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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.

BadCreditLoans.com

BadCreditLoans.com

This provider has been helping people with bad credit ever since 1998, and boasts being the 'go-to' place for bad credit loans.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Loan Term: 3 to 36 months
  • Turnaround Time: Varies based on lender

    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.

    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 February 24th, 2018
    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 Requirements
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 36 months
    Varies based on lender
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
    Same rates
    everywhere
    Go to site More
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    $10,000
    6 months to 5 years (varies by state)
    1-3 business days
    Varies depending on your state of residence.
    Same rates
    everywhere
    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.
    $25,000
    24 or 48 months
    Next business day after approval and document verification
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    Same rates
    everywhere
    Go to site More

    Compare up to 4 providers

    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.

    Four quick ways to borrow money compared

    Type of LenderTypical Interest RateEstimated Turnaround Time
    Traditional Bank14%Preapproval decision in 1-3 business days
    Funding within 7 business days
    Bad Credit Online Loan29.20%Preapproval decision same day
    Funding within 1-3 business days
    Payday Loan319.38%Preapproval decision right away
    Funding as soon as next business day
    Peer-to-Peer Loan8.86%Preapproval decision same day
    Funding within 7 business days

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

    Rates last updated February 24th, 2018
    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 Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MO, MS, NV, NM, OH, OK, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    MaxLend Installment Loans
    Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
    $2,000
    6 months
    As soon as the next business day
    Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

    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

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    72 Responses

    1. Default Gravatar
      KeithJanuary 22, 2018

      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

      • Staff
        RenchJanuary 23, 2018Staff

        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

    2. Default Gravatar
      HeathJanuary 6, 2018

      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 !

      • Staff
        RenchJanuary 6, 2018Staff

        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

    3. Default Gravatar
      DianaDecember 12, 2017

      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.

      • Staff
        HaroldDecember 13, 2017Staff

        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

    4. Default Gravatar
      LisaNovember 16, 2017

      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.

      • Staff
        JoanneNovember 17, 2017Staff

        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

    5. Default Gravatar
      BotsheloNovember 5, 2017

      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.

      • Staff
        HaroldNovember 5, 2017Staff

        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

    6. Default Gravatar
      JustinOctober 24, 2017

      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.

      • Staff
        DanielleOctober 24, 2017Staff

        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

    7. Default Gravatar
      PamelaOctober 17, 2017

      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

      • Staff
        JhezelynOctober 18, 2017Staff

        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

    8. Default Gravatar
      JosiahOctober 10, 2017

      How can I get a 5,000$ loan with low credit?

      • Staff
        JhezelynOctober 11, 2017Staff

        Hi Josiah,

        Thank you for your comment.

        There are some lenders who still can approve you for a loan even with a low credit score. Generally, all you need to do is to meet the criteria set by the lender to have a high chance of getting your application approved. The lenders listed above may consider you for a $5000 loan.

        Regards,
        Jhezelyn

    9. Default Gravatar
      stevenOctober 6, 2017

      I am in dire need of a loan for about $5,000 in a hurry I want to use it to make money driving independently I have no help from anyone I’m desperate please help if you can thank you

      • Staff
        JoanneOctober 7, 2017Staff

        Hi Steven,

        Thanks for reaching out.
        Here at finder, we do not represent any company we feature on our pages but we can offer you general advice. This page will allow you to compare the loans side by side. You can start by checking the lender most suitable for you, then click on more info to get additional details. The process will then begin by checking your eligibility and submitting an online form. Conditional approval will typically take 1 business day and in most cases should be within a week, it ultimately will depend on the lender and your bank.

        Cheers,
        Joanne

    10. Default Gravatar
      ElaineOctober 3, 2017

      I have bad credit and need loans to get back on my feet

      • Staff
        MariaOctober 4, 2017Staff

        Hey Elaine,

        Thank you for reaching out to us.

        You may check out this page on Bad Credit Personal Loans to check out the lenders that consider applications with bad credit.

        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.

        Best,
        Maria

    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    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

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    Go to site