If we were all to be honest, we would have to admit there have been times when we needed cash, but did not seek a loan because of our bad credit history. We were convinced the poor credit score meant our application, even for a $5,000 personal loan, with bad credit would be rejected, so why bother?Well, such decisions were not well-founded as it is possible to get loan approval despite bad credit. All that is needed is to be creative in how the approach to funding is made. The fact that there are numerous loan options, and types of lenders too, makes this possible.The fact is that $5,000 is not a huge amount of money, and as such, a personal loan of that amount is not a very big gamble for a lender to take. Taking some time to look at the various options is well worth the effort. Here are some suggestions to help in the process.Emergency Cash FastOften, financial emergencies are behind loan applications. The problem is that the extra funds are needed practically immediately. Seeking $5,000 personal loans with bad credit is usually a stressful experience with traditional banks, but a payday loan is not.Payday loans are granted on the back of an upcoming paycheck only, so the approval process ignores bad credit scores completely. As a result, the approval process is lightning fast, and within a day, the cash needed can be deposited in your account. Of course, getting loan approval despite bad credit so quickly carries with it some consequences.For a start, the interest rate is exceptionally high while the repayment term is literally until the next payday. Also, the loan limit is very low, usually around $1,500. This means accessing a $5,000 personal loan requires taking out 3 or 4 successive payday loans. Some lenders may grant $5,000 and extend the term to 90 days, but be wary of the expense.A Family LoanWhile a payday loan is certainly the most expensive option available, arguably the least expensive is a family loan. This is because loans from family members frequently involve little or no interest. Also, getting a $5,000 personal loan with bad credit is straightforward.The positives include getting loan approval despite bad credit, since normally a family member knows the request is down to a real need, and the borrower is someone they know and trust. Flexible repayment schedules are also very common, with easy restructuring if the need arises.However, regardless of whom the family member is, it is important to write down all of the agreed terms of the personal loan and to have all relevant parties sign the document. This is firstly to ensure no-one is confused, and secondly that everything is clear for legal purposes.Options for StudentsOf course, it is necessary to be a student to benefit from student loans but it is a viable option when students are finding it difficult to make ends meet and to concentrate on their studies too. Getting a $5,000 personal loan with bad credit is not very difficult in the right circumstances, with both federal and private loan options available.But, there is a big difference between the two. Federal loans are much more affordable, with lower interest rates due to their support from the government. Also getting loan approval despite bad credit is no problem. But they are limited, so early application before college starts is best.Private loans come with higher interest rates, but unlike their federal counterparts, can be applied for at any time. But as personal loans, they are a sound option.