There are some tricks to overcome the problems that can cause a bad credit history when applying for a loan. Even when looking for a $50,000 unsecured personal loan for bad credit management purposes, lenders can be hesitant, albeit with a figure so large it’s understandable.

We know that in this case the purpose of the funds is to pay off the debt and address the borrower’s bad credit problem, but no lender is willing to approve a large loan on this basis alone. There has to be something more important in the loan application.

So getting such a large unsecured personal loan usually comes down to knowing the best way to fix the problem. What is important to know is that the credit score is not the problem to worry about, there are others to be aware of.

Overlook credit score

It may seem strange that lenders pay so little attention to an applicant’s credit score, but a credit score has very limited influence over a loan application anyway. Still, when looking for a $50,000 unsecured personal loan for bad credit management, you already know what the funds will be used for.

The only area where the credit score has a say is in the interest rate the lender charges. It is a fixed structure, with certain scores matched by certain interest rates. For example, an applicant with a good score of 700 may be charged 7%; of 600 perhaps 9%; and from 500 perhaps 11%. Therefore, the chances of getting approved for a large loan are affected in that regard.

However, affordability is the key to a successful application, and as long as repayments can be made without much financial pressure, then getting an unsecured personal loan, even a large one, can be virtually assured.

The term can make a difference

When affordability is difficult to establish, there is little or no chance of obtaining a large loan, such as a $50,000 unsecured personal loan, particularly for borrowers with poor credit. However, there are ways to solve the problem, if the lender is willing to accept it.

The term of a loan dictates the amount of monthly payments, and shorter-term loans require much higher payments than those with longer terms. Therefore, if the term of the loan can be extended, affordability can be increased. Once this is done, you are more likely to get approved for a large loan.

When shopping for a loan of up to $50,000, extending the term from 5 to 10 years can drop monthly payments from $875 to just $435. Even for bad credit borrowers looking for an unsecured personal loan, that’s a very affordable sum.

Your choice of lender matters

Never forget that lenders can have very different loan policies, so what is turned down by one may be approved by another. When applying for a $50,000 bad credit unsecured personal loan, for example, some lenders choose to see cash as slow, while others pay attention to the purpose for which the cash will be used.

This means it may be worth spending time researching which lender to apply to. Generally speaking, online lenders are the most likely to accommodate the needs of bad credit borrowers, and are more likely to approve a large loan.

However, also be careful about your choice and check the reputation of the lender before committing to any loan agreement with them. An unsecured personal loan can be a costly debt to the wrong lender. The BBB website should reveal details about how trustworthy a particular lender is.