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Are you thinking: “I need $5000 now,” but you don’t know where to get it from?

Consider Taking Out a Loan

It’s understandable that getting a loan for five thousand dollars isn’t exactly possible for everyone, but if you truly the need the money, you should try. You’ll have a better chance of getting a loan for five thousand dollars if you have something worth at least that much so you can use it as collateral. If you own a car, boat, motorcycle or even something like jewelry or a very expensive television, you can use it as collateral for any loan you apply for. With collateral to put up front, many banks will loan you the money you need regardless of your credit score. But don’t worry — there are still a few ways to get loans for five thousand dollars with no collateral. There are a large number of financial institutions, both online and offline, that will give out large loans to people who have bad credit and no collateral. These loans are generally referred to as “bad credit loans,” and yes, there is a catch: You will almost definitely end up paying back an astronomical amount of interest. Be sure to read the fine print before signing on the dotted line to make sure you really want to pay back that much money over time just to get your five thousand dollars now.

Inventory Your Gold

If you have gold lying around in the form of jewelry, pendants, or coins, consider selling it. You would be surprised how much money people are able to earn for selling scrap gold. Before you dismiss the idea because you don’t believe you actually have enough gold, take a minute to think about all the items in your home. You can probably come up with more gold than you realize if you inventory absolutely everything. The amount you’ll be able to earn from gold will depend heavily on the going rate for gold, which changes often. The International Business Times reported the price of gold at $11.10 per troy ounce in March of 2011. You would truly be surprised how quickly that can add up! If you have some gold to get rid of, find out how much you have in ounces and check the going rate. Even if you don’t have enough gold to get you to the five thousand dollar mark, there’s a good chance you’ll have enough to get at least part of the way there. Make sure to have your gold appraised first so you know how much it’s worth. You can’t realistically expect to receive 100 percent of your gold’s value when you sell it, but you also don’t want to allow someone to rip you off.

Other Ideas to Get the Money You Need

If you’re really desperate for money, CBS News suggests selling any mutual funds or stocks you might have access to that aren’t doing so well. You should also consider cashing in Certificates of Deposit (CDs) if you have them. In addition to these ideas, you would be surprised by what you can earn for donating blood and plasma. So, if disaster has struck and you need to get 5000 dollars fast, it’s possible that you can get it if you put any or all of these ideas to work.


I Need $5,000 Fast! Where Should I Go For A Loan?

$5000 loans are not too small or too big an amount to be paid in a month if you have a steady paycheck. As such, if you want to get that amount fast, you should have a payday loan. Payday loans are exclusive for people who are employed; however, payday lenders may give special consideration to people who are self-employed or are running a family business. However, if that is the case, then SBA loans are better to take out if you need further funding for a small business.

There are also other types of loans that issue a certain amount of cash within a day yet they might have some catchy conditions too. Some may have very high interest rates, high surcharges, and some may even have hidden charges to their loans. The good thing is that there are loan sources that may release fast cash without requiring you to pay too much or provide collateral to back your loan up.

Payday loans are released fast depending on the nature of the lender. There are some lenders that offer a one-day approval, less than 24 hours approval or same-day approval, and even some lenders have one-hour approval feature. If you need $3,000 fast, these types of payday loans can assure you that you will have that amount soon.

On another aspect, you can reach a payday lender through different ways. Some lenders are composed of people in an office or some are individual people that are the ones to go to the borrower’s office to offer their services. Some, which may pose as bad credit instant decision lenders, are on the internet waiting for prospective borrowers to contact them.

Here’s a reminder though; some names of sites on the internet may be very similar. For example, Project Payday and Help With Payday Loans may actually sound like payday lenders to you. The former is not exactly what you should go to if you need a payday loan.

Another type of payday loan is the one that you get from your own company. The amount that you borrowed will be divided into several times and each payday, a part of your salary will be deducted for the payment of your loan. In a technical way, you can still consider this as a payday loan.

I Need $5,000: What Should I Prepare?

Here are some things that you should prepare if you want to take out a payday loan:

  • Personal details
  • Banking account
  • Proof of employment (old paycheck or pay stub)

If you are applying for an online payday loan, it would be better if you have these documents saved as computer files that are attachable to email.

Although payday loans have higher interest rates than other types of loans, a lot of people still patronize it, especially those who are in dire need of cash. You only have to take note that you can prevent paying too much if you see to it that you pay it on time or you do not get it from opportunistic lenders who put too much hidden charges on your loans.

If Your Credit Is Especially Bad

It’s not easy to get any lender to give you a personal loan for $5000 dollars when your credit is bad. Even a $2000 dollar loan with bad credit might be hard to come by. If you really need the money, here are some of the best tips for $5000 dollar loans for people with bad credit:

  • Use lenders who regularly give out bad credit loans
  • Put up collateral
  • Get a cosigner
  • Think about taking out a home equity loan

Try to remember that lenders who give out bad credit loans also give out horrible loan terms, meaning your interest rate will almost definitely be high. The cheapest unsecured loans are generally reserved for people with good credit. It might be a good idea to attempt to get your loan through a regular bank first by offering up some collateral or using a cosigner to back your loan repayment guarantee. Banks loans usually come with lower interest rates. A bad credit lender should really be a last resort.

You actually have a pretty good chance of getting $5000 dollar loans for people with bad credit by applying for a home equity loan — assuming you do in fact own your house. You could also try to get a stated income home equity loan if you’d prefer not to fill out tedious paperwork for income proof. Keep in mind that stated income loans of any type have a smaller chance of going through if you have bad credit. It doesn’t matter if you’re still making mortgage payments, either. As long as you owe substantially less on your home than what it is worth, there’s a very good chance you could get a loan based on your equity. If your credit score is really terrible, it might not go through. However, it’s worth a try if your financial emergency is extreme.