How to be approved for a $5000 loan with bad credit

Need to borrow up to $5,000 today? Check out all of your personal 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 loan options available. All you’ll need is to show that you can repay the loan by providing evidence of a regular income.

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

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

Rates last updated July 21st, 2017
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Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
NetCredit Installment Loan
Build a positive credit history with on-time payments through flexible repayment options that include credit card and money transfer.
Varies upon state
1 business day
Same rates
Go to site More
Bad Credit Loans Personal Loans
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
3 to 60 months
Varies based on lender
Same rates
Go to site More
Accredited Debt Relief
This A+ BBB-rated service offers free consultations to lower your monthly payments and interest rates or get out from under serious debt.
Varies based on lender
On average a settlement lasts 2 to 4 years.
Varies by lender
Same rates
OppLoans Installment Loans
Get a better installment loan with 9- to 24-month repayment terms, depending on your state.
9 to 24 months
1 business day
Same rates
Go to site More
SWIFT Payday Loan
Access multiple lenders with a 5-minute application for a cash advance on your paycheck.
Varies by lender
Next business day
Same rates
Go to site More

Compare up to 4 providers

Tips on being approved for a loan with bad credit

There is 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 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 an unsecured $5000 loan with a good credit rating

If you have good credit (usually a minimum score of 680 or higher) you can be eligible for a loan from a bank, credit union or standalone lender at a more competitive rate than bad credit loans. You may be able to borrow up to a limit of $5,000, and do so without providing collateral.

What to consider when comparing $5000 loans


  • 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 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.
  • 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.


  • 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.

Things to avoid with bad credit unsecured loans

There are several risks associated with these types of loans. Here’s what to avoid:

  • Not being cautious. Taking out a bad credit personal loan can come with high fees and inflexibility.
  • 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 a lot shorter than standard loans, which means 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% p.a.$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

What type of loan are you looking for?

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Frequently asked questions

You can apply for any of the lenders on this page by clicking “Go to Site”. 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 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.

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16 Responses

  1. Default Gravatar
    MikeJuly 20, 2017

    Can you tell me a reliable secured personal loan company I can deposit small fee to reciveloan today

    • Staff
      HaroldJuly 20, 2017Staff

      Hi Mike,

      Thank you for your inquiry.

      Should you need a list of lenders that offers secured loan the options on this page might be helpful.

      I hope this information has helped.


  2. Default Gravatar
    LyndeJuly 10, 2017

    I have poor credit and desperately need a $6000 loan in order to consolidate another loan, stay current on bills and make a purchase for my home. It seems like everyone has denied me. I am getting more & more desperate. Is there anyone who can help with credit score of 560? Im begging, really need help!

    • Staff
      AnndyJuly 11, 2017Staff

      Hi Lynde,

      Thanks for your question.

      The lenders above as well as on on this page may consider you for a loan, even with a low credit score. However, the maximum amount that you can borrow depends on the lender’s overall assessment of your financial situation.

      Kindly review the eligibility criteria of the loan you are interested in before submitting your application.


  3. Default Gravatar
    BrittneyJuly 10, 2017

    I have about 5000 in debt and have been without a job for about 6 weeks. I start a new job in 2 weeks with a previous employer. I have no money no gas and I have a 7 year old daughter. Luckily her and I are living with my parents so we do have a home food in our bellys and bed to sleep in which I’m very grateful for. But financially I am struggling. It’s summer time and of course Kilee wants to go do things and I have to tell her no because I have no money. It’s very depressing. Help please

    • Staff
      AnndyJuly 11, 2017Staff

      Hi Brittney,

      Thanks for your question.

      I’m sorry to hear about your situation and am happy that you are starting a new job soon.

      The lenders on this page may consider you for a loan even if you are currently unemployed. Kindly review the eligibility criteria of the loan before submitting your application.

      I hope this helps.


  4. Default Gravatar
    OchoJune 28, 2017

    Where can i get a real loan for either for my self or business? Basically i was working for this company doing preservation work and now they arent paying up and its a nice amount of money. I am needing finding possibly for lawyer and a upcoming contract. I will get some funds upfront from contract but not what i lost, and i need to pay lawyer so i can get the money i am owed.

    • Staff
      AnndyJune 29, 2017Staff

      Hi Ocho,

      Thanks for your question.

      You may want to check this page to compare loans with the feature you are looking for.

      Kindly check the eligibility criteria of the loan product you are interested in before clicking the ‘go to site’ button to submit your application.


  5. Default Gravatar
    NitaJune 26, 2017

    I have poor credit, but my fiancé get a disability check every month?

    • Staff
      HaroldJune 26, 2017Staff

      Hi Nita,

      Thank you for your inquiry.

      If you are currently receiving a disability pension. You may want to consider the options available here.

      I hope this information has helped.


  6. Default Gravatar
    TammyJune 20, 2017

    Can I get a 4500 loan to by a truck if I’m on SSI

    • Staff
      AnndyJune 21, 2017Staff

      Hi Tammy,

      Thanks for your question.

      The lenders on this page may consider you for a loan. Kindly note that other eligibility criteria and requirements apply.

      Kindly review the relevant terms and conditions of the loan before submitting your application.


  7. Default Gravatar
    TeressaJune 15, 2017

    I have poor credit and have tried everywhere to get a loan to help get me ahead and improve my credit score. I get regular monthly disability and have no vehicle or housing costs. I’m just looking for someone to give me a chance. Thank you

    • Staff
      MayJune 15, 2017Staff

      Hi Teressa,

      Thanks for your question.

      The lenders who might offer you loans are listed above and on this page. Some lenders may accept your disability pension as a form of acceptable income. Please review the criteria, details of the loan product you’ve chosen and contact the lender directly to discuss your options and eligibility.

      Hope this helps.


  8. Default Gravatar
    PaulaFebruary 12, 2017

    We need a loan of $5,000. We both have poor credit but my husband’s is higher than mine.

    • Staff
      JonathanJune 25, 2017Staff

      Hi Paula!

      You can compare the lenders we have listed on this page. Please check if you meet their eligibility requirements.

      Click “Go to Site” green button of your chosen lender to proceed with your application.

      Hope this helps.


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