A $5,000 Loan You Can Actually Qualify For

by Anita Vasquez

Since late 2008 it’s been a pretty tough proposition to qualify for any loan – whether you’re trying to buy a house, a car, new furniture, and even if you’re just trying to borrow a little cash to grease the wheels of your family’s finances for a week or two. But guess what? For the right kind of borrower, bad credit personal loans 5000 are not only possible, it’s probable. Banks got very very tight with their funds over the last year or so, but now that the nation seems to think it’s in some sort of recovery they’re starting to let the money flow a little more. Of course, they’re not handing it out to just anybody, especially not if you’re looking for a multi-thousand dollar loan.

Getting a $5000 loan no credit check, or any kind of loan for that matter, starts with your credit score. I hate to break to all of you whose credit took a total nosedive in the last year or so – banks don’t want to lend money to people whose credit scores don’t start with a ’7′ these days. But if your credit score is above 700, then a good credit $5,000 dollar loan is well within your reach.

Here are a few other criteria you’ll need to meet before you can borrow this kind of money: a steady income you can prove with real documents – that means check stubs or tax returns and a debt to income ratio that doesn’t make the bank queasy. They’re pretty adamant these days about people not borrowing money if the additional payment is going to throw them into financial turmoil, cause them to miss mortgage payments and every other payment, and thus lose the lending bank – and quite a few other banks – big sums of money.

We should also make it very clear right here, right now, that there really isn’t such a thing as $5,000 loans with no credit check. Well, I guess there is one loan of that nature – it’s called hitting up your Uncle Rick and/or your cousin Skippy for the money. If they’re not giving it to you, you can rest assured no bank will touch you either.

In the end, this kind of loan is like any other – it will come easiest to people with good credit and high incomes – in other words people who don’t generally need to borrow money. Your goal, then, is to become a person that doesn’t need to borrow money. As soon as you accomplish this you’ll have banks falling over themselves to give you any loan you want.

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