You have limited options when looking for a $5,000 loan with bad credit. Usually, short-term loans are your best bet. While these can be fast, they can also be costly.
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- Min. Loan Amount: $500
- Max. Loan Amount: $10,000
- Loan Term: 90 days to 72 months
- Turnaround Time: As early as 1 business day
- Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
Where can I get a $5,000 loan with bad credit?
If you have bad credit, you’re generally limited to installment loan providers. These loans come with several repayments, usually over a three to 18 months.
Often you can apply online and get your funds in as fast as the next business day. But like with many short-term loans, these can come with triple-digit interest APRs, depending where you apply.
Compare $5,000 loans to apply for today
How do I apply for a $5,000 loan online?
- Compare lenders. Compare how much lenders offer, rates, terms and eligibility requirements to make sure you have a $5,000 loan you can afford.
- Fill out the application. Go to the lender’s website and complete the application. Want to use a lender from our table? Click the Go to Site button to get started.
- Review and submit. Double check your application for mistakes before submitting it.
- Upload required documents. Typically lenders ask to see proof of income, bank statements and a valid photo ID when you apply for a $5,000 loan.
- Sign and submit your agreement. Carefully read your loan’s terms and conditions before signing anything.
- Get your funds. Most lenders offering this amount can send it to your bank account as soon as one business day.
What to consider when comparing $5000 loans
- The convenience of an online application. The convenience of online application forms and quick approval systems can save you time. You’ll also have a chance to compare a range of credit providers, improving your choices.
- There are minimal or no credit checks. It’s common practice to find difficulty being approved for a personal loan from other credit providers if you’ve got a bad credit history. Getting a bad credit unsecured loan gives you access to lenders who look at your current financial situation when considering you for a loan, and if you have major credit problems you can consider a no credit check loan.
- The simple repayment terms. You’ll generally have your repayments lined up to when you get paid, and some lenders will give you the option of how to make repayments. Direct debit repayments are offered by most lenders as you don’t have to worry about making the repayments yourself, you just need the money available in your account.
- The loans are high-cost. Due to high risk of this loan the lender will usually charge a higher fees. However, keep in mind fees are capped by state regulations.
- Loans over $2,001 come with high interest. While loans under this amount typically come with set fees instead of interest rates, loans above this amount typically come with rates maxed at 36% in most states.
- Disreputable lenders operate in the bad credit loans space. There are many disreputable lenders operating online who prey on people with bad credit, so make sure you evaluate the lender before you apply.
Tips on getting approved for a loan with bad credit
There’s no one surefire way to ensure you are approved for a loan application. When you’re considering applying for a loan and your credit history isn’t perfect, keep the following tips in mind:
- Check the eligibility criteria before applying. Lenders have set eligibility criteria which you can check on finder.com review pages. Check to see if you meet these criteria, and if you’re unsure, you can call the lender to discuss your situation.
- Order a copy of your credit report. While you may think you have a good idea of your credit history, your credit file is the only true record of your financial history and what lender’s will use to judge your creditworthiness. You can order a free copy of your credit file from the main credit reporting agencies in the US.
- Compare your loan options before you apply. Every application you make shows up on your credit file, so make sure you compare your options before you apply to minimize the amount of applications you make.
What to avoid with bad credit unsecured loans
There are several risks associated with bad credit loans that don’t require collateral. Here’s what to avoid:
- Not being cautious. Taking out a bad credit personal loan can come with high fees and inflexibile terms.
- Not considering the affordability. Make sure you check twice before applying for a bad credit unsecured personal loan up to $5,000–the repayment period is much shorter than standard loans, meaning your repayments can be quite high. Lenders usually offer calculators to show an indication of your repayments.
- Not considering the fees as well as the interest rate. Lenders may charge you an interest rate as well as fees and other charges. Check these before you apply and consider the total cost of the loan.
4 quick ways to borrow money compared
|Type of lender||Typical interest rate||Estimated turnaround time|
|Traditional bank||14%||Preapproval decision in 1-3 business days|
Funding within 7 business days
|Bad credit online loan||29.20%||Preapproval decision same day|
Funding within 1-3 business days
|Payday loan||319.38%||Preapproval decision right away|
Funding as soon as next business day
|Peer-to-peer personal loan||8.86%||Preapproval decision same day|
Funding within 7 business days
Need a little less? Compare more installment loans from top online lenders
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