Even With Horrible Credit – Four Nontraditional Venues to Get a $5,000 Loan

Almost everyone was affected by the recession, and the ability to borrow and lend has been rather slow among traditional financial institutions. Most consumers with high credit scores are still able to secure loans with attractive interest rates and repayment terms. Folks with mediocre, or especially horrible, credit ratings are having a lot of trouble getting loans from banks and other traditional institutions, even for loans less than $5,000. Banks have learned their lesson with irresponsible sub-prime lending and are reluctant to have a repeat. In spite of all this gloom, there are nontraditional lending venues that will help bad credit borrowers with loans up to $5,000.Nontraditional Private Bad Credit LoansFlexible repayment terms, none or low interest rates, and no documentation are the positive points of private loans generated by friends and family members. Your friends or family will not run credit checks or charge exorbitant interest rates. Even if you are jobless, they understand the challenges you face. If you are in need of cash fast, borrowing from friends or family is one of the best ways to get your life back on an even financial keel.Nontraditional Company Bad Credit LoansVery often, borrowers are reluctant to approach friends or family members for loans. Embarrassment may arise about revealing personal problems to loved ones or other reasons may exist. If that is the case, the next best bet would be to approach your employer for a $5,000 bad credit loan. Many employers are usually eager to assist their employees who have been loyal and longstanding. Indeed, many employers or firms offer loans and subsidies as part of motivational packages. Even if these are not evident, it is always worth asking about. Also, loans generated by firms or employers offer easy payment terms at little to no interest rate. Also, the company can take payments directly from the paycheck.Nontraditional Unsecured Bad Credit LoansShould the above ways to get a $5,000 bad credit loan fall through or you have decided to sidestep those venues for whatever reason, there are still more options. Banks and credit unions are not the only lenders available. Lenders exist who offer loans to people with bad credit. Many of them do business on the Web and this can result in rapid application processes. These lenders are usually able to approve a request for financial assistance even if others have been reluctant to extend you credit. Approval can be quick.Nontraditional Pawnshop Bad Credit LoansIs your credit really ugly? If you need cash urgently, consider using the services of a nearby pawnshop. There is a catch, of course. To obtain a loan from a pawnshop your must have items of value to use as collateral. Call the pawnshop and ask what items they accept and what kind of money they can offer. Then, take the item, or items, to the pawnshop. The keeper will appraise the value of the items and offer you cash on the spot. When the time for the loan comes due, return with enough cash to redeem the items. If you do not redeem the items, the pawnshop has the right to sell them for whatever they can get. Sometimes they will offer extensions for more interest.Please remember that a bad credit report does not necessarily mean you have no venues to get a loan. Nontraditional bad credit loans for up to $5,000 can be found if you look around.