Need to borrow up to $5,000 today? Compare your 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 other loan options available. All you’ll need is to show that you can repay the loan by providing evidence of a regular income.
Our top pick: CashUSA
Need a quick cash loan as high as $10,000? This loan connection service could help.
- Min. Loan Amount: $500
- Max. Loan Amount: $10,000
- Loan Term: 90 days to 72 months
- Turnaround Time: As early as 1 business day
- Requirements: Monthly income of $1,000+ after taxes and valid checking account.
Tips on being approved for a loan with bad credit
There’s 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 finder.com 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 a $5,000 loan with a good credit rating
If you have good credit (usually a minimum score of 680 or higher) you could be eligible for a loan from a bank, credit union or standalone lender at a more competitive interest rate than providers who lend to people with bad credit. You may be able to borrow up to a limit of $5,000 without providing collateral.
$5,000 loans you can apply for today
The loans below allow you to borrow cash for a short period when you may need the emergency money.
Rates last updated August 20th, 2018
Benefits and drawbacks to consider when comparing $5,000 loans
Pros
- Online applications are convenient. 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.
- 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.
Cons
- 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.
- Direct debit can lead to overdrawing your account. While direct debit can be positive, it can prove costly if your account becomes overdrawn by your lender automatically withdrawing owed funds.
Things to avoid with bad credit unsecured loans
There are several risks associated with bad credit loans that don’t require collateral. Here’s what to avoid:
- Not being cautious. Taking out a bad credit personal loan can come with high fees and inflexibile terms.
- 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 much shorter than standard loans, meaning 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.
4 quick ways to borrow money compared
| Type of Lender | Typical Interest Rate | Estimated Turnaround Time |
| Traditional Bank | 14% | Preapproval decision in 1-3 business days Funding within 7 business days |
| Bad Credit Online Loan | 29.20% | Preapproval decision same day Funding within 1-3 business days |
| Payday Loan | 319.38% | Preapproval decision right away Funding as soon as next business day |
| Peer-to-Peer Personal Loan | 8.86% | Preapproval decision same day Funding within 7 business days |
Need a little less? Compare installment loans from top online lenders
Rates last updated August 20th, 2018
Explore even more loan amounts and repayment terms
Fixed Term |
Fixed Amount |
| 7 days | |
| 30 days | |
| 2 months | |
| 3 months | |
| 6 months | |
| 9 months | |
| 12 months | |
| 24 months |
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
I need a $5000.00 loan for a used auto so I can keep my job. Been to all the sites from bad credit to high risk, but no one will give me a chance. I was homeless when most my medical bills went unpaid, so That I has a place to live. Had my checkbook stolen and have report on I D thief but still no help.
Hi Lisa,
Thank you for visiting finder, we are a financial comparison website and general information service.
Lenders have set eligibility criteria which you can check on finder.com review pages. It would be best to check and see if you meet these criteria and if you’re unsure, you can always call the lender to discuss your situation.
You can apply for any of the lenders on this page by clicking the “Go to Site” button. If you don’t see this button, you can apply directly on the lender’s website.
Cheers,
Joanne
Hey! I want a personal loan of 6000, and I want to know how much well I pay a month. And will like to take this loan for 24month or 12month if it can.Thank you.
Hi Botshelo,
Thank you for your inquiry.
Your approval and the amount they are going to approve may vary depending on the lender. As long as you can meet the eligibility criteria you may be eligible for the loan. Please check the table provided above to review your options.
I hope this information has helped.
Cheers,
Harold
My FICO is 507. I have verifiable income of $74000 a year, and even a start up business making $250,000 a year, yet STILL am unable to acquire a personal loan for $500! Can you assist? So-called “pay day” and “on-line” lenders, openly advertise yet when, I assume, my credit is run, declined is always the reply. Thanks.
Hi Justin,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle
I am in a desperate situation & need 3000.00 to 4000.00 asap, I have just been released from the hospital & about to go back in for major surgery. I am a victim of identity theft & I put fraud alerts on my credit report myself, I have also filed a police report about this & have Lexington Law Firm working on this to help me. I also have to get my vehicle worked on so I can get to my Dr’s next week & I don’t know what else to do. Is there any possible way you could help me???? I have my credit scores, but need money asap. Please contact me at the above email asap. Thank you, Pamela
Hi Pamela,
Thank you for your comment.
I am sorry to hear that you are in this situation. Regarding your inquiry, there are lenders that can offer $3,000 – $4,000 loans to help pay for car repairs, late bills or medical expenses as long as you have some source of income and the ability to manage your repayments.
Kindly refer to the pages below and check your options.
– https://www.finder.com/3000-loans
– https://www.finder.com/4000-loans
I hope this will help.
Regards,
Jhezelyn