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Is an unsecured $50K loan possible even with good credit?

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Is an unsecured $50K loan possible even with good credit?

I want to start improving my credit for the usual reasons.

 

But one of the main ones is that I have something I want to get done that will cost $50,000. It would

take me a while to save up the money myself, so I am wondering if improving my FICO score and

getting it on credit would be a good idea.

 

The issue is I have no collateral.

 

Has anyone gotten such a loan with good credit? Any recommendations for where to look when the time comes?

Message 1 of 5
4 REPLIES 4
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Senior Contributor

Re: Is an unsecured $50K loan possible even with good credit?


@To700andbeyond wrote:

I want to start improving my credit for the usual reasons.

 

But one of the main ones is that I have something I want to get done that will cost $50,000. It would

take me a while to save up the money myself, so I am wondering if improving my FICO score and

getting it on credit would be a good idea.

 

The issue is I have no collateral.

 

Has anyone gotten such a loan with good credit? Any recommendations for where to look when the time comes?


Your not telling us anything at all about your credit files. If you have excellent credit SOFI will go up to $100,000.00.

 

Now tell us what your FICO scores are, what do you have for credit cards and other loans.

 

List any baddies such as lates, collections, chargeoffs and anything else that is derogatory.

Message 2 of 5
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Re: Is an unsecured $50K loan possible even with good credit?

At the moment I have bad credit.

 

What credit score in your opinion would be suffecient to get a $50k loan on?

Message 3 of 5
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Established Contributor

Re: Is an unsecured $50K loan possible even with good credit?

i think it goes beyond just your score.

 

What is the loan for ?

 

How much income do you make and what are your other debts ?

 

More context is needed to give a more useful answer.

 

example - a 50k loan to raise alpacas if you only make 30k even with an 800 score will not work. Banks want to get paid back. A high enough income and a loan for a good raise and a good score is all part of the package. Banks have rules and limitations.

Message 4 of 5
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Senior Contributor

Re: Is an unsecured $50K loan possible even with good credit?


@To700andbeyond wrote:

At the moment I have bad credit.

 

What credit score in your opinion would be suffecient to get a $50k loan on?


Scores in the 700's. No unpaid baddies, most likely for that amount no baddies at all. Maybe a 4 or 5 year old 30 day late would be acceptable. High income.

 

Nobody is going to give you a 50k personal unsecured loan with bad, fair or borderline good credit. They will want a file with an excellent payment history.

Message 5 of 5
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