First up is the tried-and-tested method of asking a friend or relative for a leg up. If they have cash to spare, the lending process will be fast and easy, and there’s the added bonus of little to no interest added. Due dates on payment could also be negotiable to an extent. You must, of course, make sure that you do fully intend to pay them back, or suffer the risk of straining your relationship.
Then there are bank loans. Reliability, reasonable interest rates, and easy due dates are some of a bank loan’s biggest advantages. However, you will be required to submit to a credit check and to cite your reasons for applying. If your credit rating isn’t too peachy, you can try taking out a guarantor loan, where a co-signer – preferably a friend or family member with a good credit score and payment history – assures the bank that you will pay them back on or before the due date. The problem with this, however, is in looking for someone who is both willing and able to play the role of guarantor. If you have bad credit, therefore, it might be best to search for more alternatives for your 5000 loan online.
Finally, there are payday loans. Designed to answer to your short-term financing needs, a payday loan is fast and easy to apply for. Many payday loan providers even forego the credit check. You can qualify for your $5000 loan if you are over 18 and have a stable paying job as well as an active checking account. If you can satisfy these basic requirements, you are well on your way to securing your loan.
You can even apply for a payday loan or cash advance online, which adds convenience to the speed and ease of application. After filling out your form, all you have to do is give your lender permission to withdraw the payable amount, from your bank account upon the date of maturation. To get the best out of an online loan, search around the web for a reliable lending firm with the lowest variable interest rates or the best fixed interest rates.
There are, however, disadvantages to 5000 loans from payday loan providers. The ease and convenience comes at a high price in the form of added interest. Payment on these loans is also typically due within one or two weeks after approval and release. Finally, not all lending firms offer payday loans amounting to $5000. Therefore, this option is best only if you have an urgent need for fast cash and if you can find a payday loan provider who will offer you the amount you need at an interest rate you can afford.