Get The Best $5,000 Personal Loan: Compare Terms and Rates
A $5,000 personal loan can help you cover multiple long-term needs. Get an offer from trusted lenders in a few clicks.
Written By:
Edited By: Janice Myers
Posting Date:
If you struggle with unexpected expenses, such as medical bills or unplanned home repairs, a $5,000 loan can come to the rescue. It can be a great alternative to a credit card due to its lower cost and accessibility.
Read on to review the best online $5,000 personal loan options with affordable monthly payments. We will help you compare offers and find the best deal with any credit score.
Where Can I Get a $5,000 Loan?
★★★★★
Est.APR
6.40% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
300
More About
PROS
- Quick access to loan funds;
- No prepayment penalties;
- Flexible monthly payments;
- Beyond credit score verification (soft credit check);
- Flexible loan amounts.
CONS
- Origination fees up to 10%;
- High annual percentage rate;
- Co-signers aren’t allowed;
- Limited repayment loan terms.
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 300);
- Provide an active email address and phone number.
WHO IT’S FOR
Poor credit borrowers who can’t qualify for traditional personal loans.
FEES
- Origination fees up to 10%;
- $15 late fee
- $15 NSF fee
★★★★★
Est.APR
8.99% – 35.99%
Loan amount
$5,000 – $50,000
Min Score
620
More About
PROS
- Discounts on interest rates
- Debt consolidation loans with direct monthly payments to creditors
- Soft credit check on prequalification stage
- Opportunity to get joint loans
CONS
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
REQUIREMENTS
- You need a credit score of at least 620
- Your debt-to-income ratio must be less than 45% (excluding mortgage)
- There’s no minimum income requirement
- Your credit history should be of 3 years with at least two accounts
- You shouldn’t have any debt in default
- Bankruptcy is not allowed in the previous 24 months
WHO IT’S FOR
Fair or good credit borrowers who want to cover their credit card debt.
FEES
- Origination fees from 1.99% to 6.99%
★★★★☆
Est.APR
9.116% – 29.99%
Loan amount
$2,000 – $45,000
Min Score
640
More About
PROS
- Low annual percentage rate;
- Wide range of available loan amounts;
- Same-day funding in some circumstances;
- Accessible for fair credit borrowers.
CONS
- High origination fee (up to 9%);
- No cosigners are allowed for joint loans;
- It is not available in all states.
- Limited term lengths range from 36 to 60 months.
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 640);
- Provide an active email address and phone number.
WHO IT’S FOR
Poor credit borrowers who need to make a significant debt consolidation.
FEES
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
★★★★☆
Est.APR
8.49% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
Doesn’t specified
More About
PROS
- No prepayment penalties;
- Multiple rate discounts;
- Next-day funding;
- The due date may be changed;
- Direct payments for debt consolidation.
CONS
- APRs may be high;
- Origination fees are charged;
- Late fees may be applied.
ELIGIBILITY REQUIREMENTS
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa;
- Be at least 18 years old (19 in Alabama and some other states);
- Give a working email address;
- Provide valid bank account details;
- Confirm a sufficient monthly income to cover your loan payments.
WHOM IT SUITS
Fair-credit borrowers who need the money quickly.
FEES
- Origination fees: 1.85% to 9.99%;
- Late payment fees: $10;
- Non-sufficient funds fees: $10 per payment returned.
★★★★☆
Est.APR
18% – 35.99%
Loan amount
$1,500 – $20,000
Min Score
None
More About
PROS
- Joint and secured loans are available;
- Wide range of loan options for low credit;
- Pre-qualifying doesn’t affect your credit score;
- Convenient options for debt consolidation.
CONS
- Relatively high interest rates;
- Charges origination fees;
- APRs are not disclosed when pre-qualify.
ELIGIBILITY REQUIREMENTS
- At least 18 years also;
- Permanent US resident;
- Income confirmation;
- Valid bank account or debit card.
WHOM IT SUITS
Borrowers with credit issues who want to avoid predatory lenders.
FEES
- Origination fees: 1% to 10%, or $25 to $500, depending on the state;
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount;
- Non-sufficient funds fees: $10 to $50 per payment returned.
★★★★☆
Est.APR
8.99% – 25.81%
Loan amount
$5,000 – $100,000
Min Score
None
More About
PROS
- Low interest rates
- Co-borrowers are allowed
- No prepayment penalties
- Flexible loan amounts
- Wide repayment terms
- No origination fee
CONS
- Good credit is required
- Late fees might apply
- No co-signer option available
- No physical branches
REQUIREMENTS
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information and social security number
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
WHO IT’S FOR
Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, and cover significant medical bills.
FEES
- Optional fees (up to 6%)
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.
What Are Alternatives to a $5,000 Personal Loan?
Besides a $5,000 personal loan, there are a few more ways to get the needed amount:
- 0% APR credit cards. If you have a credit card with an interest-free introductory period, you can put your purchases on its balance. This way, you will be able to save money on interest if you pay off the balance within the set term, which is typically from 12 to 24 months. Additionally, credit cards are kind of no credit check loans with guaranteed approval. You don’t need to apply and wait for your loan request to be accepted, as well as undergo any credit checks;
- Secured personal loans. A secured personal loan can help you access financing at competitive interest rates, even with less-than-perfect credit. It can also be a way to get more money than you initially can. The essence of secured loans for bad credit lies in getting the money against some of your valuable property. Thus, a lender has a certain repayment guarantee and can repossess you asset if you default;
- Credit union loans. If you’re a member of a certain credit union, contact your loan officer and wonder what financing options are available to you. As credit unions are not-for-profit financial institutions, they usually have lower interest rates and more lenient eligibility requirements;
- Borrowing from family. Although $5,000 is a relatively high amount that your loved ones may not have on hand, you can still turn to them and ask for a loan at low or no interest. By doing this, you will save money and probably get more flexible loan terms.
How Much Do $5,000 Loans Cost?
The overall cost of $5,000 loans depends on several factors. Low credit scores and a high debt-to-income ratio result in a higher interest rate. The longer your repayment terms, the more you will have to overpay within the loan life. Plus, each lender can set its own interest rate range based on the market conditions and the state it operates in.
Representative example: Suppose that you’re going to get a $5,000 loan for 24 months at a 10.99% APR. The total cost of your loan will be $5,592.38, with a monthly payment of 233.02.
If you get the same loan at an 8.99% APR, then $5,481.62 will be the total sum you’ll repay to a lender after 2 years. Your monthly payment will be $228.4.
When Might I Need a $5,000 Loan?
A $5,000 loan can be a good idea if you need to cover unexpected expenses but have no savings to turn to. Borrowing money can help you make debt consolidation, avoid high late fees, or prevent other unpleasant financial consequences caused by emergencies. This way, you’re most likely to benefit from your $5,000 loan.
However, you need to make sure you can afford it. Pay attention to your monthly loan payments. Deduct them from your monthly income to ensure the remaining amount is enough to maintain your regular lifestyle.
How to Get a $5,000 Loan?
Although it may take you some time to get a $5,000 loan, you should approach the process responsibly. Here are common application steps.:
- Choose the lender. Pre-qualify from multiple lenders and compare their offers to find the best deal.
- Make sure to meet qualification requirements. Pay attention to the required credit scores, income, and debt-to-income ratio.
- Gather all the needed information and documents. Most lenders ask you to provide a copy of your ID and driver’s license, pay stubs or bank statements, Social Security number, and an employer’s contact details.
- Complete an application form. Specify your personal and contact details, attach copies of documents, and submit your loan request.
- Sign a loan agreement. If approved, you need to accept an offer by signing your loan contract after reviewing the terms and conditions.
- Receive the funds. The money will be deposited into your bank account within one or several business days.
Get a Personal Loan for Your Needs
- Check customized interest rates from trusted lenders in a few minutes
- Applying does not affect your credit score
- Loan amounts up to $5,000
- Any credit score is accepted
$5,000 Loan Requirements
Although the requirements may vary by lender, there are some basic criteria you need to meet to qualify for a $5,000 loan:
- Be at least 18 years old (19 for Alabama and Nebraska residents);
- Have an active bank account (some lenders may also transfer money to your debit card);
- Have a steady source of verifiable income;
- Provide proof of identity.
Additionally, you can meet certain credit score or debt-to-income ratio requirements. Check out the criteria set by a particular lender before applying.
Methodology
When choosing and comparing lenders for $5,000 loans, BadCredify pays special attention to factors that determine whether the loan is worth considering. They include interest rates, repayment terms, extra fees, eligibility criteria, and a lender’s trustworthiness. To make our comparison impersonal and fair, we explore information from more than 40 lenders, taking into account data received from their representatives and information from their websites.
Our experts pre-qualify for a loan to ensure a smooth and safe process. We also check customer reviews to learn more about their borrowing experience. After all, we select the five best companies based on the gathered information.
FAQ
If you deal with an online lender, it’s quite possible to qualify for a $5,000 loan with no credit or bad credit. However, you need to keep in mind that such loans can be more expensive than those offered by traditional lenders.
A $5,000 loan typically comes with money transfers within one to two business days. However, some lenders may offer same day loans. Also, if you deal with a traditional financial institution, it may sometimes take you about a week to get the funds.
Some lenders offer personal loans to borrowers with any credit scores. Thus, you simply need to choose the right loan provider to qualify for a $5,000 loan with bad credit. Pay attention to online personal loan lenders. They are more likely to approve applications from people with a bad and poor credit history.