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How to get a $5,000 loan with bad credit
Look into installment loans, but beware of triple-digit APRs.
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’re also expensive. And consider alternatives if you’re not sure you’ll have the income to make each repayment on time.
Our top pick: Fast5kLoans Short-term Loans Connection Service
Min. Loan Amount: $100
Max. Loan Amount: $35,000
Turnaround Time:
As soon as the next business day
Loan Term:
6 months to 6 years
Requirements: Regular source of income, verifiable bank account, US citizen, ages 18+
Wide range of loan amounts
Variety of loan terms
Quick process
Our top pick: Fast5kLoans Short-term Loans Connection Service
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Min. Loan Amount: $100
Max. Loan Amount: $35,000
Turnaround Time:
As soon as the next business day
Loan Term:
6 months to 6 years
Requirements: Regular source of income, verifiable bank account, US citizen, ages 18+
Follow these six steps to apply for a $5,000 loan:
Compare lenders. Compare loan amounts, rates, terms and eligibility requirements to find an option you can afford and qualify for.
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.
Review and submit. Double-check your application for mistakes before submitting it.
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.
Sign and submit your agreement. Carefully read your loan’s terms and conditions before signing anything.
Get your funds. Most lenders offering this amount can send it to your bank account as soon as one business day.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
What to consider when comparing $5,000 loans
Weigh these factors before applying for an installment loan.
Pros
Online application. Most installment loan providers offer convenient online applications that take just minutes to fill out.
Bad credit OK. Many installment loan providers are willing to work with borrowers of all credit types.
Repayments line up with payday. 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.
Cons
High cost. Due to the risk to the lender, you’ll usually face high fees that equate to APRs in the triple digits, making repayments difficult to afford.
Disreputable lenders. It’s common to find disreputable lenders operating online who prey on people with bad credit, so make sure you check reviews before applying.
Watch out for high costs
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.
3 tips to get approved for a loan with bad credit
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.
5 alternatives to short-term loans
Look into these alternatives to avoid paying for a high-cost loan:
Secured personal loans. You might have an easier time getting approved for a $5,000 loan if you back it with collateral, like certificate of deposit.
Personal loan with a cosigner. Some lenders allow you to apply with a cosigner who has a higher credit score to up your chances of getting approved for a competitive rate.
CDFI loans. Some community development financial institutions (CDFIs) offer low-cost loans to individuals in their areas without the best credit.
Take steps to build your credit first. If it’s not an emergency, consider waiting to apply until you’ve had time to improve your credit score.
Ask your employer. Some companies have employee lending programs. And even if yours doesn’t, payroll might be willing to advance part of your salary in an emergency.
Explore other loan amounts and repayment terms
Need to borrow more than $5,000? Less? Check out these other guides:
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.
This depends on the 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.
It depends on the lender, though many are able to deposit funds into your bank account the next business day.
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.
Most lenders require applicants to have operational checking or savings accounts where they can transfer funds electronically.
While not all lenders report on-time repayments to the three major credit bureaus, most will report any late or missed payments.
Reach out to your lender’s customer service team before you miss the payment — many may be willing to work with you.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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
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.
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!
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.
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
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.
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.
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.
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.
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
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.
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 !
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.
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.
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.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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
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
What if you do not have a bank account can I still get a loan asasp
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
Can I get a personal loan of $5,000?
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
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
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
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?
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
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?
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
No credit check loan for $5000.
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
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
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
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 !
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
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.
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