The pressure to access much-needed funds fast when a financial emergency hits can be huge. But finding a lender that will not only approve an application, but release funds fast enough is the trick. Of course, bad credit scores complicate matters, so when seeking a $5,000 personal loan with bad credit there can be no guarantees.
However, there is no reason to think the traditional lenders so hesitant to lending to bad credit borrowers must be approached. There are alternative loan sources, so securing loan approval is always possible.
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The only question is where to go. We provide a shortlist of just three that should be considered, but the best is dependent on the terms of the personal loan offered.
Choosing the Online Lenders
The idea that getting a $5,000 personal loan with bad credit is almost impossible is rooted in the attitude that traditional lenders have towards bad credit borrowers. But alternative sources are more open, not least the online lenders that are so easily accessible these days.
It is generally a good idea to use online comparison sites to find the best loan deals. These sites will list the top 10 or 20 that match your own loan preferences, within just a few seconds. From that list, applicants can then more closely examine which deals are most suitable and set about securing loan approval.
The basic criteria required for traditional loan applications are applicable in this case too. Applicants must be over 18, have a source of income and be a citizen of the US, but they must also have an active deposit account too. That way personal loan funds can be transferred quickly, and repayments can be automatically withdrawn just as quickly.
Private or Family Loans
One of the most affordable lending options is a private loan from a family member. When an applicant seeks a $5,000 personal loan with bad credit from a bank, they must go through a vetting process, but this is not necessary with a family loan. Also, interest rates are not usually charged, and the repayment schedule is extremely flexible.
In terms of affordability, this option is hard to beat. The only real obstacle to securing loan approval is that a family member does not have $5,000 lying around to lend. However, this is not to say that a formal approach cannot be taken, and it is recommended that details of the loan agreement be written down and signed.
The reason is that everything remains crystal clear for both parties, so that the relationship cannot be strained. Still, as personal loans go, this is arguably the most affordable and the most accommodating of all of them.
No Credit Check Payday Loans
Payday loans boast extreme positives and negatives. They are ideal when seeking a $5,000 personal loan with bad credit because approval is highly likely and extremely fast. That certainty makes it possible to deal with financial emergencies with confidence.
Approval is granted against the paycheck due on the next payday, and this creates some problems. First of all, the full loan repayment is usually taken out of the paycheck in one go, leaving little over for regular expenses. And secondly, the loan size is limited, usually to $1,500. Securing loan approval for larger sums may require a special deal.
But, as long as there is proof of a reliable income, approval is pretty straightforward. But with approval also comes a very high interest rate, ranging between 20% and 35%, making these personal loans very expensive.
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