Every now and then, everyone finds themselves in need of a modest cash injection. But many would-be applicants are put off the idea of applying because of their bad credit history. The good news in that the chances of getting that loan, even a $5,000 personal loan, with bad credit are not so impossible.
The truth is that it is possible to secure loan approval despite bad credit because approval has very little to do with credit histories and credit scores. And, even if traditional lenders are still reluctant to offer good terms, there are alternative loan sources worth considering.
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Thinking outside the box is quite important, with sums of $5,000 not too large for many of the alternative sources. A personal loan of that amount is within the range of most family members and small independent private lenders. And, depending on the purpose of the loan, the choice of lender can be ideal.
Seeking Emergency Funds
When financial emergencies pop up, the priority is to get the funds as quickly as possible. Applying for a $5,000 personal loans with bad credit would often require a little bit of time for the credit checks to be carried out, but payday loan provide almost certain approval with no delays.
As their name suggests, payday loans are granted on the back of an upcoming paycheck, so credit histories are ignored completely. This means that only a large enough income and a bank account are required to ensure getting approval, despite bad credit. But such convenience comes at a price.
The interest rate is very high, with some lenders charging 30% on the loan, while the size of the loan is limited to a maximum $1,500. Also, the term of the loan is extremely short, with as little as 14 days before full repayment is expected. Of course, getting a larger personal loan will require agreeing special terms.
Keeping it In the Family
An emergency can be quickly dealt with through a family loan too, but there are several variables to such a deal to consider. Such loans are granted by family members and so getting a $5,000 personal loan with bad credit depends on them having $5,000 to hand in the first place.
The key benefit to this loan option is that approval despite bad credit is guaranteed. A second advantage is that often no interest rate is charged, while a third is that the flexible repayment schedule can be easily adjusted when necessary, because a quick word is often all that is needed - there is no paperwork.
Still, despite these advantages, it is important to agree repayment terms, write them down and to have all relevant parties sign it. This way everything is clear when repaying the personal loan, saving confusion and arguments.
Student Loan Options
Obviously, this is restricted to college-goers only, but the financial strains that students are under mean there is an almost annual dependency on loans. Unfortunately, students also find it hard to meet repayment schedules because of their limited income. But through either federal or private sources, a $5,000 personal loan with bad credit is attainable.
Of course, federal loans are more affordable because of the guarantee provided by the government. This means the interest rates charged are a lot lower than with private loans, and approval, despite bad credit, is straightforward to secure.
Private student loans, however, have less attractive terms, like higher interest rates. The great advantage is that they are available to anyone who can afford them, though they are also more expensive.
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