Looking for a loan? Do you need that loan to be rather large, say, $5,000? What state is your credit score in? Many people these days are finding that bad credit scores are posing a major barrier to their lending needs. With the economy slow to recover from the Great Recession, many people worry that fining a personal loan for $5,000 with bad credit is an impossible task. However, there are still several options available to you.
Option 1: Go the Traditional Route
If you have a local bank that you use for checking and/or savings accounts, then that should be your first stop. Sometimes banks will make exceptions to credit restrictions for loyal customers with certain accounts. Make an appointment to talk to your banker about your needs, your bad credit, and the possibility of a personal loan. With bad credit, your options may be limited and $5,000 may be off the table, but at the very least your banker can help you to know where you stand.
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Option 2: Bad Credit Lenders
The online marketplace is a buzzing metropolis of loan options. If you have poor credit, finding a personal loan online is really your best bet. There are many online lenders who specialize in working with poor credit borrowers and who may be able to extend you a loan with little hassle.
However, when working online you need to take certain precautions that you wouldn't otherwise consider. It is important to do a background check on any lender you talk to about a $5,000 personal loan as well as research the best rates that the internet can offer. Get several quotes in order to make sure that the offer you are given is the best for your needs. Compare interest rates, repayment terms and other fees.
Option 3: Contact a Payday Lender
If the $5,000 personal loan you seek is only needed for a short time, payday lenders present your best bet. Many payday lenders, who also operate online, do not require a credit check which will make your bad credit score less of a problem. Like any online lender, payday lenders need to be thoroughly researched before signing any papers and you also need to be especially wary of the fees and repayment periods that go along with payday loans.
Generally, these loans are only given for 14-90 days. Therefore, only take a payday loan if you know you will have the ability to pay it back in time.
It is also important to note that many payday lenders will not offer a single personal loan for $5,000. Usually, the most money you can get from a payday loan is $1,500. If this is the case, you may have to consider taking out more than one loan to meet your obligation. However, make sure that you are prepared to repay the loans quickly or you will end up paying double the principle amount in repayment fees.
Options for Bad Credit
Though you are certainly limited, there are still several options for bad credit lending both online and at a traditional bank. If you are one with poor credit looking for a $5,000 personal loan, make sure that you investigate all the options outlined above in order to find that which best suits your needs.
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