With the current economy still hurting from the Great Recession and good jobs still hard to find for many people, the option of taking out a personal loan is really needed for many. Indeed, for people in a real financial hard place, $5,000 could mean the difference between survival and failure. However, along with the bad economy, many people also fell into a state of bad credit and are often without recourse for their financial woes. However, there is a way to get a $5,000 personal loan with bad credit and this article will show you how.
Depending on your history, if you are really hard up for cash, but still a good customer, the first place to look for a loan is your personal bank. Since you have an established account there and are likely to be able to openly discuss your financial hardships, the lenders there may be able to help you.
However, if you do not have an established banking relationship there are still further options for finding a $5,000 loan with bad credit.
Learn about Bad Credit Lenders
Once you have spoken to your bank, the next place to search out a loan is actually right in front of you: online. The internet is home to dozens of lenders who specialize in providing loans to people with bad credit. By completing a simple web search for these so-called bad credit lenders, you will be alerted to plenty of options.
Make sure you do your homework, however, and research each lender that you are considering for your $5,000 loan. Though many of these lenders simply want to help you out there are also a lot of scam artists on the web as well. Do background checks through agencies like the Better Business Bureau or talk to other borrowers on financial web sites’ chat rooms about their experience. Make sure that you are certain that the lender you choose is legitimate and make sure that you do not blindly accept the first offer that comes your way – take care to shop around for your loan.
Consider a No Credit Check Loan as a Short Term Solution
If you cannot find a lender you like through the internet and only need the loan for a short term, the final option is to look towards no credit check loans. Also called cash advance loans, these financial tools do not take your credit into account. Instead, lenders will base the amount of money given on your current income. Though typically no credit check loans are given in amounts that range from $100-$1,500, there are lenders who will stretch that amount for the right person. Therefore, you can get a $5,000 no credit check loan if you look.
Think about the Future
No matter the option you ultimately choose, getting that $5,000 personal loan when you need it can literally be a lifesaver. That is why there are lenders who are willing to work with those with bad credit and help you out. However, you need to also make sure that when you take this loan you keep your eyes on the future. Never take a loan that you know you cannot repay and talk to whichever lender you choose about debt counseling. This way, you can receive the $5,000 personal loan that you need and also work on improving your bad credit score over the long term.