Most lenders offer personal loans of $5,000 — and a few installment loan providers also offer this loan amount. We reviewed over 260 personal loan and short-term lenders to help you find a $5,000 loan that’s a good fit for you.
Compare $5,000 loans for bad credit
These providers offer in the loan amounts you’re looking for to all credit types — even if you have a 580 credit score or lower. But watch out for high interest rates with installment loan providers, which can reach 300% APR.
Best for …
Direct deposit, meet minimum income requirements, live in eligible state
You can get a $5,000 loan by comparing lenders that offer this loan amount and submitting an application. Online personal loan and installment loan providers can get you funds as soon as the next business day, while banks and credit unions can take as long as a few weeks.
Where can I get a $5,000 loan with bad credit?
If you have a bad credit score — or a credit score below 580 — you’re generally limited to installment loan providers. While a few personal loan providers also accept credit scores in this range it’s not common. Installment loans and bad credit personal loans come with much shorter loan terms than traditional personal loans, ranging from three to 18 months.
Often you can apply online and get your funds as fast as the next business day. But like with many short-term loans, these can come with triple-digit APRs, depending where you apply.
That depends on your interest rate, fees and loan term. Most lenders display an annual percentage rate (APR), which includes the interest and fees you would pay over one year.
Personal loan interest rates usually run from 6% to 36%, while installment loans usually run from around 100% to 300% APR. Generally, rates and terms vary depending on factors like your credit score and income.
Use our calculator to see how much a $5,000 loan might cost you each month.
How do I apply for a loan online
Follow these six steps to apply for a $5,000 loan:
Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an option you can afford that accept your credit score range.
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 $5,000 loans
Weigh these factors before applying for a loan.
Most personal loan providers offer $5,000
Available at banks, credit unions and online
Options for good, fair and bad credit scores
High interest rates with bad credit
Limited options for credit scores under 670
Not all installment loan providers offer this loan amount
Watch out for high costs
The biggest risk of taking out a bad-credit installment loan is the high cost. Most come with an intererst in the triple digits, high fees and relatively short repayment terms, making for high repayments that can be difficult to afford.
3 tips to get approved for a loan with bad credit
There’s no one surefire way to ensure you’re approved for a loan, though the following may be able to help:
Check the eligibility criteria before applying. Most lenders have specific requirements you need to meet in order to qualify. If you’re not sure you’re eligible, call the lender’s customer service team to discuss your situation.
Compare options before applying. Every application you submit shows up on your credit report and lowers your score. To avoid this, compare lenders before applying to find the best fit for your needs.
3 alternatives to $5,000 loans
Consider these options if you’re not sure you need exactly $5,000 — or want to qualify for a lower rate.
Credit card. Many credit cards have credit limits of $5,000 and above. While credit cards have higher APRs than personal loans, some new credit cards come with a 0% promotional APR for the first six to 21 months. This makes it a cheaper option if you can repay your loan during that time — though you typically need a credit score of 670 or higher to qualify.
Line of credit. This option gives you access to cash as needed for an ongoing project, so you don’t have to overborrow when you think you might need $5,000 but aren’t sure.
Home equity line of credit (HELOCs). For a lower rate, back your loan with collateral by taking out a HELOC against the value of your home. HELOCs are commonly used for home improvement projects, though you can use it for most personal expenses.
Explore other loan amounts and repayment terms
Need to borrow more than $5,000? Less? Check out these other guides:
That varies depending on the lender. Many online providers offer funding as soon as the next business day. But banks and credit unions can take more than five business days to fund your loan.
Is having a checking account necessary?
Most lenders require applicants to have operational checking or savings accounts where they can transfer funds electronically.
Will a late payment on a loan affect my credit?
While not all lenders report on-time repayments to the three major credit bureaus, most will report any late or missed payments.
What happens if I know my payment will be late?
Reach out to your lender’s customer service team before you miss the payment — many may be willing to work with you.
Can I get a $5,000 loan with a 650 credit score?
Yes, in fact most lenders that offer loans to borrowers with your credit score offer this loan amount. But your options are slightly limited with this credit rating. Since you’re only 20 points shy of good credit, try to improve your credit profile by paying off debts or checking your credit report for errors before you apply.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.