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Get a $5,000 loan

Compare $5k personal loans with monthly payments as low as $85.

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 12 lenders that offer $5,000 loans

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.

LenderMin credit scoreAPRFinder rating
Best Egg6008.99% to 35.99%★★★★★
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Upstart3007.80% to 35.99%★★★★★
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Smart AdvancesAll credit types5.99% to 35.99%★★★★★
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SoFi6808.99% to 29.99%★★★★★
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LightStream6607.49% to 25.99%★★★★★
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Achieve6208.99% to 35.99%★★★★★
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Prosper6408.99% to 35.99%★★★★★
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LendingClub6009.57% to 35.99%★★★★★
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Upgrade6208.49% to 35.99%★★★★★
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Wells Fargo6707.49% to 23.24%★★★★★
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Avant5809.95% to 35.99%★★★★★
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OneMain Financial30018% to 35.99%★★★★★
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How much does a $5,000 loan cost?

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:

TermStarting APRMonthly paymentTotal interest
36 months7.69%$155.97$614.84
60 months8.89%$103.53$1,211.50
84 months11.14%$85.98$2,222.38

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.

Calculate your loan repayments

Use our calculator to see how much a $5,000 loan might cost you each month.

$5000 loan repayment calculator

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How long does it take to get a $5,000 loan funded?

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.

How to pay off $5,000 in debt

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:

  • Sign up for autopay to avoid missing payments and qualify for a rate discount — most lenders will knock 0.25% off your APR.
  • Make extra payments toward your loan when possible to get out of debt faster and save on interest. But ask your lender if they charge a prepayment penalty first — if they do, you may not save much.
  • Ask about hardship programs if your financial situation takes a turn for the worse. Most lenders allow you to pause payments for three months if your finances change or extend the term if you need to lower your monthly bills permanently.

Eligibility requirements for a $5,000 loan

Each lender has its own set of eligibility requirements for a loan, but you’ll typically need to meet the following to be approved:

  • A credit score of 600 or higher
  • US citizen or permanent resident
  • Age of majority in your state
  • Provable monthly income
  • Valid US bank account

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.

How to improve your chances of approval for a $5,000 loan

There’s no one surefire way to ensure you’re approved for a loan, though the following may be able to help:

  1. 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.
  2. Order a copy of your credit report. Your credit report is the only true record of your financial history and what lenders use to judge your creditworthiness. You can order a free copy from each of the three major credit bureaus once a year.
  3. 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.
  4. Compare loans for new borrowers. If you’re young, consider loan options geared toward young borrowers with no credit.

3 alternatives to $5,000 loans

Consider these options if you’re not sure you need exactly $5,000 — or want to qualify for a lower rate.

  • Credit card. Many credit cards have credit limits of $5,000 and above. While credit cards have higher APRs than personal loans, some come with a 0% promotional APR for the first 6 to 21 months — though you typically need a credit score of 670 or higher to qualify.
  • Line of credit. A personal line of credit gives you access to cash as needed for an ongoing project, so you don’t have to over-borrow when you think you might need $5,000 but aren’t sure.
  • Home equity line of credit (HELOCs). While you can’t get a HELOC at $5,000, you can make a $5,000 draw the same way you would a loan. HELOCs are commonly used for home improvement projects, though you can use it for most personal expenses.

Explore other loan amounts

More guides on Finder

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86 Responses

    Default Gravatar
    JimJuly 3, 2019

    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

      AvatarFinder
      BellaJuly 4, 2019Finder

      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

    Default Gravatar
    BettyFebruary 10, 2019

    What if you do not have a bank account can I still get a loan asasp

      AvatarFinder
      johnbasanesFebruary 11, 2019Finder

      Hi Betty,

      Thank you for reaching out to finder.

      You may check out our guide on 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

    Default Gravatar
    TerryJanuary 15, 2019

    Can I get a personal loan of $5,000?

      AvatarFinder
      JhezelynJanuary 17, 2019Finder

      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

    Default Gravatar
    yuckytooSeptember 5, 2018

    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

      AvatarFinder
      JoshuaSeptember 6, 2018Finder

      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

    Default Gravatar
    TracJune 27, 2018

    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?

      Default Gravatar
      joelmarceloJune 28, 2018

      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. Check out our guide on bad credit personal loans to find out what’s available to you.

      Cheers,
      Joel

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