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

Look into installment loans, but beware of triple-digit APRs.

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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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
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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

Updated November 13th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$100,000
Varies by lender
Credit score of 500+, legal US resident and ages 18+.
Quickly compare multiple online lenders with competitive rates depending on your credit.
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$10,000
1-3 business days
Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.

Compare up to 4 providers

How do I apply for a $5,000 loan online?

  1. Compare lenders. Compare how much lenders offer, rates, terms and eligibility requirements to make sure you have a $5,000 loan you can afford.
  2. 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.
  3. Review and submit. Double check your application for mistakes before submitting it.
  4. 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.
  5. Sign and submit your agreement. Carefully read your loan’s terms and conditions before signing anything.
  6. 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

Pros

  • 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.

Cons

  • 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.

Compare 4 more ways to borrow money

Type of lenderTypical interest rateEstimated turnaround time
Traditional bank14%Preapproval decision in 1-3 business days
Funding within 7 business days
Bad credit online loan29.20%Preapproval decision same day
Funding within 1-3 business days
Payday loan319.38%Preapproval decision right away
Funding as soon as next business day
Peer-to-peer personal loan8.86%Preapproval decision same day
Funding within 7 business days

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

Updated November 13th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$1,200
As soon as the next business day
Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
Borrow up to $1,200 — but only if you live in Missouri or Utah.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

Explore other loan amounts and repayment terms

Fixed TermFixed Amount
7 days
30 days
2 months
3 months
6 months
9 months
12 months
24 months

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86 Responses

  1. Default Gravatar
    JimJuly 3, 2019

    On job 8 yrs agi 2018 92,000.. 2nd year ch 7 discharge been renting 1049.00 over 3 years I’ve had perfect payment on truck over year but credit still very slowly building but now need loan buy car for cash for my son and repair on wife’s car??? Any advice and thank you

    • Avatarfinder Customer Care
      BellaJuly 4, 2019Staff

      Hi Jim,

      Thanks for your inquiry.

      There are loans options that are available for people with poor or bad credit. As long as the loan applicant can demonstrate the ability to repay the loan and they earn any sort of income, their credit score isn’t the biggest factor for approval. You may review and compare your options on the table displaying the available providers above. Simply enter your state where you live in and it will give you a comparison table from providers you can successfully apply to.

      Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      I hope this helps.

      Kind regards,
      Bella

  2. Default Gravatar
    BettyFebruary 10, 2019

    What if you do not have a bank account can I still get a loan asasp

    • Avatarfinder Customer Care
      johnbasanesFebruary 11, 2019Staff

      Hi Betty,

      Thank you for reaching out to finder.

      Please click on this link to be routed to our page that discusses how you could get a loan without a bank account. You will see the options available for you to choose from in taking out a loan. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    TerryJanuary 15, 2019

    Can I get a personal loan of $5,000?

    • Avatarfinder Customer Care
      JhezJanuary 17, 2019Staff

      Hello Terry,

      Thank you for your comment.

      If you’re looking for a personal loan, you may review and compare your options on the table displaying the available providers above. Simply enter your state where you live in and it will give you a comparison table from providers you can successfully apply to.

      Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Regards,
      Jhezelyn

  4. Default Gravatar
    yuckytooSeptember 5, 2018

    Yes , I had to file chapter 13 since my lender of my home would not let me sell my home. I had 10 contracts on my house to sell but Citi refused to accept any of the offers after 2 years, I talked to my attorney explained the situation and he advised me to file chapter 13 because the only bill I had was my mortgage. I make 60,000 a year have no credit cards but know bad credit .. can i get a personal loan to rebuild my credit

    • Avatarfinder Customer Care
      JoshuaSeptember 6, 2018Staff

      Hi Yuckytoo,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you are able to make timely repayments, then a personal loan may help. However, please consider that getting another loan maybe risky as there’s always a chance that you won’t be able to pay.

      What you can do is order a copy of your credit report. From there, you should have a better idea how you can improve your credit history and score. We have a comprehensive guide that you might want to check. The title is, “Improve your credit score to access better interest rates and terms.”

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  5. Default Gravatar
    TracJune 27, 2018

    I been trying to get a loan but everyone keeps denying me i know my credit is real poor but i dont have any credit cards. What can i do?

    • Default Gravatar
      joelmarceloJune 28, 2018

      Hi Trac,

      Thanks for leaving a question on finder.

      Bad credit is tough to shake. Having negative listings on your credit file can seriously hinder your ability to access loans, but if you’re on the “credit fringe” there are still a variety of loan options you can consider. Find out what’s available to you in this guide.

      Cheers,
      Joel

  6. Default Gravatar
    NanciMay 17, 2018

    With a poor credit score, how likely am I willing to get a debt consolidation loan? I have no assets. Which type of loan suits me?

    • Avatarfinder Customer Care
      MayMay 17, 2018Staff

      Hi Nanci,

      Thanks for getting in touch.

      Even with a low credit score, you can still get a loan to consolidate your debts. You can contact a lender that offers bad credit personal loans. Please note though that the APRs would be higher compared to the APRs offered to a borrower with a higher credit score.

      Cheers,
      May

  7. Default Gravatar
    PeterMarch 27, 2018

    No credit check loan for $5000.

    • Avatarfinder Customer Care
      JhezMarch 28, 2018Staff

      Hello Peter,

      Thank you for your comment.

      Kindly note that short term loans and payday loans may actually vary because not all states are legalizing this. The interests and the types of loans may vary as well. You may try checking with the lenders we have listed here that may be able to consider you for a loan even without credit check. Please make sure that you have met the requirements before submitting an application.

      Regards,
      Jhezelyn

  8. Default Gravatar
    KeithJanuary 22, 2018

    Hello i want to borrow $5000. My credit.score os 580. I was approved by a lender but the deal did not go through because the lender wanted my tax returns for the last two years. I work as an independent truck driver. I work under 1099 not w2. I have not done those taxes yet. Is there any lender that will loan me $5000 based on just my paystubs. I do have some 1099 tax statements from companies that i have worked for. But my taxes have not been done yet. Do you have any suggestions. Thanks

    • Avatarfinder Customer Care
      RenchJanuary 23, 2018Staff

      Hi Keith,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      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. Lenders have different requirements and eligibility criteria. You may check with them directly first before applying for a loan. You’re actually already on the correct page on where you can compare your options for $5000 loans.

      Best regards,
      Rench

  9. Default Gravatar
    HeathJanuary 6, 2018

    Trying to obtain a loan for 4,000 for an emergency situation with poor credit . What is my best option ? I have been turned down. I really need some help !

    • Avatarfinder Customer Care
      RenchJanuary 6, 2018Staff

      Hi Heath,

      Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      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.

      You can also have a look on this page and compare your options.

      Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.

      Best regards,
      Rench

  10. Default Gravatar
    DianaDecember 12, 2017

    Am in Ghana and I need an urgent loan to pay my debts how can I get it. Am unemployed too but have my own personal business doing but due to financial crisis my business is down now.

    • Avatarfinder Customer Care
      HaroldDecember 13, 2017Staff

      Hi Diana,

      Thank you for your inquiry.

      As per checking on your inquiry you did not mention that you have a bad credit. Your primary concern is you are currently unemployed and looking for the lenders where you can apply for a loan. With your current situation, you may instead want to consider the list of lenders on this page who offers loan for unemployed individuals.

      I hope this information has helped.

      Cheers,
      Harold

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