Get a $5,000 Personal Loan With Bad Credit: Three Creative Options

Tuesday, October 7, 2014

Get a $5,000 Personal Loan With Bad Credit: Three Creative Options

Everyone will come to a time in their life when the need for money is so great they feel like they have no options. At times like this, a $5,000 personal loan would solve a lot of their problems and help them to get on the right path. Yet for those with bad credit, $5,000 personal loans seem about as likely as a fairy godmother appearing next to a crying Cinderella - only a story.

However, there are ways for people with bad credit to get $5,000 personal loans if they are willing to be creative with their avenues. Depending on your situation in life, $5,000 personal loans with bad credit are not as impossible as they seem.

Students Are in a Great Spot

As a college student, the pressures of school along with the rest of life can get to be too much.

Working, taking care of a family, and social obligations on top of classes, reading, and papers is a lot for anyone to handle. That is why student loans exist. These loans are designed to help college students, regardless of their age, take care of their lives outside of school. Student loans are given in the form of a check and can be used for tuition and books or for living expenses. If you are a college student, look into getting a student loan for $5,000. There are options through both the government and private lenders that will not take bad credit into account.

Personal, Personal Loans

Another option when you are in a real pinch for money is to look outside of traditional lenders and lending institutions to get a personal, personal loan. That is, look for a person, either a family member or a friend, who will be able to lend you $5,000 for a short while.

Make sure that the person you ask has the money to lend and that you take care to draw up a repayment plan designed to prevent bad blood. Make sure you can reasonable repay this loan without ruining the relationship.

Payday Loans Are a Last Resort

In times of absolute emergency, there is one other option on the table for $5,000 personal loans with bad credit. That is a payday loan, or two. These loans, also called no credit check loans or cash advance loans, are given to people based on their income rather than their credit score. Generally, the max amount you can expect from a payday loan is $1,500. This means that getting a $5,000 personal loan through payday loans will take more than one lender.

Also, it's important to note that payday loans are often only offered for a very short period of time and never more than 90 days. These loans are meant as temporary solutions only and generally carry a higher rate of interest than any other loan on the market.

Getting Emergency Cash

If you have bad credit, your options for emergency cash are limited. However, you can get a $5,000 personal loan with bad credit by being creative. You can also combine some of the options above to meet your needs so long as you plan to repay all the money you take in a responsible and timely manner.

Article Source: Mark Venite
Get a $5,000 Personal Loan With Bad Credit: Three Creative Options