$5,000 personal loans are commonly looked for online. However getting approved for a $5,000 cash advance quickly is not easy. As a rule, lenders do not lend that kind of money overnight or in the same day. Usually the highest fast loan you can get is between $1,500 and $2,000 on or offline.
Even if you are applying for a secured loan freeing up the money to you have it in your checking account within 24 hours is a stretch for all lenders. They’re processes are not meant to expedite funds to borrowers that quickly.
The time line from when you fill out the application form, to when you get approved, and to when the money is transferred into your checking account varies from lending institution to bank. You task to find a quick $5,000 is find the lender that can transfer the funds in to your account within 24 hours. In this piece we investigate the possibility of such a loan taking place.
Web Sites That Claim Fast $5,000 Personal Loans Are Plentiful
Don’t be fooled by web sites that claim fast $5,000 personal loans (secured or unsecured) are easy to come by. Usually these web sites use terrible English and were written by writers with a serious language barrier living in India or some Asian country. These articles are simply there so they can get your Internet visit.
If you are serious about a quick $5,000 loan it is going to take some time to find the right financial institution. We’ll try to help you with that here.
Different $5,000 Loans Available
For this example I will use a financial lending institution which is a Trust Company called Trustco Bank which provides consumer and business financial services on the East Coast of the United States. I know that at CLF we research lending primarily in California, but today we’ll fly across the country to Florida, New York, Vermont and Massachusetts, because these are the areas where Trustco does business.
So let us go to one of the Trustco web site pages that show their different consumer loan products. Open up a new browser and paste this web address into the address bar. Keep this article you are reading open while we look at the information.
http://www.trustcobank.com/rates/consumer_loan_rates.php
Notice the different consumer loans that come within the range of $5,000? That’s right – ALL of them. It just depends on what you need/want the money for.
Let’s look at these products with a little more depth:
Rate Amount New Car or Truck 4 to 60 7.5% APR $2,000 to $25,000 Used Car or Truck (3
years old or newer)4 to 48 8.5% APR $2,000 to $25,000 Unsecured Home Improvement
Loan4 to 60 8.5% APR $1,000 to $5,000 Secured Personal Loans 4 to 48 12.5% APR $2,000 to $25,000 Unsecured Personal
Loans4 to 48 13% APR $2,000 to $25,000 Property Tax Loan 4 to 36 9.9% APR $1,000 to $25,000 New Motorhome 4 to 60 9.5% APR $5,000 to $25,000 Used Motorhome (3 years
old or newer)4 to 60 12.5% APR $ 5,000 to $25,000 Personal
LOC (line of credit)Revolving 20%
$500 to $5,000 Debt Consolidation Loan
4 to 24 13% APR $2,000 to $25,000
As we can see in this lending product chart from Trustco they have varying APRs, varying terms, and varying loan amounts depending on what you want the funds for, but all ranges have $5,000 in them.
The most important factor with all of these consumer loan products is whether or not the loan is secured or unsecured. This makes all the difference – as you can well see in the above chart – with a personal unsecured loan having an APR of 13%.
For the purposes of calculating the APR and EAR of a personal loan for $5,000 we will calculate two different lending scenarios.
- Unsecured Personal Loan for $5,000
- Secured Personal Loan for $5,000
- New Car Loan $5,000
1. – $5,000 Personal Loan (Unsecured)
So let us do the math now. Use our loan calculator to the right of this article and enter in the information as below;
Loan Amount = 5000
Interest (APR) = 13.0
Years (48 month term) = 4
Days between payments = 30Click Submit Query
The calculation is presented as:
Loan Calculation Results
Total Amount to be payed: $6,326.83
Total amount of interest $1,326.83
Payments: $130.00
2. – $5,000 Personal Loan (Secured)
So now let us calculate your cost of borrowing with a secured loan.
So let us do the math now. Use our loan calculator to the right of this article and enter in the information as below;
Loan Amount = 5000
Interest (APR) = 12.5
Years (48 month term) = 4
Days between payments = 30Click Submit Query
The calculation is presented as:
Loan Calculation Results
Total Amount to be payed: $6,275.80
Total amount of interest $1,275.80
Payments: $128.95
3. – $5,000 New Car Loan
So now let us calculate your cost of new car loan. I can’t imagine someone buying a new car for $5,000 dollars unless it is a top-up loan and you just come up with the last bit of money for a $25,000 car or truck.
So let us do the math on a new car loan. Note: notice that the term is now 60 months and the APR is much lower at – as well, the days between payments is 14 (bi-weekly);
Loan Amount = 5000
Interest (APR) = 7.5
Years (60 month term) = 5
Days between payments = 14Click Submit Query
The calculation is presented as:
Loan Calculation Results
Total Amount to be payed: $5,944.70
Total amount of interest $944.70
Payments: $45.60
So you can see the drastic difference between a loan on a car or some sort of vehicle is much less costly. Why? Because Trustco will have the vehicle for security in case you fall in to delinquency.
With an unsecured loan your cost of borrowing is much higher because the lending institution is has a much higher risk potential.
So in conclusion you can see that getting approved for a $5,000 personal unsecured loan overnight, or within 24 hours is not likely. The lending institution will want to know what you want money for, and they will want to collect all your vital information.
Your best bet is to develop a lasting relationship with a bank, credit union, or trust company so that you can get a fast $5,000 cash loan with nothing more than your signature.
We would suggest that you try and get a healthy HELOC so that you can access more money instantly – of course you NEVER want to max out your LOC (or HELOC) because then you don’t have any rainy day monies on hand in case you lose a job, or you have some sort of emergency situation that requires and instant cash infusion of $5,000 or more.
If you do find a lender online claiming to lend you $5,000 quickly online you need to be wary of their credentials, motives, and intentions. You may find some “so-called” online lenders claiming to approve you for an instant loan but they may be just trying to get your SSN, your credit card number(s), or your checking account number(s) so they can pilfer your accounts.
Be careful there……ya hear?!
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January 15th, 2009 at 5:53 pm
I would like to get a $5,000.00 loan, I have bad credit and I am determined to get my credit back to the way it was. I have a steady job but I just can’t get a break I’m always short and stressed on how to get my life in order. Can you help me or direct me to a company that can. I want to get a loan to pay back everything at once and just have the one loan. I would be greatful for the help.
Regards,
Wendy Ricozzi
January 15th, 2009 at 7:39 pm
First off I need to know what State you are in. I’m assuming you are in the US of course?
Once I know what State and City you live in I can scour a little bit for you.
Carol
January 26th, 2009 at 8:20 am
I’m a single female, 53 years old and I inherited my mother’s house several years back and have 100% equity in it – no loans or mortgages. Due to losing my job and other errors on my part, I’m several years deliquent on property taxes and need approximately $6,000 to pay them off before my home goes to auction very soon. I’ve been with a new employer for over two years, make about $15,000/year, and have no or poor credit. I had a loan approved before the banks collapsed but found their was a title error from the probate court. Took a while to get that resolved, but by then the bank crisis was going strong and my options seemed to disappear. If I can just pay off the deliquent taxes before it’s too late, I can catch up once and for all. I’m sure I could meet all repayment and current/future tax obligations as my personal living expenses are low, and I don’t have any other loans/payments due. I have lived in this house for many years and it is my primary (only) residence. City of Covina, Los Angeles County, California. A house with 100% equity for a $6,000 loan seems like a safe bet for a lender, and I’m obviously motivated (by pending homelessness) to be a good customer and repay. I’ve been absolutely sick over this for months. PLEASE, do you have any suggestions on help? I’d even do a “private” secured loan if that’s legal or available. Thank you so much!
January 26th, 2009 at 11:09 am
Sorry, just realized that there was a typo in my email address. I think it’s fixed now.
January 30th, 2009 at 6:20 am
Hello…Does anyone monitor this website?
January 30th, 2009 at 9:13 am
Absolutely Anne (and welcome to your 50s). Ok. If you have 100% equity, have you gone to your bank and asked for a HELOC (Home Equity Line of Credit)?
January 31st, 2009 at 8:15 am
Hi Carol, thanks for the reply! Yes, I’ve contacted my bank as well as a couple of others. Unfortunately, the mystical/magical/arbitrary FICO score, combined with recent bank paranoia, seems to have trumped common sense. Banks gave so many $400,000 home loans to people making only $30k/year that they now seem to only want to lend to those with established, relatively good credit (which I don’t have, as mentioned.) After all, untl recently, they weren’t even lending to EACH OTHER!!! If 100% equity in a single-family detached house appraised at even a LOW $200,000 doesn’t even merit a loan of less than 5% of the home’s value I just don’t know what to say! Even thought my income is low, my only expenses are the “basics” – utilities, food, etc. The two biggest expenses that most people have, I DON’T HAVE – i.e rent/mortgage or car payment. I really don’t care about the interest rate as I expect it to be higher due to my less than stellar credit. If the loan length is sufficient to keep the paments relatively low (which shouldn’t be a problem), I can be build-up my credit and work on increasing my income to pay off the loan sooner, if possible. If not, at least I don’t lose my home for $6,000. The County charges 18% interest on their 5-year repayment plan (which I don’t qualify for due to certain deadlines.) So a relatively high-rate loan doesn’t worry me that much – but losing my house in a couple of weeks DOES scare me! So there you are, you have my info and I guess it’s cards on the table time… do you know any lenders in my area that are still capable of identifying an almost zero-risk loan? If a lender manages to lose a penny on a $6,000 loan to someone with 100% equity, then that lender probably *should* go out of business! Any specifics would be greatly appreciated. Thanks again for any help you can offer. Take care!
January 31st, 2009 at 9:24 am
My goodness. How ridiculous is that – that you have solid home equity and only need $6000 to clear off taxes! Outrageous as the banks get their bailouts and not give you a loan.
OK. I might have a solution for you that is totally unique. Have you ever heard of Prosper!
You can login for free and ask for a loan and hundreds of different people donate to your loan for a pay back in interest. It’s a revolution in the world of lending.
Please go take a look here;
http://www.prosper.com/
Sign up and then request a loan for your amount and yes, your interest rate may be 13-15% BUT at least you have warded off the tax man. You just pay back the loan using the Prosper web site and all of the people that lent you the money will get their money back with interest.
This is a serious bank killer and I love it!
So what happens is that people all over the United States will lend you little bits and sometimes one big investor will lend you the whole amount. Either way your interest rate is the same whether these private lenders lend you $38.98, $5000, or $456.98.
It’s the same way Barack Obama raised so much money online from private small donors instead of using big investors like the way all the OLD SCHOOL politicians did it.
Make sure to provide ALL of your information.
Please come back and tell me how you do at Prosper!
February 4th, 2009 at 11:56 am
Please fax me over an application. Our fax number is: 609-530-2661. I need one today as soon as possible. I’m desperate need of a loan. Thanks
February 8th, 2009 at 11:22 am
Hi Debra,
We don’t give loans – we just talk about loans and personal financing.
February 19th, 2009 at 8:57 pm
Hi,
I am in need of (yes, I know you’ve read this a million times)a $5000 unsecured personal loan with a mid 500 FICO. I live in California and am about to scream, what a few months ago would probably have just made it – now seems a little trickier. Can you help
April 15th, 2009 at 3:19 pm
Hi Sue,
Did you get the loan you were looking for?
If you did, could you comment on the terms of the loans and how much the principal and interest was.
Really curious to what each individual borrower gets in the way of terms as far as cost of lending goes. Especially now in the current economy.
July 27th, 2009 at 10:42 pm
[...] from the suburbs, cities, and rural communities all across the United States; “I need a personal loan fast and I have bad credit!” – “I need a loan quick but no-one will give me one [...]
August 18th, 2009 at 8:30 pm
need a loan
September 8th, 2009 at 10:31 pm
[...] you have over $5000 owing in payday loans, your bank may still help you out with a personal loan, but they may not. Why? [...]
September 11th, 2009 at 4:33 pm
Do you have to be a local member to apply for a loan, also do you approve people with bad credit? I need to pay off $5000 in payday loans so I can get back on financial track. Handling a once a month loan payment will not be an issue.
September 18th, 2009 at 9:24 pm
Hi
I am a single person 21 years old. I need five thousand dollar loan. Can
you please help me where should I get it?
September 21st, 2009 at 9:08 am
Sarah,
First off – where have you tried so far to get a $5000 loan from? The bank you have your accounts with, relatives, any bank.
What is your FICO score at, and what is your total personal debt? That info is critical before any loan advice is really possible at all.
October 13th, 2009 at 5:27 pm
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[link removed: please don't use California Loan Find to advertise. You are welcome to come by and take part in the conversation any time]
December 19th, 2009 at 1:29 am
[...] the first article on micro-loans we discussed what to do if you need a $5000 loan quickly. There has been many a thousand borrowers on that particular lending product informational – [...]
April 23rd, 2010 at 11:09 pm
Hello, im looking to get a 5000 loan for a usd auto. i live in Gilbert, AZ, i justed started working for a new company, i know that scares lenders, but i worked for my last company for 12 years, before i decided to move to Arizona in march of 2010. my credit is not the greatest, in fact its pretty poor, i the process of rebuilding, but my income is not a problem, im looking for a lender who will take a chance, from thier perspective, and help me out.
May 3rd, 2010 at 6:48 am
Benjamin – did you get approved for that loan you needed?
If you have a full time job you should find someone who will lend you the money – you might not like the interest rate – but you should get the money.
May 7th, 2010 at 5:51 pm
I live in West Springfield, Ma 01089. United States of course. I need 5 grand for a new vehicle so I can keep my job, that makes me $12.50+ an hour, and continue going to school. I have zero credit, as I am young and never established any, and need help. Could you help me find a place that will grant me this loan?
May 27th, 2010 at 7:29 am
I NEED A 5000 LOAN TO PAY OFF EVERYTHING AND GET A CAR REPAIRED. WANT TO HAVE JUST ONE LOAN TO REPAY. 24YRS ON THE JOB AND I LIVE IN STLOUIS. I CAN AFFORD 200.OO A MONTH AND I GET PAID BI-WEEKLY..NEED IT ASAP PLEASE HELP
July 28th, 2010 at 3:02 pm
Do you guys get approved with somebody, and if you did, who with?? Was it any one of our lender list?