The 5000 loan has taken over the internet. I don’t know if $5000 is a common amount of money that people require, but I have been unable to find any true program called 5000 loans. It is rumored that banks offer loans up to 5000 with no credit check if you’ve maintained a checking account for a year and earn more than $1000 per month. These sites are very aggressive, with shady comments at the bottom saying how the loan changed their life. No loan is going to change your life, think about it. They are just hoping that in your need you will rush into a bad decision. Often these businesses aren’t real and will collect your fee money and vanish. If the front page of the site has spelling mistakes it’s not a good first sign.
I suspect the 5000 personal loan is an internet invention intended to collect fees from unsuspecting people. If you need a 5000 cash loan and have a low income, you’re going to have to offer some collateral. It’s hard for anyone to have confidence that the loan will be paid back if there is not money coming in. The 5000 unsecured loan just isn’t feasible. By offering something of value to be tied to the loan you’re proving to the lender that their note is safe.
Let’s evaluate why that would be crazy for any bank to offer this service. If you borrow $5000 for 10% per year on a 3 year loan the payment would be $161 per month. If all they required to make this loan is $1000 per month income this loan would cost you 16% of everything you make. That is a big risk to take without seeing how much you currently pay to other people. Food generally costs around $200 a month and rent around $500 a month for low end income. That is 70% of everything you make right there. That doesn’t leave a lot of room for another $161. There is no way banks that intend to earn money could make this loan without looking at your credit history. If the government forced it on the banks it would be offered as a welfare program through the social services offices and not online.
If you are this situation you should really consider why you need a 5000 dollar loan. Living above your means is no way to ever become wealthy. Loans for 5000 aren’t going to change your world. It will more likely provide you some temporary relief from your problem, but leaving you a payment you can’t consistently afford. What things actually cost $5000? If you need a car just talk to a used car dealer, if you need a vacation you must save for it, if you need medical treatment the hospital will care for you and work a payment plan you can afford. There is nothing you have to have that you need loans for 5000. Money troubles are the core of most relationship troubles. If you are married I especially urge you to avoid the 5000 loan. However, if what you are really looking for is an actual loan for $5000, then read the other articles on this site to find out some different ways you can get a $5,000 loan.