If you have over $10,000 dollars in personal unsecured debt, and are serious about getting a consolidation loan, click here to our consolidation page and get the phone number.
For no collateral personal loans over $50,000, $60,000, $70,000, $80,000, $90,000, and up to a whopping $100,000 dollars you are going to be borrowing at an APR that may break you back before long. Almost every loan, that every bank approves will involve collateral of some kind, whether it be a savings account, a vehicle, a house, or a rental property – the banks have to have security or they will not even consider dispersing the funds you. So if you are willing to take on a no collateral loan there are some details you need to understand regarding this kind of personal financing.
We are going to pull out our loan calculator again today and show you the different no collateral lending scenarios you are likely to see approved at the consumer (personal) level. Get ready to see some big numbers, because we are talking about borrowing up to one hundred thousand dollars at a high APR (as already mentioned above, but you need to get these hard money lending practices understood thoroughly before you even think about applying with a private or commercial lender. Now, before we get calculating your no security loan we need to cover one more thing.
APPLY NOW!
See the flashy “APPLY NOW!”? This is where you (the borrower) are supposed to get excited and start throwing caution to the wind. Even worse, throwing out your hard earned money on a really high “vig”. Please avoid applying for your persona loan(s) online “willy-nilly” as the English would say. Every loan application you make, whether is online or offline will be noted in a database by the usual suspects (the credit bureaus). Stop foaming at the mouth, dreaming about how you are going to spend all that money once you get approved – you need to do your homework first, and get real. I know this sounds quite harsh, but more borrowers to hear the hard cold facts before they start applying for loans all over the Internet and all over town. Just because a lender is an Internet lender does not mean the record of you applying for the loan does not show up on the Experian, Transunion, and Equifax databases. So without further delay, let’s get into the numbers on some no collateral (no security) loans.
No Collateral Loan for $50,000 Dollars
To borrow 50000 dollars with no collateral you will be looking at an APR of around 16% because the lender will ultimately be a private lender. Banks won’ t approve a loan with absolutely no security because this kind of lending product is not even considered and Non-Conforming loan. Don’t even waste your time applying at a bank, maybe the most prudent way to go. This also means that you have to beware of loan sharks, and find a legitimate and reputable private lender. We’ll get into that a little later, but now we start with a calculation of APR (interest) over the term of a private deal.
We’ll (once again) use our calculator at the bottom of the page to tally up what you will likely be expected to pay in interest over the full life of the private note. Get ready for some big interest numbers here as we need to see the highest costs of these types of lending agreements. By the way, there is some debate on whether or not these exceedingly high interest rates should even been lawful under United States statutes.
Amount of loan = $50,000 (no collateral)
APR (interest rate) = 16%
Length of Loan = 5 years
Payment Frequency = monthly
$50,000 No Collateral Loan (Calculation Results)
Total Amount to be payed: $70,329.52
Total amount of interest $20,329.52
Payments: $1,156.10
Now let us examine the results of this kind of lending scenario. See how the very high APR equates to a massive total interest cost of over twenty thousand dollars? See how this loan was for only 5 years? Really – unless you are really desperate for money AND you are SURE you can pay back the note long before the 5 year period, I would suggest against it.
No Collateral Loan for $100,000 Dollars
So now we step things up to the highest interest rate legal. 25% APR is the standard legal limit for interest bearing loans.
For a no collateral loan with absolutely no security, and a bad credit rating to boot, you could be facing this kind of enormous cost of borrowing.
For this non-security loan for 100k the numbers below represent the lender’s demands on the cost of borrowing. $100,000 dollars over 10 years at 25% using biweekly payment frequency (period between payments)
Amount of loan = $100,000 (no collateral)
APR (interest rate) = 25%
Length of Loan = 10 years
Payment Frequency = biweekly
$100,000 No Collateral Loan (Calculation Results)
Total Amount to be payed: $225,479.83
Total amount of interest $125,479.83
Payments: $864.85
Pay special attention to the total amount of interest on this loan. See how you are actually paying more interest over the 10 year period that the actual principal of the loan – 125,000 interest on a loan for 100,000.
Obviously you never want to borrow this amount of money at these rates for an extended period of time. You have to be in a position to pay back the lender in full quickly. This is why for these high interest rate loans you must make sure the lending agreement between yourself and the lender states clearly that there is NO PENALTY for paying down the principal in lump sum payments, and no penalty for completely paying off the loan early. Otherwise, this is a very bad way of borrowing money. Believe it or not, we have seen individuals get personal loans from private lenders at these high interest rates.
As long as they have allot of money coming in every month, and they can fully service the note, they actually end up paying off the entire loan without default – but what a huge loss in expensive borrowing. Please avoid this kind of borrowing at all costs. If you are borrowing the money short-term for the use in a business or land development deal, stay away. A loan as expensive as this one should be paid off in no less than 3 months time.
No Collateral Personal Loan for $10,000 Dollars
Now, if you need a $10,000 loan we will use a cost of borrowing rate much more in line with a common personal loan. The interest in this case will still be typical of a loan approved for a borrower with a moderately damaged credit rating (FICO of 650). You will see that this loan can be paid down over the entire term of loan without having to pay a stupid amount of interest to the lender. Your average reputable bank will use these numbers, so you are not tied to a private lender, or hard money lender.
As mentioned and worth re-stating, a borrower (maybe you) can usually get an unsecured personal loan for ten thousand dollars without any kind of collateral, AND a poor credit rating – the rub is that you need to have a full time job for a few years, and show that you have been living in the same place for the same amount of time. The bank’s only security, in lieu of collateral, is your monthly (or biweekly) employment income, so if you don’t have some documentation from your employer showing your good standing within the organization, and perhaps a personal reference of your work record and character. When there is no collateral at all, you can expect the lender(s) to get really uptight about loan default issues. They will see you as a high risk borrower, and the interest rates will tendered based on this information.
Below our numbers go as follows; 10,000 dollar loan over 3 years, paid monthly with an APR of 12 %.
Amount of loan = $10,000 (no collateral)
APR (interest rate) = 12%
Length of Loan = 3 years
Payment Frequency = monthly
$10,000 No Collateral Personal Loan (Calculation Results)
Total Amount to be payed: $11,849.65
Total amount of interest $1,849.65
Payments: $324.65
Notice how this personal loan is much more reasonable and therefore appropriate in the opinion all our CLF staff. The amount of interest paid during the course of the loan is manageable, and the payment every month are not so much that they would leave you in a “debt poor” situation. Of course you will have to watch your monthly and weekly budget constraints (if you have been smart enough to make a full monthly budget report for yourself and/or family.
In Closing on Needing a No Collateral Personal Loan
As you can see by the numbers above, a no collateral loan can “break you” or “make you”. You have to be careful how much you borrow and what the loan agreement has in the fine print. I hope we have made it clear that no matter how bad your credit rating is, you don’t want to borrow so much money, without collateral, that you are labeled a high-risk borrow and as a result, end up paying more interest on the loan than the principal. This is what we at California Loan Find call having an “underwater by APR” loan.
I know it can be very tempting to apply for a no collateral, no security, high risk personal loan, because you really are desperate for the money, but the long term affect of these lending products can be crippling to say the least. You have to make sure you do your numbers.
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June 14th, 2010 at 10:36 am
I’ve been trying to get a no collateral loan for weeks now online, and no luck at all. I think that if you don’t have any collateral and no job, you will never get a loan. Can you get approved with no collateral if you have a cosigner?
June 14th, 2010 at 10:40 am
Hi Tedmans – getting a loan without collateral is difficult, but you have some form of income you can get approved. You asked about cosigners, so this means you are in the right track, but the word you are looking for is “coborrower”, where you have someone signed on to the loan agreement stating that they will take responsibility for the loan if you can’t make the payments (hard to find that kind of deal).
Some people actually search for loans with no job and no collateral – if you see one ever get approved, let me know, cause “this I have to see”.
June 26th, 2010 at 6:00 pm
Please send more info on $10,000 loan w/ no collateral and smaller monthly payments
July 17th, 2010 at 8:34 pm
I am interested in receiving a loan for business purposes and to consolidate debt.
October 11th, 2010 at 11:31 am
Looking for a personal no collateral loan for $35,000.00
October 13th, 2010 at 9:36 am
Hi Lisa.
What have you done so far? Have you applied with your existing bank? Have you gathered together all your financial information and got your credit report checked? What do you need the money for, and do you have collateral, cosigners – is your credit good or bad?
More information please.
December 2nd, 2010 at 7:54 pm
I have 2 jobs. My day job will be permanent when temporary contract runs out Dec. 28th. I make 1,700 a month and been there for 13 months. I can pay up to 250.00 a month back on the loan. I get paid weekly on my full time job, is there anyway I can get $10,000 loan?
December 2nd, 2010 at 7:58 pm
My credit rating is FICO 580 which is considered fair to poor, and been at same house for 9 years.
December 7th, 2010 at 8:16 am
I need a $50,000 loan, fair credit. We are in a financial bind and this is our last resort in trying to get back on track. Please if there is anyone that can help.
December 8th, 2010 at 10:40 pm
I need a no collateral loan to avoid a financial nightmare. Banks are not lending, so if you have any private lenders available for a loan between 30K and 50K, please offer any assistance you can. I want to get rid of all my credit card debt and combine some high interest loans into one single monthly payment. Credit score is good and I have the income to support a payment up to 15%. Please help if you can.
January 7th, 2011 at 9:34 am
Need to pay back taxes.
January 9th, 2011 at 12:46 pm
Need a $100,000 loan for credit card consolidation. Can pay-off in 12 to 18 months. Great job 30 years, money in deferred savings. Fair credit because of mortgage modification. Any ideas?
January 21st, 2011 at 4:22 pm
I am looking for a 2,000 loan with no collateral. My credit score is 514 mostly due to no credit. I have a steady full time job and would pay the loan back in 1 year.
February 14th, 2011 at 2:58 pm
im looking for a $7000 dollar loan and have good credit. i have a job ive been at for almost 5 years and i have lived at my place for 10 years now
February 19th, 2011 at 9:53 pm
I am facing forclosure and other creditors. I need help to get back on tract. I hope someone can help.
March 7th, 2011 at 4:11 am
i am in poly bag business.i want to increase my business.i need rs.200000.i have not any documents.only ours company RC and bank statement.i confirm i will repay ur amount only one year.because i have do one additional business.its running top level and i can earn 450000 within six months.so,i will pay ur amount easily.but this time i cannot ready any amount.so give me this amount.
April 14th, 2011 at 8:56 am
do u accept borrower from other country? i’m from the philippines & i want to borrow $15,000 urgent..thank you..
April 24th, 2011 at 12:35 pm
I am wanting to get a loan for 375,000 to purchase a hotel. I have no collateral and credit score is 550 to 610. I have a job, but wanting to own my own biz in the hotel industry in SC. Will be a huge money maker and will be able to pay off loan fast. I don’t want to dream no more about possibly or if I had, I want to live them.
May 1st, 2011 at 10:18 am
I have a somewhat successful business that now has a vendor waiting list because it has such a high demand. I want to expand regionally however I need new machines, rent money for a new location, the first six months salary for a sales rep who is very talented and works for very little and money for a brand recognition group who is the best in the area. I can do all this for as little as 95,000 and I live in WV however our business is known as far as Florida, Mississippi, Illinois, and Maine.
May 5th, 2011 at 3:38 am
I need a personal loan today. I have been trying to get one for six months since my husband lost his job. I need at least $2000 but $5000 would be better.
May 24th, 2011 at 6:02 pm
I am looking for an establishment that will loan me $14,000 to buy my vehicle at end of lease. I have $4000 cash and the total buy out will be nearly $16,500. Problem is I have horrible credit now since having to close my business. I am working and my vehicle was the only financed asset I have been able to hold on to. Is there anyone out there that can help with my situation? Please tell me there is….
Sincerely,
-J
June 2nd, 2011 at 9:30 pm
I am looking for a $10,000 loan to consolidate medical and credit care debt. My husband just began a job after being out of work for the past year. Needless to say, our credit score is not great. I have been working at the same job for 4 1/2 years. We want to get back on track and just need someone to give us a break. We are looking for a loan that we can pay back within a 4-5 year period with a monthly payment of $150-200. If you can help, please let me know.
July 10th, 2011 at 5:06 pm
I am 21 years old. Im trying to get my life started with a new house and a new car. im engaged and raising two kids. one 4 year old and one 2 year old. I was going to try and get 100,000 dollars to get everything i need for my future. Payments around 250.00 dollars a month to 350.000 a month. Is there any way possible. I am employed throught Volt/Caterpilliar.
July 17th, 2011 at 4:55 am
CLF,
Do you have any private lenders offering loans of 50K with 15% APR for and 60 months payback? My credit history is good, but due job relocation and serving active duty in the military, I had to use my credit cards to finance things I wouldn’t normally finance and as a result I am at my limit on my credit cards. Any help your team of experts can offer will be useful, as I really need a private lender to provide me this loan. Thanks and I hope to hear from you soon.
August 4th, 2011 at 11:53 am
I need a loan for $40,000. My salary is over $120,000. I can make biweekly payments. I would appreciate your kind words. Thank you!
With regrads,
August 22nd, 2011 at 10:05 am
I’m looking for a 10-13000 dollar loan and have decent credit around the 700 range. I’ve worked at my job for over 10 years and have lived in my house for 5 yrs. Looking to consolidate some debt with a fixed rate rather than a heavy apr from ‘cash advance’ Thank you for your time.
August 31st, 2011 at 9:08 pm
Hello I am for Arkansas, I am in need of a $7000 loan to pay my defaulted student loans. I am trying to go back to school and I cant go or receive financial aid until the defaulted loan is paid
October 1st, 2011 at 12:16 pm
im looking for a 100k Unsecured/no collateral loan with terms between 7-10 years. i realize interest rates will be high, but i intend to pay this loan off in far less time that the 7-10 years i request. So no penalties for early repayment or payment in lump sums would be needed as well.
October 1st, 2011 at 12:18 pm
im looking for a 100k Unsecured/no collateral loan with terms between 7-10 years. i realize interest rates will be high, but i intend to pay this loan off in far less time that the 7-10 years i request. So no penalties for early repayment or payment in lump sums would be needed as well. Im located in Wv
October 21st, 2011 at 5:42 am
I sell very expensive constrution equipment. I need a list of high risk “direct” lenders. Not an easy find when googling. Do you know of 8 to 10 direct lender for high risk applicants. $150,000 and more?
November 1st, 2011 at 5:22 pm
I need a $35,000 loan within 48 hours. My credit is not that great, but mainly due to family illness that took most of my money and my credit cards. I now have 2 jobs trying to stay above water. I don’t have any collateral, but am willing to have loan payments automatically deducted from my checking account. If anyone knows of someone who can help me, please let me know. Thank you.
November 2nd, 2011 at 9:20 am
I am looking for a $12,500 unsecured loan to consolidate current bills. I have a full time job, for 2 1/2 yrs, and poor credit.
November 14th, 2011 at 10:08 pm
Need a loan for 56,000 to pay off mortgage with bank before we lose it. We both have jobs and are able to pay monthly but bank wont work with us now that money isnt tight anymore.
November 17th, 2011 at 12:43 pm
My husband and I are looking at a loan for approximately $20,000 to $30,000. We’re trying to do the right thing and pay the bills we owe instead of filing for bankruptcy or defaulting further. Due to the fact we’ve been dealing with illness and surgeries, we did default on some things that we dreaded not being able to pay. Things aren’t good for us financially right now and we need desperately to get ahead. We both have steady monthly incomes and terrible credit, we’ve been turned down for loans due to no assets and credit score. There has to be one guardian angel out there who will help us get back on our feet. Thank you
November 22nd, 2011 at 3:53 pm
Needed loan to consolidate debt of 50,000 put all other loans into one and pay one monthly payment.
December 2nd, 2011 at 2:43 pm
Looking for a $75,000 loan. 10 years,7-8% interest as I have great credit (749 FICO),no pre-pay penalty.Hope to hear from you.
December 5th, 2011 at 11:37 am
100,000 short term loan repay in full with interest in 12 mos live in california need funds as quickly as possible. I have a startup business with over $100k in equity funding in place additional funding committed for Q2 and would repay at that time. Equity option is also available if desired.
December 10th, 2011 at 3:06 pm
CLF, I am searching for a $60,000 loan @ 18% for 60 months ($1532) to consolidate all my debts. Need serious help quickly.
December 13th, 2011 at 4:34 pm
Hello,
Please we are in need of $50,000 to $100,000 urgently to finish up our project in South Africa i and my friend. We do not have any collateral and we’ve got bad credit. But with this loan, we can finish up this project in 4 days and pay back in just one week or two weeks, not regarding the interest rate. Please e-mail me at w.d.connery@live.com and my friend can meet with you people there in CA and conclude. Please help us, it is important to us.
William
December 19th, 2011 at 7:23 pm
I am in the process of wanting to attend an auction for homes, tax deed sales, I am looking at a house starting price at $31K, I do not see the house going above $100k in this economy and last year none of the properties went above $50k, and the house is valued at almost $400k. I am wanting to borrow 100K so that when I attend the auction I can bid up to 100k for this house, and after I own the house I can refinance it through a bank loan. I am in washington state, and will need this loan prior to february 2012, I am ultimately looking for a long term loan but with the process of refinancing through a bank I suppose I could do a short term loan.
February 13th, 2012 at 1:13 pm
I am looking for an unsecured $10,000-12,000 loan. It is for my dad’s auto repair business, and it is needed relatively quickly. I have had a bunch of run around and no luck other places. Is there some help out there somewhere and soon? The business is a good business, just unfortunately with the way the economy has been things have gone down. With this loan things could be back up in no time.
February 13th, 2012 at 10:50 pm
i need to borrow of 100,000.00 with colleradle to back said loan. the loan will be repayed with one year. i have all docs to prove my loan.
April 24th, 2012 at 5:39 pm
Hello, I need to borrow 40K+ for personal issues that I need to resolve as soon as possible. I have been living in my place for over 7 years and I have a full-time job which I’ve been with for more than 2 years with an annual salary of $50K. Please help. Thank you.
April 25th, 2012 at 5:06 pm
I need a $100,000 loan for business investment. I make 13,000/month and can pay up to 25% with no problem. I have limited credit do to basically paying for everything in cash and don’t have any bills to pay really.
May 3rd, 2012 at 2:37 pm
I owe 100000 in taxes i want to consilodate my bills also i need 150000 yesterday,
can you help me