How to be approved for a $5,000 loan with bad credit

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.

NetCredit Personal Loan

NetCredit Personal Loan Offer

You could borrow up to $10,000 and get an interest rate personalized to your credit score.

  • Recommended Credit Range: Fair or better
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $10,000
  • Loan Term: Varies upon State
  • Turnaround Time: 1-3 business days
  • Total Costs: Depends on your credit score.
  • Unemployment protection
  • Confidential and secure online application

    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 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.

    Loans for up to $5,000 you could 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 September 25th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
    NetCredit Personal Loan
    You could borrow up to $10,000 and get an interest rate personalized to your credit score
    Varies upon State
    1-3 business days
    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
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    24 or 48 months
    Next business day after approval and document verification
    Same rates
    Go to site More

    Compare up to 4 providers

    Benefits and drawbacks to consider when comparing $5,000 loans


    • 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.


    • 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.

    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%$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

    Need a little less? Compare installment loans from top online lenders

    Rates last updated September 25th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
    OppLoans Installment Loans
    Get a better installment loan repayment terms up to 36 months, depending on your state.
    9 to 36 months
    1 business day
    Slam Dunk Loans
    Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.
    Varies by lender
    As soon as next business day

    Compare up to 4 providers

    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

    Frequently asked questions

    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.

    This will differ between lenders, but you will usually receive a notification as to whether you have been approved or not (by phone or email) 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.

    This depends on the individual lender. When reviewing your loan contract, be sure to voice this question as some payday loan lenders charge extra fees for early repayment.

    Funds are usually deposited into your bank account on the next business day, but it may take longer for larger amounts. It ultimately depends on the lender and your bank.

    Most lenders require applicants to have operational checking or savings accounts where they can transfer funds electronically.

    While not all lenders report to the big three credit agencies that handle credit, some might choose to report late or missing payments. This is at the discretion of the lender.

    The best solution is to contact your loan provider and inform them. Usually, the lender will be willing to extend the payment deadline and find ways to help you through difficult financial times.

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    46 Responses

    1. Default Gravatar
      MelindaSeptember 11, 2017

      I have bad credit. I just started a business which is a personal care service agency. I am certified by the Department of Health and would be getting clients from the FSSA. I need a loan to purchase furniture, electronics, stationery and payroll for at least two employees. Am I qualified?

      • Staff
        JonathanSeptember 12, 2017Staff

        Hello Melinda,

        Thank you for your inquiry.

        You may check this page for business loans. Some lenders rely solely on your business financials to make an approval while others may take your personal credit history into account. You can check the lender’s website or contact their customer service for confirmation.

        Please take note that loan terms and rates vary so it is important to compare all possible options before you apply.

        Hope this helps.


    2. Default Gravatar
      JohnSeptember 11, 2017

      My credit score is 680 I need a personal loan up to 5000 for credit card debt and car issues I make $44,000 a year what are my chances and who should I go with. Thank you

      • Staff
        AnndySeptember 11, 2017Staff

        Hi John,

        Thanks for your question.

        Since your credit score is classified as “good,” you have several loan options available, depending on your need.

        You mentioned that you are getting a loan for different purposes. If you want a loan consolidation, you may compare your options here.

        Alternatively, if you are looking for a loan with a longer repayment period, there are options on this page.

        Kindly note that aside from having a good credit score, different eligibility criteria may also apply.


    3. Default Gravatar
      aliceSeptember 7, 2017

      how can i get a installment loan with bad credit lie in 24 hours

      • Staff
        JhezelynSeptember 8, 2017Staff

        Hi Alice,

        Thank you for your comment.

        The lenders on this page may consider you for a loan even if you have a bad credit. Simply click the Go to Site button to apply and make sure you meet the eligibility criteria before submitting an application.

        Hope this helps.


    4. Default Gravatar
      ReynaldoSeptember 7, 2017

      I an willing to pay back 10,000 for a 6,000 loan 2 year period need to pay off even more high rate lenders to start re-building credit can you find someone ?

      • Staff
        AshSeptember 7, 2017Staff

        Hi Reynaldo,

        Thank you for reaching out to us.

        This page may help you in repairing your credit rating as well as the content of this article.

        You can also look into this page for the list of Lenders that can offer you a personal loan though you have a poor credit score. Kindly review first all the Lender’s eligibility requirement before proceeding. Once decided, you can click on the green ‘Go to site’ button to submit your application or to know more about their loan offer.

        I hope this information helps.

        Let us know if there is anything else that we may assist you with.


    5. Default Gravatar
      TiarraSeptember 3, 2017

      How do I get a loan with no credit new account and some credit problems

      • Staff
        MariaSeptember 3, 2017Staff

        Hey Tiarra,

        Thank you for reaching out to us.

        If you’re looking for loans with bad credit then these pages may help you:

        If you’re having trouble with your credit history that you’d want to look into, you may check our page on getting your Free Credit Report.

        As finder is an online comparison service and is not a product issuer, it would be best to get in touch with a lender featured on our pages to discuss your eligibility or options.

        Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        I hope this helps.


    6. Default Gravatar
      MeaghanlynnSeptember 3, 2017

      I have left a domestic violence marriage. In relation, my “husband” has frozen funds from a joint account. I now have my own separate account, but live paycheck to paycheck. I’ve been scammed in the past by potential lenders, which had my new account frozen while the bank investigated – which turned around and dropped my credit score dramatically because payments were late. I need help, but legit company’s will not give me the time of day and I keep getting scammed. I was told I was approved for a 5,000 loan and have sent 2,000 in collateral and I’ve yet to receive my funds.

      What can I do? I have no cosigner and my vehicle is financed so I have no assist to borrow against. I live in New Jersey.

      • Staff
        MariaSeptember 3, 2017Staff

        Hey Meaghanlynn,

        As finder is a financial comparison website providing general information, we are not permitted to provide our users with personalised financial advice or make product recommendations.

        You may find useful information on these pages to watch out for on loan scams:

        Also, should you want to check your credit report to see what you can do to improve your rating, it’s best to seek professional advice on what you can do to increase your chances of approval.

        As payday loans are not legal in New Jersey, you may read about other loan options on this page.

        I hope this helps.


    7. Default Gravatar
      miriamAugust 28, 2017

      i’m not working ,but i get paid by government every month but i need to travel to see my daughter ,haven’t seen her in years.i would love to get a loan .would that be possible?

      • Staff
        AnnaAugust 28, 2017Staff

        Hi Miriam,

        Thanks for your question! If you’re receiving benefits every month, you may be eligible to take out a loan from some lenders. You can learn more about getting a loan while you’re unemployed here: Hope this helps!


    8. Default Gravatar
      AngelaAugust 22, 2017

      Hello. I’m getting ready to go on vacation to see my daughter. I haven’t seen her in 3 years. I have $1200 for trip. I would like to get a loan just to be on the safe side . Would that be possible if my scoreis 600?

      • Staff
        AdrienneAugust 22, 2017Staff

        Hi Angela,

        Thanks for your question! With an installment loan, you can take out a loan up to around $5,000 and often won’t need to supply your credit score. To find an installment loan that suits you, visit this page and choose a lender from the table, go to their site and fill out an application for the amount that you need:

        I hope this helps.


    9. Default Gravatar
      KastiaAugust 15, 2017

      I don’t have very good credit, I think 491 but I do own a home worth about 175,000 that is paid for and $820.00 a month SSDI. I am looking for a loan for about $5000.00. What are my options in Oregon?

      • Staff
        AshAugust 15, 2017Staff

        Hi Kastia,

        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 check the list of Lenders on this pages – or to compare your options.

        Before applying for any loan, please ensure that you meet the eligibility requirements of the lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision to ensure that it will best suit your needs.

        Once you have checked all the eligibility requirements and terms of the loan, you may click on the green ‘Go to site’ button to be redirected to the Lender’s page and submit your application.

        I hope this information helps.

        Let us know if there is anything else that we may assist you with.


    10. Default Gravatar
      JamesAugust 13, 2017

      I have bad credit due to high balances on credit cards. My issue is I have two installment loans that are taking over $800 a month I want to get one loan for $2,000 to pay them both off with a payment around 200 to $300 and Nevada, is that possible?

      • Staff
        JonathanAugust 14, 2017Staff

        Hello James,

        Thank you for your inquiry.

        Short-term payday loans are available in your state, and it was stated on your regulation that the approved loan amount should be within 25% of your gross monthly income. If it suits you, please be further informed that the installments are usually at maximum 90 days. Therefore, if you’ll be borrowing $2,000, it may mean repayments of more than $300/monthly.

        Should you wish to inquire, you may visit this page for those lenders available in your area. Usual lender guidelines must be followed, so read their specific requirements and fine print before you apply.

        Hope this helps.


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    Slam Dunk Loans

    Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.

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    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

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    OppLoans Installment Loans

    Get a better installment loan repayment terms up to 36 months, depending on your state.