Bad Credit Personal Loans for $5,000

So you need $5,000 in cash and you have bad credit. You might have to opt for a bad credit personal loan. Face it. Times are tough. Many folks have taken some pretty bad hits on their credit reports. Now you find yourself in the bad credit category and your financial situation right now is demanding a cash infusion of around $5,000. It can happen. Bad credit personal loans do not differ too much from loan made to folks with good credit, except for the interest rates.Try The Brick and Mortars FirstWhen you are in need of a substantial infusion of cash, you should check with your bank or credit union first. Some banks, usually the smaller ones, and especially credit unions, may be willing to underwrite a loan for a member who has been with them for awhile. If you have performed successfully on bank or credit union loans in the past, that will certainly help.Another thing that will be in your favor is if you have held checking or savings accounts with the institution and they have been in good standing. Not too many overdrafts are showing, for instance. And your success will be further boosted if you hold retirement or investment accounts with the bank or credit union. Whatever the situation, check with your brick and mortar institutions first. If that is a bust, read on.Bad Credit LendersDo not scrunch up your shoulders when you hear it. It is a fact and it is something you have to face. A handful of certain lenders may be available in our community who will do personal loans in the $5,000 range. They are not always easy to find. Check phone books and business directories. These guys may require you to show proof that you have paid many of your debts on time. Show them mortgage payments, auto loan records, credit card bills, or anything that could show up on your credit.Use ProsperAn online lending marketplace is available. Called Prosper, it allows you to place an ad of sorts. Once your financial profile is out there, it allows private individuals to bid on your loan. This may have the feel of advertising on a lonely hearts page, but it is a great way to get funds without having to worry about someone tearing through your credit reports.Payday Loans and Cash AdvancesOnline or as store front shops in your community, there are payday and cash advance lenders. Your best bet would be to go online and just punch personal loans into your browser. You will probably be surprised at the number of lenders out there and the variety of rates, terms, and conditions they offer. You may even find a lender willing to offer you the entire $5,000.If not, you could use combination of payday loans and cash advances to get to $5,000. Sometimes the top you can qualify for is around $1,5000 per loan. You might need to grab four or five of these to get the money you need. However, having four or five payments due all at the same very short period of time could turn into quite a nightmare. Also, some states have lender networks designed to report such activity to prevent it.