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Need a 5000 Personal Loan

Tuesday, January 5th, 2010

If you are looking for a 5000 personal loan, there are many ways to go about obtaining a loan of this size.  Remember that obtaining a personal loan can be difficult for some, especially if the person that is trying to obtain a loan has bad credit debt.  However, for those with excellent credit history, there shouldn’t be a problem obtaining a loan for 5000 dollars.  This post will go through various ways to get a loan for $5000 and the requirements for obtaining a loan of this magnitude.  Remember that people with excellent credit (FICO score over 730) will have a much easier time than a person with bad credit (FICO score under (Anything under 600).   With increased scrutiny on lending practices, people with good credit are even having a hard time obtaining a personal loan for 2000.

5000 personal loans are usually obtained through a financial institution, such as a bank or a credit union.  In order to successfully obtain one of these types of loans, one will have to have a steady monthly income, good/excellent credit history and a low debt to income ratio.  Remember to bring any supporting documents to show that you have a steady monthly income.  Usually a pay stub or a bank statement showing the direct deposit from your employer will be adequate proof.  If you do not know your credit history, you can go to websites such as freecreditreport.com in order to see your FICO score from the top three credit reporting agencies.  Remember, that the “free” part in freecreditreport.com has some stipulations and in order to see your report, you will have to give your credit card number. 


After a certain amount of days (usually 5 days), your credit card will be charged for the full amount.
A personal loan up to 5000 dollars is best obtained from a local credit union.  Credit unions tend to have better interest rates than large corporate banks as they are willing to take on more local customers.

5000 unsecured personal loan are considered any type of loan that is not backed by collateral.  These loans can also be obtained through a financial institution or through an online lender.  Websites such as eloan.com can help you find the best interest rate and will scour the internet for lenders that are willing to work with you, regardless of what type of credit history that you have.  The only way that you will get a 5000 dollar personal loan is by trying as many financial institutions (offline and online) as possible and seeing what is out there for you.