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Loans for $5000 Are Possible With Bad Credit

May 02, 2012 | Comments: 0 | Views: 167

In a tough economy, trying to find a fast loan for $5000 with bad credit is not easy. Of course, typical sources for cash will likely not be an option for you. However there are still several options that you do have, which this article will discuss.

Get Real

Before you go looking for a loan for $5000 with bad credit it is important for you to be realistic about what you want and what you have. If you have a bad credit score it is likely for a reason. Maybe it was bad luck, a sudden job loss or medical bills, for example, or maybe it was because of bad habits. If bad habits are the reason for your poor credit then you need to seriously think about the consequences of taking out yet another loan. Be certain that you can afford the additional monthly payments lest you get yourself into an even worse situation than before.

Look to Those You Know

Especially for those whose bad credit comes as a result of bad luck, sometimes the best option for a personal loan is to go to a person, not a bank. If you have a friend or a family member able to front you the cash, that is your best option. Often any interest you pay will be little and the repayment terms can be flexible to meet your needs.

However, borrowing money can also cause feuds. Make sure that you can pay back all the money you borrow and that you can do so responsibly. Also, have a realistic conversation with your personal lender about what you can and cannot afford. Now is not the time for pride.

Consider a Loan with Bad Credit

If you do not know anyone who can offer you a loan of $5000, there are actually still institutions that can help you. Some lenders actually specialize in designing lending packages for people in situations similar to your own. However, the circumstances of your bad credit can come into play here and people with a history of late and missed payments due to money management issues are likely to get rejected. Also note that, despite your good intentions, your bad credit will be a major factor in the amount of interest that you pay. So be prepared for penalties.

No Credit Check Loans for a Short Term Solution

The final option that is available to people with bad credit who need a fast loan is what is known as no credit check loans. These loans are given to you based on your current income rather than your credit score. This means that a bad credit history will not affect your ability to get such a loan. However, the likelihood of finding $5000 from such a loan is also slim.

In the case of a loan with bad credit, you are likely to get between $100 and $1500, based on your income. Also, the amount of time that you have to repay the loan will be short - generally between two and six weeks. On rare occasions, no credit check loans will be given for amounts up to $5000, but this will also likely come with additional interest.

Getting the Money You Need

As a borrower with bad credit, you know that your likelihood of finding a loan for $5000 is low. However, as this article demonstrates, it is possible if you know where to look. Additionally, you can consider combining these options to ultimately get the money you need. However, to do so, you need to also be sure that you are ready to repay it.

Sarah Dinkins is a financial advisor who writes about Guaranteed Unsecured Credit Cards and 100% Guaranteed Bad Credit Loans

Source: EzineArticles
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