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An Easy 5000 Loan

Posted on January 9, 2010
Filed Under 5000 loan | Leave a Comment

Is it possible to get an easy 5000 loan? It certainly used to be the case. Almost without trouble you could borrow $5000 and spend the money and not worry too much if you struggle to repay the amount of money you have borrowed because there was always another land out there who would be prepared to lend you the money to repay the first loan.

However times have changed. The credit crunch has had a significant impact on the ability of lenders to lend money. Indeed one of the reasons why the government is injecting so much money into the economy through a process of quantitative easing is in order to encourage the banks and other financial institutions to lend more money to consumers. If consumers cannot borrow money they cannot spend money if they cannot spend money the economy suffers.

So back to the original question is it easy to get a $5000 loan? The answer to this question is relatively simple if you have a good credit score then borrowing $5000 will not be difficult. It has never been difficult for somebody who has a good credit history and never run into any difficulties with the payment on any of their financial obligations to borrow more money. However an easy 5000 loan is not so straightforward for somebody who has a poor credit history. This is known as bad credit and is usually denoted by a FICO score below 700 and almost certainly approaching 600.

If this is the case then this person will only be able to borrow a limited amount of money and will invariably be charged a considerably higher rate of interest than somebody who has a good credit history. So what can such a person do in this situation? Well they have a number off choices. They can either restructure their spending so that they are able to save the amount of money that they wished to borrow in the first instance and thereby avoiding the need to borrow any money. Or they can go about the process of credit repair so that they may get their FICO score back up over 700 thereby allowing themselves the luxury of being able to borrow money at sensible rates of interest. Or they can borrow the money and pay the additional interest.

The easy 5000 loan is therefore not real. If you are able to borrow $5000 easily then you probably do not need to. If you cannot are a the money easily been you probably shouldn’t be borrowing at all.

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