Bad credit ratings can have a drastic effect on the chances of getting a loan from a traditional lender. It is understandable, given the conservative policies banks typically apply to people with low scores. So, even getting a $5,000 personal loan with bad credit can be quite difficult.Every applicant can be forgiven for wanting to get a loan with the lowest interest rate possible, but this is practically impossible if a credit score is very low. The score may not rule out the chances of approval alone, but higher interest means higher monthly repayments, which might be deemed too expensive.The good news, however, is that traditional lenders are not the only lenders around. By looking at some alternative options, it is possible to get your hands on a $5,000 personal loan. Here are three that can be recommended.Online LoansOnline lenders are known to offer far more attractive rates than traditional lenders, so getting a $5,000 personal loan with bad credit is far more likely. The array of lending firms and their particular offers is quite extensive, but by searching comparison sites it is possible to find loans with very good terms.In truth, the sum to be borrowed can be tricky, with most $5,000 deals requiring some degree of collateral. Ideally, a cosigner should be added to the application, which would mean the lowest interest rates possible can be secured. Some loans, such as online payday loans, have limits of $1,500. However, by applying for three or four in succession, the full amount can be had.Of course, the advantage with online lenders is that they issue approvals very quickly. So long as the applicant has proven source of income, a large enough income, and a working bank account, a $5,000 personal loan can be deposited within 24 hours.A Family LoanFor an increasing number of people who have difficulty in getting loans from banks, the family has become a source of financial support. In fact, in many respects, it is the ideal option for anyone seeking a $5,000 personal loan with bad credit, for a number of reasons.First of all, a family member is rarely going to turn down a realistic loan request, mainly due to the blood ties that exist. There is little need to prove an ability to repay, and there is no real reason to ask about credit scores. Approval is certain, provided the family member has $5,000 to lend, and in all likelihood, the lowest interest rates are assured, with most such loans available at 0%.However, even with a $5,000 personal loan, it is important to agree terms and sign them. This is not really to do with legal procedure but more to do with ensuring there is no confusion.Federal or Private Student LoansOf course, this relates to college goers only, but for many such people the need for funds to cover living expenses and college fees is pretty acute. The good news is that it is easy to get $5,000 personal loans with bad credit for college goers.The reason is simply because lenders tend to ignore low credit ratings completely, and the terms of the loans themselves are generally good so as to give students the break they need. One of the better points is that they come with the lowest interest rates, which lowers the debt considerably. There is often also a delay on repayments until after graduation.Federal loans like the Perkins or the Stafford programs can cover $5,000 personal loans for college related purposes. So, for those seeking finance while in college, they are a perfect option.