Well, you just realized you need some dough to get from where you are to where you want to be. Maybe you are wanting to go to massage school and it isn’t covered by traditional student loans. Or maybe you want to start a small business. You could take out a $5000 personal loan to get started on chasing your dreams today.
Did You Know You Could Get A $5000 Personal Loan?
Maybe you didn’t know that. Maybe you thought unsecured loans were all really small.
Maybe you thought you could only get $5000 if it was secured, like with a car loan. The car serves as collateral and can be taken back if you can’t pay.
But, no, $5000 personal loans exist. They tend to be for more serious commitments, like:
- Medical expenses
A somewhat large personal loan for business makes sense because it should make you money. This will help you pay it back.
It’s not a good idea to use this kind of money for an exotic vacation or similar indulgence. If you have to borrow to pay for a vacation, you can’t really afford it. You should just do a staycation instead or find something cheaper and closer to home that you can cover.
A $5000 Personal Loan Will Be A Long-Term Commitment
This is more than a payday loan. At a minimum, you are probably talking about 12 months installment loans.
But even at that, that would be a hefty monthly payment. So you may be talking long term personal loans of a few years.
So make sure you think it through and know why you want this much. Try to make sure it will either save you more than it costs you or make you more than it costs you. That’s the test for when it’s good debt versus bad debt.
You May Need A Little More Paperwork.
Small personal loans, like payday loans, require very little paperwork. You may show up with your ID card and a print out of your last bank statement and get a hundred dollars or more within the hour.
This is not the case with a $5000 personal loan. They will probably want to run a credit check. They may want more than one bank statement or other paperwork.
Be prepared for this to be a bit more work to get. It’s a bigger commitment, so it’s a bigger deal to make it happen.
Let Us Help You Find A $5000 Personal Loan.
The good news is that TheGuaranteedLoans is a matching service. It’s our business to help folks just like you find what you need. We keep information on hand to help you find the right product.