Where to get a $5,000 loan (2024)

Check your Approval Odds for a $5,000 loan

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Where to get a $5,000 loan (1)Image: 5000

Written by: Erin Dunn

Updated:

2 min read

This date may not reflect recent changes in individual terms.

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Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That’s why we provide features like your Approval Odds and savings estimates.

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Several lenders offer $5,000 loans, but the right option for you depends on your financial situation.

If you qualify, a personal loan can come with competitive interest rates and minimal or no fees. But finding the right fit depends on several factors, including your credit profile.

We’ve selected our favorite lenders that offer $5,000 loans, along with a simple guide to applying for personal loans to help you in your shopping process.

Monthly payments for a $5,000 personal loan

Loan durationAverage monthly
payments ($5,000 loan)
Poor creditAverage creditGood creditExcellent credit
1–12 months$472.05$480.90$469.88$437.59
13–24 months$323.27$281.71$247.43$230.60
25–36 months$203.35$187.17$172.48$159.58
37–48 months$169.39$156.41$143.47$131.41
  • The best $5,000 personal loans
  • How to get a $5,000 loan
  • FAQs about $5,000 loans

The best $5,000 personal loans

LightStream

Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.

Achieve

If you qualify, there are several less-common rate discounts available through Achieve, like a co-borrower or a direct-pay discount. But the loans do come with origination fees, so you should factor that into the total cost. Achieve lets you start the loan process online, but you’ll have to continue your application by email or phone.

Payoff

Happy Money’s credit card debt consolidation loan, known as the Payoff loan, doesn’t come with prepayment penalties or late fees, but it has an origination fee. You must have a credit score of 640 or higher to qualify with no delinquencies, so the loan won’t be the right fit for everyone.

LendingPoint

LendingPoint considers personal loan applicants with fair credit, but you might have to pay high interest rates and fees that could eat into your initial loan amount. There’s also an income requirement to qualify, and cosigners aren’t allowed.

Check your Approval Odds for a loanGet Started

How to get a $5,000 loan

Applying for a $5,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.

Start by collecting basic information about your finances, such as …

  • W2s
  • Recent paystubs
  • Identification/Social Security number/driver’s license
  • Desired loan amount
  • Monthly expenses, such as housing costs and debt
  • Information about any collateral you want to use

From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.

Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.

If you apply for a personal loan, you may be able to access money within a few days.

FAQs about $5,000 loans

How can I get a loan immediately?

Depending on the lender and your bank, you may see personal loan funds within a few days — or even on the same day — of approval. But there’s no guarantee and ultimately it’ll depend on the policies of the lender and your bank. Some lenders may promise same-day payday loans or fast funding, but they can come with a high interest rate or costly fees. Consider if the speed is worth any associated costs or other compromises.

Is it easy to get a $5,000 loan?

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. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.

Can you get a $5,000 loan with bad credit?

Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.

Check your Approval Odds for a loanGet Started

Where to get a $5,000 loan (2024)

FAQs

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 to get a 5k loan immediately? ›

Eligibility Criteria for ₹ 5000 Personal Loan
  1. Age. Applicants must be at least 18 years old.
  2. Citizenship. The loan is available to Indian citizens who have a valid PAN and Aadhaar card.
  3. Work experience. Salaried individual.
  4. Monthly Salary. Monthly income of at least ₹15,000.

How can I get a 5000 loan fast? ›

There are several ways to get a $5,000 loan, including a personal loan or a cash advance on your credit card. For some, getting a personal loan may be more cost-effective than taking a cash advance on credit cards. To determine which option is best for you, you'll need to do some research.

How much would a $5000 loan cost per month? ›

Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.

Is it hard to get approved for a 5k loan? ›

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.

Is it hard to get a 5k loan? ›

Yes, it's possible to get a $5,000 loan with bad credit or no credit history. But getting a loan with no credit or bad credit won't be as easy as getting a loan with good credit. You'll have to seek out lenders who specifically work with borrowers who have bad or no credit.

What would payments be on a $5000 personal loan? ›

The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.

How much would a 5k loan cost? ›

How Much Does a $5,000 Cost Over Time?
$5,000 Personal LoanMonthly Payment
15.99% APR for 60 months$121.56
35.99% APR for 12 months$502.29
35.99% APR for 36 months$228.99
35.99% APR for 60 months$180.63
5 more rows

Can anyone get a 5000 loan? ›

Yes, you can easily get a ₹5000 personal loan without any collateral.

Which loan company is easiest to get? ›

Easiest-to-get personal loans compared 2024
TitleAPRMin. credit score
Avant9.95% to 35.99%580
LendingClub9.57% to 35.99%600
OneMain18% to 35.99%Undisclosed
LendingPoint7.99% to 35.99%600
6 more rows
Mar 28, 2024

Do banks give $5,000 loans? ›

Several online lenders and banks offer personal loans for $5,000, but to find the best option for you, it's important to assess your current financial situation and compare the pros and cons of borrowing.

Which bank gives instant personal loans? ›

To avail of the HDFC Bank Personal Loan, all you need to do is submit the loan application form.On meeting the eligibility critieria, you will get an offer with the sanctioned amount, tenure of loan and interest rate.Once you accept the offer, funds are transferred to your bank account instantly.

How much would a $6,000 loan cost per month? ›

The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.

How hard is it to get a personal loan from Chase Bank? ›

Even if you have Chase credit cards, a Chase mortgage, and Chase bank accounts in good standing, you can't get a personal loan through Chase. Fortunately, you have many personal loan lenders to choose from.

How much would a $8000 loan cost per month? ›

Example Monthly Payments on an $8,000 Personal Loan
Payoff periodAPRMonthly payment
12 months15%$722
24 months15%$388
36 months15%$277
48 months15%$223
3 more rows
Aug 31, 2021

Can I get a 5000 loan with a 580 credit score? ›

Credit scores of 580 or under are considered "poor." A low credit score can significantly limit your chances of getting approved for a $5,000 loan. Most lenders require a minimum score around 670, which is considered a "fair" score.

How much can I borrow with a 580 credit score? ›

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Can I get a $5,000 loan with a 650 credit score? ›

Grace Enfield, Content Writer. You need a credit score of 580 or higher to qualify for a $5,000 personal loan in most cases. Other common requirements for a $5,000 loan include being at least 18 years old, having enough income to afford the monthly payments, and owning a valid bank account.

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