Wednesday, January 29, 2014

Some Fast Ways to Get a $5,000 Personal Loan
The economy we live and work in has been slow to improve. We see this every day. The cost of things go up while our wages either go down or stay the same year after year. The Great Recession which began in 2008 has caused many of us to lose good jobs through no fault of our own. The once easy to obtain mortgage with endless refinancing capabilities has become the ballooning monthly payment. The entire world market seems to be stuck in neutral. It should not be surprising to us that there are more and more people suffering from bad credit. Many of these people had made all the right financial decisions but have lost ground and now have nowhere to turn.

Bills are becoming more difficult to pay. Rainy day funds have been spent. What can we do when that emergency happens and we need cash fast and have no where to turn? It is a well-kept secret to many people that there are many ways to get access to $5,000 through an unsecured personal loan. This is true even for the people with bad credit. Before you or anyone in this financial noose applies for this type of loan, there are things you should know. This article examines the available options that exist for those of us who have bad credit and need $5,000 right now.

Choice 1: Friends and Family

The first place all of us should consider when we need an emergency loan of $5,000 is our family and friends. They may help you get the money you need for that emergency repair. Family and friends do not look at credit reports and they can usually get you the money almost immediately. This type of loan requires you to repay it as soon as you can, lest you destroy your relationship.

Choice 2: Company Loan

If you work at a small company and are on friendly terms with the owner, it is sometimes possible to either get a loan directly or get an advance on your pay. If you can get the repayment taken directly out of your paycheck, you are guaranteed to pay it back timely. Along with directly asking your boss, check out if your company has a relationship with a credit union. Credit unions may be able to help you out and may not require a credit check.

Option 3: Cash Advance Lenders

Surf the internet and you will find hundreds if not thousands of online lenders who will help you secure fast money. This type of loan is available regardless of credit rating. But you have to research the lenders to make sure they are reputable and are not ranked as poor by the Better Business Bureau due to inordinate numbers of complaints.

A cash advance loan application will require a photo identification, proof of residence, proof of employment and the existence of a bank account.

Option 4: Pawn Shop

Some people find that their last bastion of hope is the pawn shop. Pawning some personal item is really a secured personal loan. Once the value of the item being pawned has been determined, the amount of the loan is known. You must be able to repay the loan within a few weeks or you will lose your person item. Once the pawn shop sells your item to repay the loan, you have lost it forever. Never pawn any thing that has sentimental value to you.

Hope Springs Eternal

If you need a personal loan, there are options available to you even if you have bad credit. Lenders are out there who are willing to work with you and your credit history. But it is your responsibility to find a lender who will meet your needs and who is deserving of your trust. Long term, treat this as a call to action. You must rebuild your credit so that you do not have to go down this financial path again.

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