Posted by : Timothy Brogan
Searching for $5,000 Personal Loans
By Chris K. Kay For Money Now! USA
Recently we had a call to our MoneyNowUSA.com offices from a customer on the east coast who had taken out Five $1,000 payday loans to get her desired loan amount of $5,000. I told her I always advise against taking out more than $1,500 in payday loans at any one time one time. Payday loans should be used short term, and only a few times a year. Payday loans are a great product if used correctly, but this was not the best idea.
The customer asked me where the $5,000 personal loans where located on our site, I told her that when she applies for a loan at MoneyNowUSA.com we automatically seek out the highest loan amount – including personal loans and installment loans to $5,000.If she was directed to the installment loan or payday loan page, she simply did not qualify for a premium loan.
Currently there are not many lenders who offer loans above 2,500 and just a couple that offer $5,000 unsecured. The funding rate ( meaning the percentage of loans that get funded compared with total loan applications ) is currently around 2% . Unless your credit is pretty darn good, and everything else is prefect – the likelihood of getting a 3 year unsecured loan with a low interest rate is only around 2%. This is why most likely you will not qualify for a loan to $5,000.00
You do have a good chance at getting 4,000 – We do have a pretty high accept rate for installment loans ( 9-12 months to pay Up to $5,000 ) and many borrowers have received $1,500 payday loans and 2,500 installment loans for $4,000….
Remember – If you cannot get money from an advance on your credit card, then this may be the next best thing. We know that over the last 5 years our borrowers have Bad Credit 96.5% of the time…
A few years ago lenders were funding loans up to $15,000 with bad credit – but not anymore…These are tough times in deed.
Recently a company in San Diego that did Excellent credit personal loans “First Again” also stopped funding unsecured loans. This company funded loans for borrowers with perfect credit and incomes above 100,000 a year.
Right now – It’s very simple: banks want security. After the financial crash 13 months ago, all risky loans have been removed from the market.
If you have any questions about how to free yourself from debt, or taking control of your finances please email me directly at Chris@MoneyNowUSA.com