Oh, no, your child is going off to college. You forgot about it. You need $5000 fast to cover his college entrance fee. How can you get this money?

You can borrow it.  There are two types of loans available to you. You can get a secured loan or an unsecured loan.
Secured loans are loans where you pledge something that you own free and clear as collateral for the money. If you do not pay the loan back, the lender can take whatever you pledge.  The lender would have to go through a legal process to do this . You get to use whatever you have pledged while you are making the payments. It is only if you do not make the payments that you lose your collateral.

This loan for 5000 takes longer than an unsecured loan.  This loan requires more paperwork and is more complicated. The interest rate on a secured loan is usually less. Often the lender will want a high credit score for this type of loan.

Unsecured loans are loans where you promise to repay the money. These are simple loans. You can have the money very quickly. The lender may not care how you have made your payments in the past. The lenders do care that you have enough income to repay the loan. The interest rates on these loans are usually higher.

You can borrow $5000. How much extra money you will have to pay the lender depends on which loan you get and on your personal situation.
Some lenders will let you make smaller payments than others.
You did get a loan for 5000. Lenders are glad to give you their money.  When you borrow money from them to pay the college fee, your child gets to go to college.  The lenders are happy, they could help you and they will make money.