A $5,000 loan can be hard to get if you don’t have a lot of income or if your credit score is on the lower end. Those with an average income and a good credit score can look forward to a handful of loan options for $5,000.  Because lenders can be different from one another, there may be certain income and credit score minimums. Really, the only way to find out about eligibility with a loan is to apply for pre-approval. If you aren’t able to secure a $5,000 loan anywhere, there are options you can consider. Your first thought may be to take out multiple smaller loan options to get to that $5,000 amount. However, there are a few reasons that taking that route may not be the best financial decision.  For one, multiple loans will mean having to balance several monthly payments, which can be tough to do. Along with that, varying interest rates on each loan can mean a higher cost than just taking out a single loan. There is also the factor of numerous credit checks in a short period of time, hurting your credit score (which will be needed when applying for multiple loans).  Instead, the smarter option may be to add a cosigner or co-borrower to your loan application. A co-signer is someone who guarantees that the loan will be repaid if you cannot. They are equally responsible for paying back the loan, regardless of your actions. Both a cosigner and co-borrower should have at the minimum, fair credit and some sort of income. With this added security, a lender may approve you for a $5,000 loan. Personal loans and credit cards are the most common options when borrowing $5,000, and will likely be the first options you encounter. Personal loans are some of the most versatile loans available that are repaid in monthly installments. While credit cards are a revolving type of loan that can be used multiple times before you reach the credit limit. Your monthly payment can change depending on your credit card balance for the billing period.