Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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Updated . What changed?
|Lender||Loan Amount||Best for||What sets it apart|
|OppLoans||$500 – $5,000||Building your credit.||Reports repayments to credit bureaus and no credit check.|
|CashUSA||$500 – $10,000||Fast financing.||A turnaround as soon as the next day.|
|Monevo||$500 – $100,000||Comparing multiple offers.||A low credit score requirement of 450.|
Our team reviewed over 120 short-term loan providers before coming up with our top picks for $5,000 loans for borrowers with bad credit. We considered factors like turnaround time, rates, customer reviews and availability before selecting these providers.
If you have bad credit, you’re generally limited to installment loan providers. These loans come with several repayments, usually over 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.
Follow these six steps to apply for a $5,000 loan:
Weigh these factors before applying for an installment loan.
The biggest risk of taking out a bad-credit installment loan is the high cost. Most come with APRs in the triple digits, high fees and relatively short repayment terms, making for high repayments that can be difficult to afford.
There’s no one surefire way to ensure you’re approved for a loan, though the following may be able to help:
Look into these alternatives to avoid paying for a high-cost loan:
Need to borrow more than $5,000? Less? Check out these other guides:
|Fixed term||Fixed amount|
|24 months||Compare more|
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