Good Idea
Try to avoid lenders who offer payday or cash advance loans. Interest rates can approach thirty percent or more. Repayment terms can be rather unwieldy, too. So much so that default is probable. Though, they do not require credit checks and only ask for proof of income, proof of bank account, social security number, proof of identity, and proof of residency. They also approve easily and money can be in your bank account in a very short time.
A Cosigner Is a Possibility
If you can, find a friend, colleague, or family member to be a cosignatory on a loan. They should have a better credit rating than yours and be steadily employed. The should be aware that the are legally responsible should you default on the loan no matter what the reason. This can add significantly to your chance at a large loan.
Non-Traditional Lenders
If you go online, there are available lenders willing to grant unsecured installment loans. You may find some small lenders with no proven business history, as well as large lenders who specialize in bad credit loans. American General Financial Services, CreditLoan.com, and others are among them. Documentation required is minimal, and cash can be in your bank account within 24 hours.
The Old-Fashioned Way
If you cannot obtain a loan, or can only find those with excessive rates and fees, your best plan would be to start restoring your credit score so that it comes in at 650 or above. Eventually you will be able to get a substantial installment loan with acceptable rates, terms, and conditions.
A Risky Possibility
If you are unable to land a $25,000 unsecured loan, you might consider taking out a number of smaller loans to amass that amount. Realize though, that you will have a number of creditors and a number of monthly payments which you may not be able to repay as agreed. And, even if you can, it could take you quite awhile to clear all that debt.
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