Getting $5,000 Personal Loans With Bad Credit: Not an Impossibility

Everyone finds themselves in need of extra cash at one time in their lives to deal with some financial problem. The worry is that a poor credit rating will ruin the chances of getting approval, but it is possible to even a $5,000 personal loan with bad credit.The list of reasons why a lump sum of $5,000 might be needed is almost endless, ranging from financing a vacation to clearing a pressing debt, like a credit card debt. But getting loan approval can be tricky if the right approach is not made, and if the criteria are not met, then rejection is practically guaranteed.Lenders are open to approving applications from people with poor credit ratings, but of course, they will charge high interest rates and offer less than excellent terms. The good news is that for practically every kind of situation, a small or large personal loan can be secured to deal with it. Here are just 3 of them.1. When Students Are in NeedIt might not be enough to pay tuition fees, but students are frequently in need of extra cash to pay for living expenses. The fact that they have no income means that a bad credit rating is only to be expected, but even they can secure a $5,000 personal loan with bad credit.They are referred to as student loans, but in essence are personal. The only difference between the two is the repayments schedule, which only begins after graduation for the student option, lifting much of the pressure. But by getting loan approval, a student gets an opportunity to catch up on rent, or clear mounting credit card debts.Approval is dependent on a promise of repayment, however, but like any large personal loan, as long as the right boxes are ticked, then lenders are happy to grant the loan.2. Genuinely Personal FinancingAs already mentioned, a personal loan can be used for any purpose. But when applying for a $5,000 personal loan with bad credit, it is a good idea to tell the lender exactly what the cash is for.It may be that several purposes exist, but convincing the lenders that the intentions are constructive is a big help toward getting loan approval. But that is not to say that lenders will be convinced, in which case a plan B is necessary. The best option is to approach a family member for what is a family loan.This is usually a safe loan bet, with family rarely rejecting a request. However, it does rest on the idea that someone in the family has $5,000 to spare. A large personal loan can be hard to finance, though a group of people can sometimes come together to raise the funds.3. Payday Loans for EmergenciesThese are not the best loan deals, with interest rates very high and loan limits usually low, but if emergency funds are needed fast than a payday loan is ideal. But getting a $5,000 personal loan with bad credit is difficult unless the monthly paycheck is greater than $5,000.Most payday loans have a limit of $1,500, but with some careful negotiation it is possible to raise the limit. Even if that is not possible, borrowers can get a series of loans to add up to the sum of $5,000. This can prove expensive when getting loan approval on so many deals separately.However, payday loans are sometimes repaid over as short a period as 3 months. Time can range to a maximum of 90 days, which is still quite short loan term. However, a large personal loan is practically impossible to secure if there is no sign of income.