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How to be approved for a $5,000 loan with bad credit

Need to borrow up to $5,000 today? Compare your loan options, even if you have bad credit.

When you have a poor credit history, you’re usually not eligible for a loan from a bank or traditional credit lender. However, there are other loan options available. All you’ll need is to show that you can repay the loan by providing evidence of a regular income.

NetCredit Personal Loan

NetCredit Personal Loan Offer

You could borrow up to $10,000 and get an interest rate personalized to your credit score.

  • Recommended Credit Range: Fair or better
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $10,000
  • Loan Term: 6 months to 5 years (varies by state)
  • Turnaround Time: 1-3 business days
  • Total Costs: Depends on your credit score.
  • Unemployment protection
  • Confidential and secure online application

    Tips on being 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 file. 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.

    Options for a $5,000 loan with a good credit rating

    If you have good credit (usually a minimum score of 680 or higher) you could be eligible for a loan from a bank, credit union or standalone lender at a more competitive interest rate than providers who lend to people with bad credit. You may be able to borrow up to a limit of $5,000 without providing collateral.

    Loans for up to $5,000 you could apply for today

    The loans below allow you to borrow cash for a short period when you may need the emergency money.

    Rates last updated November 18th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    $10,000
    6 months to 5 years (varies by state)
    1-3 business days
    Varies depending on your state of residence.
    Same rates
    everywhere
    Go to site More
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 60 months
    Varies based on lender
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
    Same rates
    everywhere
    Go to site More
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    $25,000
    24 or 48 months
    Next business day after approval and document verification
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    Same rates
    everywhere
    Go to site More

    Compare up to 4 providers

    Benefits and drawbacks to consider when comparing $5,000 loans

    Pros

    • Online applications are convenient. 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 for bad credit personal loans. 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.
    • 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.

    Cons

    • The loans can be high-cost. Due to high risk of bad credit loans, the lender will usually charge a higher fees. Keep in mind that fees are capped by ASIC.
    • Bad credit loans over $2,001 come with high interest. While loans under this amount do not come with interest rates, only set fees, loans above this amount come with much higher rates than that of fair or good credit personal loans.
    • 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.
    • Direct debit can lead to overdrawing your account. While direct debit can be positive, it can prove costly if your account becomes overdrawn by your lender automatically withdrawing owed funds.

    Things 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.

    Quick ways to borrow money

    Type of LenderAvg. Interest RateAvg. RepaymentTurnaround Time
    Traditional Bank14%$1,041.93*1-3 business days
    Online Lender39.20%$672.24^1 hour – conditions apply
    Payday Loan319.38%$1,280~Same day
    Peer-to-Peer Loan8.86%$955.21*Next business day

    *average repayment based on a $30,000 loan over 3 years | ^ based on a $3,000 loan over 220 days | ~ based on a $1000 loan over 32 days

    Need a little less? Compare installment loans from top online lenders

    Rates last updated November 18th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

    Compare up to 4 providers

    Explore even more loan amounts and repayment terms

    Fixed Term

    Fixed Amount

    7 days
    30 days
    2 months
    3 months
    6 months
    9 months
    12 months
    24 months

    Frequently asked questions

    You can apply for any of the lenders on this page by clicking the “Go to Site” button. If you don’t see this button, you can apply directly on the lender’s website.

    This will differ between lenders, but you will usually receive a notification as to whether you have been approved or not (by phone or email) along with further instructions for the next steps.

    When you apply for a loan online up to $5,000, your details are securely transmitted over an encrypted connection. The majority of sites you apply with use 128-bit or 256-bit SSL encryption to ensure your details are safe and secure.

    When an institution lends you money, they want to be certain that you can repay back the debt within the allocated timeframe. If you are unemployed, your income may be limited unless you are receiving benefits. If the majority of your income comes from welfare payments you may be still eligible for a personal loan – but be sure to check with the lender.

    This depends on the individual lender. When reviewing your loan contract, be sure to voice this question as some payday loan lenders charge extra fees for early repayment.

    Funds are usually deposited into your bank account on the next business day, but it may take longer for larger amounts. It ultimately depends on the lender and your bank.

    Most lenders require applicants to have operational checking or savings accounts where they can transfer funds electronically.

    While not all lenders report to the big three credit agencies that handle credit, some might choose to report late or missing payments. This is at the discretion of the lender.

    The best solution is to contact your loan provider and inform them. Usually, the lender will be willing to extend the payment deadline and find ways to help you through difficult financial times.

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    64 Responses

    1. Default Gravatar
      LisaNovember 16, 2017

      I need a $5000.00 loan for a used auto so I can keep my job. Been to all the sites from bad credit to high risk, but no one will give me a chance. I was homeless when most my medical bills went unpaid, so That I has a place to live. Had my checkbook stolen and have report on I D thief but still no help.

      • Staff
        JoanneNovember 17, 2017Staff

        Hi Lisa,

        Thank you for visiting finder, we are an Australian financial comparison website and general information service.

        Lenders have set eligibility criteria which you can check on finder.com review pages. It would be best to check and see if you meet these criteria and if you’re unsure, you can always call the lender to discuss your situation.

        You can apply for any of the lenders on this page by clicking the “Go to Site” button. If you don’t see this button, you can apply directly on the lender’s website.

        Cheers,
        Joanne

    2. Default Gravatar
      BotsheloNovember 5, 2017

      Hey! I want a personal loan of 6000, and I want to know how much well I pay a month. And will like to take this loan for 24month or 12month if it can.Thank you.

      • Staff
        HaroldNovember 5, 2017Staff

        Hi Botshelo,

        Thank you for your inquiry.

        Your approval and the amount they are going to approve may vary depending on the lender. As long as you can meet the eligibility criteria you may be eligible for the loan. Please check the table provided above to review your options.

        I hope this information has helped.

        Cheers,
        Harold

    3. Default Gravatar
      JustinOctober 24, 2017

      My FICO is 507. I have verifiable income of $74000 a year, and even a start up business making $250,000 a year, yet STILL am unable to acquire a personal loan for $500! Can you assist? So-called “pay day” and “on-line” lenders, openly advertise yet when, I assume, my credit is run, declined is always the reply. Thanks.

      • Staff
        DanielleOctober 24, 2017Staff

        Hi Justin,

        Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

        You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

        I hope this helps.

        Cheers,
        Danielle

    4. Default Gravatar
      PamelaOctober 17, 2017

      I am in a desperate situation & need 3000.00 to 4000.00 asap, I have just been released from the hospital & about to go back in for major surgery. I am a victim of identity theft & I put fraud alerts on my credit report myself, I have also filed a police report about this & have Lexington Law Firm working on this to help me. I also have to get my vehicle worked on so I can get to my Dr’s next week & I don’t know what else to do. Is there any possible way you could help me???? I have my credit scores, but need money asap. Please contact me at the above email asap. Thank you, Pamela

      • Staff
        JhezelynOctober 18, 2017Staff

        Hi Pamela,

        Thank you for your comment.

        I am sorry to hear that you are in this situation. Regarding your inquiry, there are lenders that can offer $3,000 – $4,000 loans to help pay for car repairs, late bills or medical expenses as long as you have some source of income and the ability to manage your repayments.

        Kindly refer to the pages below and check your options.
        https://www.finder.com/3000-loans
        https://www.finder.com/4000-loans

        I hope this will help.

        Regards,
        Jhezelyn

    5. Default Gravatar
      JosiahOctober 10, 2017

      How can I get a 5,000$ loan with low credit?

      • Staff
        JhezelynOctober 11, 2017Staff

        Hi Josiah,

        Thank you for your comment.

        There are some lenders who still can approve you for a loan even with a low credit score. Generally, all you need to do is to meet the criteria set by the lender to have a high chance of getting your application approved. The lenders listed above may consider you for a $5000 loan.

        Regards,
        Jhezelyn

    6. Default Gravatar
      stevenOctober 6, 2017

      I am in dire need of a loan for about $5,000 in a hurry I want to use it to make money driving independently I have no help from anyone I’m desperate please help if you can thank you

      • Staff
        JoanneOctober 7, 2017Staff

        Hi Steven,

        Thanks for reaching out.
        Here at finder, we do not represent any company we feature on our pages but we can offer you general advice. This page will allow you to compare the loans side by side. You can start by checking the lender most suitable for you, then click on more info to get additional details. The process will then begin by checking your eligibility and submitting an online form. Conditional approval will typically take 1 business day and in most cases should be within a week, it ultimately will depend on the lender and your bank.

        Cheers,
        Joanne

    7. Default Gravatar
      ElaineOctober 3, 2017

      I have bad credit and need loans to get back on my feet

      • Staff
        MariaOctober 4, 2017Staff

        Hey Elaine,

        Thank you for reaching out to us.

        You may check out this page on Bad Credit Personal Loans to check out the lenders that consider applications with bad credit.

        Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        Best,
        Maria

    8. Default Gravatar
      AbbyOctober 1, 2017

      I have awful credit and no collateral, and cannot get a loan anywhere. I am about to lose my car and have a new job so I just need a loan about $1500 to catch up with everything and then I will be ok to may my payments after and stay caught up. Do I have any options?

    9. Default Gravatar
      FrancisSeptember 28, 2017

      I have a score of 500 I live in Massachusetts I’m in dire need of this loan I applied everywhere and I get turned down I have a steady income is there anywhere I can turn to get a loan I’m at ends meet

      • Staff
        MariaSeptember 28, 2017Staff

        Hey Francis,

        Thank you for reaching out to us.

        There are lenders that consider applications with bad credit on this page on Bad Credit Personal Loans. You can enter your state of residence to see the options available.

        Please note that finder is an online comparison service and is not a product issuer, the approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments. It would be best to reach out to them directly to discuss your eligibility and options.

        Also, you might find useful information on this page on Loan Options in Massachussetts.

        I hope this helps.

        Best,
        Maria

    10. Default Gravatar
      MelindaSeptember 11, 2017

      I have bad credit. I just started a business which is a personal care service agency. I am certified by the Department of Health and would be getting clients from the FSSA. I need a loan to purchase furniture, electronics, stationery and payroll for at least two employees. Am I qualified?

      • Default Gravatar
        JonathanSeptember 12, 2017

        Hello Melinda,

        Thank you for your inquiry.

        You may check this page for business loans. Some lenders rely solely on your business financials to make an approval while others may take your personal credit history into account. You can check the lender’s website or contact their customer service for confirmation.

        Please take note that loan terms and rates vary so it is important to compare all possible options before you apply.

        Hope this helps.

        Cheers,
        Jonathan

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    Check into Cash Payday Loan

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    OppLoans Installment Loans

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