I Need An Unsecured Loan - Where Can I Get One...

Q:I need a personal loan that is unsecured for between $20,000 to $25,000, where can I get a loan like that?

If you have great or excellent credit, you can get a personal unsecured loan in a few days.

Q:I don't own a home so I can't get a home equity loan or home equity line of credit (HELOC). I am looking for a $50,000 unsecured loan to start a business. What is the best source for funds?

If you are starting a small business consider a small business loan from your local Small Business Administration (SBA) finance office. You may need a business and marketing plan as part of your loan application. If you do not want to use your SBA, you can get an unsecured business loan, providing you have relatively low to no blemishes on your credit history.

Q:I need to get an unsecured loan for $80,000. I've researched this for a long time and I can't seem to find a legitimate lender to get money from. The few that I found require excellent credit. What's the deal?

Excellent credit is indeed important when applying for an unsecured loan. Keep in mind that your loan is not secured by your home, boat, car or any other valuable asset that the bank can claim. In short, you can get an unsecured loan but you need to have a strong credit history.

Q:I have an average credit rating and I need a personal loan. I know places like Prosper.com offer personal loans to people with average credit ratings but I'm hoping to get a loan from a "real" lender. What are my options?

Lendingclub is a "real" lending network. Given your credit history, continue to research LendingClub.com as a strong option. If you need between $500 to $3000, a cash advance loan may also be an option. Try sources like Want1000.com.

Q:Where can I get a personal loan for $30,000? You can get a loan from your personal bank - Bank of America, Suntrust, Wells Fargo, HSBC, Citibank, Wachovia, etc, if you have a high credit rating.

Q:We are getting married and we need a $40,000 unsecured personal loan to manage the bills and our honeymoon. Any ideas?

If you or your soon-to-be spouse have little or no debts and you've been paying your bills on time then chances are you have good credit. You may not be able to get a full $40,000 from your bank but you should be able to get an unsecured loan up to $35,000.

Q:I need a personal loan for college. My estimated need is around $22,000. I would like to get an unsecured loan personal loan. What are my options.

Try a student loan like PLUS, Stafford or Sallie Mae. Some of these lenders allow you to forgo payments while you are still in school. In addition, your student loan terms are likely to be more favorable.

Q:We own a home but we have very little equity so we can't get a HELOC like we would like to. We would like to take out a personal loan to pay off some credit card debts and medical bills? Our credit card debt is around $15,000 and we have medical bills around $10,000. What is the best way for a home owner to get an unsecured loan of around $25,000?

Without knowing your credit history, your credit rating is most likely average, which might make it difficult to get an unsecured personal loan. A debt consolidation loan is an option that you can explore with your current mortgage holder or with a trusted mortgage broker, who can offer various programs.

Q:How can I get an unsecured personal loan for $50,000 to start manufacturing a product that I invented? I already have a prototype.

Since you are a "business" consider a small business loan from your Small Business Administration (SBA) financing department. They will be able to assist you with sources for finding a business loan.

Q:There seems to be very few sources of unsecured loans over $25,000. I need way over that amount. I am looking for a personal unsecured loan of $100,000. I think my credit rating is good but not excellent. What types of credit scores do you need to get a personal loan of $100,000?

Every lending institution has different credit rating requirements but generally lenders looking for "excellent" credit, consider credit scores of 720+. Others start at 740+.

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