Best Egg personal loans
Min. credit score
Most lenders offer personal loans of $5,000. We reviewed over 120 personal loan and short-term lenders to help you find a $5,000 loan that suits your financial needs.
Compare rates for lenders with credit requirements that you meet. While larger loan amounts may require a higher credit rating, you can likely qualify for a $5,000 loan if your income covers monthly payments.
|Lender||Min credit score||APR||Finder rating|
|Best Egg||640||8.99% to 35.99%||★★★★★|
|Upstart||300||5.20% to 35.99%||★★★★★|
|Smart Advances||All credit types||5.99% to 35.99%||★★★★★|
|SoFi||680||8.99% to 25.81%||★★★★★|
|LightStream||670||7.99% to 25.49%||★★★★★|
|Achieve||620||7.99% to 29.99%||★★★★★|
|Prosper||600||6.99% to 35.99%||★★★★★|
|LendingClub||600||8.05% to 36%||★★★★★|
|Upgrade||620||8.49% to 35.99%||★★★★★|
|Wells Fargo||670||7.49% to 23.24%||★★★★★|
|Avant||580||9.95% to 35.99%||★★★★★|
|OneMain Financial||300||18% to 35.99%||★★★★★|
How much a $5,000 loan costs depends on your APR, term and lender. While personal loan rates typically range from 6% to 36%, most lenders charge higher rates for loans of this size. However, shorter terms typically come with lower rates because there’s less chance you’ll default.
Let’s take a look at an example. Here’s how your term might affect the rate, monthly payment and total interest cost of a loan, based on the lowest rates available through LightStream as of March 2023:
|Term||Starting APR||Monthly payment||Total interest|
As this table shows, going for the longest loan term doesn’t quite halve your monthly payment — but it nearly quadruples the total loan cost. To get the most savings on the monthly payment and total interest cost, choose the shortest term that comfortably fits your budget.
Use our calculator to see how much a $5,000 loan might cost you each month.
|Loan terms (in years)|
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You can get a $5,000 loan as soon as the day you apply, though it depends on the lender and when you apply. Online lenders are typically the fastest and send you funds within 24 hours, though some offer same-day funding if you apply and sign your loan documents in the morning.
Getting a loan from a new bank or credit union can take as long as a few weeks, depending on their underwriting process. However, it could also take a few hours if you already have a positive and longstanding relationship with a bank — they don’t need paperwork, and you won’t need to wait for a wire transfer to go through.
Since traditional lenders typically have the lowest rates, you may want to go to your current bank or credit union first when you need a loan.
Lenders require monthly repayments on $5,000 personal loans, usually over 2 to 7 years. Here’s how to make the most out of your payments:
Each lender has its own set of eligibility requirements for a loan, but you’ll typically need to meet the following to be approved:
Lenders legally can’t discriminate against the type of income you receive to qualify for a loan as long as it’s enough to cover monthly payments. But it can be difficult to prove your income if you don’t have a W2. Even if you’re unemployed, getting a loan is possible, but the application process may take longer.
There’s no one surefire way to ensure you’re approved for a loan, though the following may be able to help:
Consider these options if you’re not sure you need exactly $5,000 — or want to qualify for a lower rate.
Online loans mean fast access to cash, especially if you don’t qualify with a traditional lender.
Quick turnaround loans up to $30,000 — but they’re not available in the US just yet.
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