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
Though none of these providers advertise no-credit loan options, they offer loans 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.
|Loan provider||Requirements||Loan type||Finder rating|
|OneMain Financial||Personal loan||★★★★★|
Compare $5,000 loans for good and fair credit
These online lenders offer personal loans as soon as the next business day. Generally, you need a credit score of at least 580 to qualify.
|Provider||Min. credit score||Requirements||Loan type||Finder rating|
|Marcus by Goldman Sachs||720||Personal loan||★★★★★|
How much will it cost?
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. The biggest risk of taking out a bad-credit installment loan is the high cost. Most come with an interest in the triple digits, high fees and relatively short repayment terms, making for high repayments that can be difficult to afford.
Calculate your loan repayments
Use our calculator to see how much a $5,000 loan might cost you each month.
How long does it take to get a $5,000 loan funded?
This depends on the lender and the type of loan you want. With online personal or installment loans, you can apply online and often get your funds as fast as the next business day. But banks and credit unions can take as long as a few weeks, depending on their underwriting process.
More $5,000 loan options from online lenders
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How to pay off $5,000 in debt
Repayment and terms are set by your lender. Some installment loan providers charge a penalty for paying off your loan early. Ask customer service if they charge prepayment penalties before signing your agreement.
Eligibility requirements for a $5,000 loan
Each lender will have their own set of eligibility requirements for a loan, but you’ll typically need to meet the following to be approved:
- US citizen or permanent resident
- Age of majority in your state
- Provable monthly income
- Valid US bank account
How to improve your chances of approval
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.
- Order a copy of your credit report. Your credit report is the only true record of your financial history and what lenders will use to judge your creditworthiness. You can order a free copy from each of the three major credit bureaus once a year.
- 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.
What to watch out for
Weigh these factors before applying for a loan.
- High interest rates with bad credit
- Limited options for credit scores under 670
- Not all installment loan providers offer this loan amount
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 over borrow 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:
|Fixed term||Fixed amount|
|24 months||Compare more|
Frequently asked questions
Can I get a $5,000 loan if I’m unemployed?
While some lenders are willing to work with borrowers who are unemployed, you’ll still need to show some type of proof of income — like government benefits or a pension.
Is it possible to get a $5,000 loan with guaranteed approval?
No, a lender can’t guarantee approval — decisions depend on several factors like your income and employment history. Stay clear of any lenders that advertise guaranteed approvals — they’re usually a scam.
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.
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