The worldwide economy today is abysmal and it is no secret. Since the recession began in 2008, there are many people who have suffered through job loss, ballooning mortgage payments and general malaise within the market. It is no wonder that more and more people are faced with bad credit and nowhere to turn.
This circumstance becomes even more dire if bills are insurmountable or if an emergency situation comes up where you have no choice but to find cash quickly. Many people are aware that there are ways to receive $5,000 through a bad credit personal loan. However, they may need more information on how to get this money. This article will review the options available to those people with bad credit who need $5,000 now.
Choice #1: The Friendly Loan
Being in an economic pinch because of an emergency such as a car repair or medical bill, the most obvious choice is to find a friend or member of your family with the money to loan to you. This way, you do not need to endure a credit check and you can usually get the money soon after you ask for it. However, it is of the utmost importance that you repay this loan and draw up a scheme to make sure that this happens. That way, you preserve the relationship.
Choice #2: The Company Loan
Another great option, especially if you work for a small company, is to ask your boss to see if he can loan you the money or advance your pay. This way, the payments you need to make can come directly out of your paycheck, eliminating the issue of how to make repayment. Similarly, industries that offer credit union support to their employees may be able to help in a pinch, even if your credit is less-than-perfect.
Option #3: The Cash Advance Loan
If you do a basic internet search for personal loans, you will find that there are literally dozens of lenders who will quickly help you out in securing fast money. These loans are widely available regardless of credit, but it is still important to take the time to compare rates and terms among lenders as well as review their rankings through the Better Business Bureau.
If you do decide to look for a personal loan in this way, you need to be prepared with a few simple items: photo identification, a bank account, proof of residence, and proof of employment.
Option #4: The Pawn Shop
A real last resort for many people in a hole financially is to get quick money through secured personal items such as jewelry and electronics. These loans are usually immediate once the value of the item has been determined, but it is important to make sure that if you utilize a pawn shop for a loan that you will have the money to repay it quickly, generally within a few weeks. This is because failure to repay these loans will result in the pawn shop selling off your items. For that reason, is it really important not to pawn anything that has specific sentimental value to you such as family heirlooms and wedding rings.
There Is a Light at the End of this Tunnel
Bottom line: if you have bad credit and you need a personal loan, there are many ways for you to acquire them. There are lenders online who are in the business of working with those who have bad credit and if you are persistent enough and do your research you can and will find a solution to meet your needs. The trick is to remain steadfast and use this opportunity as a wakeup call for the need to begin to rebuild your credit.