The interest rate on a $5,000 loan from a major lender is usually around 6.4% to 35.99%. It’s difficult to pinpoint the exact interest rate that you’ll get for a $5,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income. If you have a high credit score and income, you will likely get a low interest rate on a $5,000 loan.
Upstart has the lowest interest rates for a $5,000 loan, starting at 4.6%. Upstart isn’t your only option, though. Below, you can see the best $5,000 personal loans and the interest rates associated with them.
Best $5,000 Personal Loans
| Company | Loan Amounts | APRs | Loan Terms |
| Best Egg | $2,000 - $50,000 | 8.99% - 35.99% | Up to 60 months |
| SoFi | $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts | 24 - 84 months |
| LightStream | $5,000 - $100,000 | 7.49% - 25.99% | 24 - 84 months |
| Wells Fargo | $3,000 - $100,000 | 7.49% - 23.24% | 12 - 84 months |
| Upstart | $1,000 - $50,000 | 6.4% - 35.99% | 36, 60 months |
Some lenders will let you pre-qualify to see your potential rates before you apply. To pre-qualify with multiple lenders at once, check out the free pre-qualification tool on WalletHub.
Upstart disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This answer was first published on 07/08/22 and it was last updated on 01/24/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The interest rate on a $5,000 loan from a major lender is usually around 6.4% to 35.99%. It's difficult to pinpoint the exact interest rate that you'll get for a $5,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income.
What is a good interest rate for a $5000 loan? ›
The interest rate on a $5,000 loan from a major lender is usually around 6.4% to 35.99%. It's difficult to pinpoint the exact interest rate that you'll get for a $5,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income.
Will interest rates go down in 2024? ›
Most major forecasts believe that mortgage rates will ultimately trend down this year. Fannie Mae researchers recently predicted that rates would reach 6.4% by the end of 2024.
How much would monthly payments be on a $5000 loan? ›
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rowsFor example, let's say you borrow £5,000 at 8% APR... If you repay the loan over three years: your monthly repayment will be £156.68 and you'll pay £640.55 in interest over all. If you repay the loan over five years: your monthly repayment will be £101.38 and you'll pay £1,082.92 in interest overall.
What credit score do I need for a $5000 loan? ›
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How much is $5000 with 3% interest? ›
Compound Interest FAQ
| Year 1 | $5,000 x 3% = $150 |
|---|
| Year 2 | $5,000 x 3% = $150 |
| Year 3 | $5,000 x 3% = $150 |
| Total | $5,000 + $450 = $5,450 |
That means the mortgage rates will likely be in the 6% to 7% range for most of the year.” Mortgage Bankers Association (MBA). MBA's baseline forecast is for the 30-year fixed-rate mortgage to end 2024 at 6.1% and reach 5.5% at the end of 2025 as Treasury rates decline and the spread narrows.
What is the interest prediction for 2024? ›
Many experts predict interest rates will remain at their current level for most of 2024. This may mean that mortgage rates stay at or about the same level as now for many months before possibly starting to fall towards the end of 2024.
What will bank interest rates be in 2024? ›
Fed chairman Jerome Powell has suggested that rates will eventually decline sometime in 2024. According to the Summary of Economic Projections, the Fed may implement at least three 25-basis point interest rate cuts in 2024—bringing the federal funds rate closer to 4.60%.
A $5,000 loan can be hard to get if you don't have a lot of income or if your credit score is on the lower end. Those with an average income and a good credit score can look forward to a handful of loan options for $5,000.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
How hard is it to get a $5,000 loan from a bank? ›
The ease of getting a $5,000 loan depends on your credit and a lender's specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms.
What's the cheapest way to get a loan? ›
0% APR credit card
A 0% APR credit card can be one of the cheapest ways to borrow money if you pay off the balance within the card's zero-interest introductory period — typically 15 to 21 months. You often need good or excellent credit to qualify.
Which bank gives a loan easily? ›
With attractive interest rates, minimal documentation and speedy processing, Bank of Baroda Kenya offers among the best personal loans today.
Is 7% interest on a loan high? ›
A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
Is 5% considered high interest? ›
A high-yield savings account that pays 5% interest is highly competitive. Not only does it significantly outpace the average savings account interest rate, but it's on the high end of the scale even for high-yield savings products.
Is 7% a good loan rate? ›
The best personal loan rates start around 7%. Shop with multiple lenders to find the lowest rate. Many or all of the products featured here are from our partners who compensate us.
What is a good interest rate on a loan right now? ›
Average personal loan interest rates by credit score
| Credit score | Average loan interest rate |
|---|
| 720–850 | 10.73%-12.50% |
| 690–719 | 13.50%-15.50% |
| 630–689 | 17.80%-19.90% |
| 300–629 | 28.50%-32.00% |
5 days ago
