How to Get $5000 Personal Loan with Poor Credit

By | March 14, 2013

Until today, the global economy is still very uncertain and people with poor credit find it indeed difficult to obtain financial assistance. The loan amount of $5,000 is not a big figure but it is still a big challenge for people whose credit score is less than 530 to obtain the loan from the traditional financial institutions. However, if you need the money for emergency use, there are some strategies you can follow so that you can get the loan in an easier and faster manner:

First thing first, you are advised to share your financial problems with your family members or your close friends. See whether they are able to lend you some money. It is always better for you to get a friendly loan because the term of repayment is much flexible. At the same time, you don’t need to bear high interest to get the loan. I would say this is the fastest and less stressful way to obtain financial assistance.

If your family members are not able to help you, look for your employer. If you are currently working, you can ask your current employer to see whether there is any easy plan offered by the company for its employees. There are many companies which offer financial assistance for their staff who are in need with zero interest.

You can pay back the loan monthly with your salary within an agreed schedule. Even if your company does not offer loan, you can refer to your credit union. There are many credit unions in Unites States which are willing to offer unsecured loans for their members even their members have poor credit rating.

Thirdly, you can search for non-bank financial companies in the market. There are many specialized lenders which offer short term loan and unsecured loan for people with poor credit. Furthermore, these lenders do not do credit check on the applicants. It is quite easy for you to obtain the loan as long as you have a stable job and a well maintained bank account. But bear in mind, you need to bear higher interest for getting the loan. Besides, the lenders also charge high late fees for any missed payment or late payment.

Fourthly, for people who are currently unemployed, getting the loan seems to be a bit hard. Don’t worry. There are licensed pawn shops which can help you. You are recommended to pawn your valuable items at home such as electronic equipments, jewelries, watches, etc. to obtain the cash. Get the loan out first. Then look for ways to raise fund to repay the loan and get your things back. You can get part time job for extra income. Beforehand, it is wise that you find out whether these non-bank lenders are trustworthy.

Getting the loan seems to become simple after going through the points above. But it is important for you to have strong self discipline and proper budget to ensure that you repay your loan promptly. Set a realistic plan to pay back $5,000 within the shortest period as you can.

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