5000 Loans happy couple

How to be approved for a $5000 loan with bad credit

Need to borrow up to $5,000 today? A guide on all of your personal loan options, even if you have bad credit.

When you’ve got a bad credit history you're usually not eligible for a loan from a bank or traditional credit lender. However, there are loan options available. You'll just need to show that you can repay the loan by providing evidence of a regular income, whether that's through employment or Centrelink. If you're unemployed and need a loan, read our guide here.

Swoosh Finance

Swoosh Finance


48.00 % p.a.

variable rate


66.04 % p.a.

comparison rate

  • Borrow up to $4,600
  • Loan term up to 2 years.
  • Instant online decision
Security Logo

100% confidential application

Swoosh Finance

Swoosh Finance offer Fast, reliable, and hassle-free secured loans up to $4,600 for when you are in need of money

  • Loan amount: $4,600
  • Loan term: 12-24 months
  • Turnaround time: Next Business Day
  • Fees: $400 + 48% APR of borrowed amount
Go to site

Good and bad credit loans for up to $5,000 you could apply for

The loans below allow you to borrow cash for a short period when you may need the emergency money.

Rates last updated December 17th, 2017
Name Product Product Description Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $5,000
Swoosh Finance
A secured loan you can apply for in 10 minutes that gives you up to 12 months to repay. Note: Max loan amount $4,600. Fees and charges included in repayment.
12-24 months
Next Business Day
$400 + 48% APR of borrowed amount
Wallet Wizard Smart Loan
Apply for up to $5,000 as a convenient line of credit.
Up to 2 years
24 hours
47.8% APR
Credit24 Medium Term Loan (Good Credit)
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.
12-24 months
Same day
$400 establishment fee + 4% monthly interest
Nimble Medium Loan
Apply for up to $5,000 and get approved in 1 hour - conditions apply.
Up to 2 years
1 hour - conditions apply*
Application fee of $400 + 47.62% APR
Cash Converters Medium Personal Loan
Apply for up to $4,600 and receive approved funds in your account in two business days.
Up to 24 months
24 - 48 hours
$400 (establishment fee; financed under loan) + 48% p.a. interest
Fair Go Finance Personal Loan (Under 5K)
If you earn more than $500 p/w you could borrow up to $5,000 even with bad credit.
3-12 months
Within 24 hours
For $500 - $2,000, establishment fee of 20% of loan amount + 4% of loan amount each month and for above $2,250 rates from 29.90% p.a.

Compare up to 4 providers

Compare the bad credit lenders below

  • Cash Converters: $400 (establishment fee; financed under loan) + 48% p.a. interest. Borrow up to $4,600 and get the funds within 48 hours of approval.
  • Wallet Wizard: 47.8% APR. Access your funds as a line of credit. Bad credit and centrelink borrowers considered.
  • Nimble: Application fee of $400 + 47.62% APR . Have you been caught short? You can apply for up to $5,000 online with this loan.
  • Swoosh Finance: $400 + 48% APR of borrowed amount. Find out if you have been conditionally approved for a bad credit loan within 60 seconds.

Tips on being approved for a bad credit loan

There is no one surefire way to ensure you are approved for a fast cash 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.au 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 Australia.

  • Compare your bad credit 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 minimise the amount of applications you make.

What brands offer bad credit loans up to $5,000?

You have various options when it comes to finding bad credit loans up to $5,000. You can consider any of the below. Click through to the review page to find out more details on the loan.

LenderLoan termsEligibility criteriaFind out more
Max Finance$1,600 to $10,000
  • Earn at least $500 per week
  • Own an asset
Fair Go Finance$500 to $5,000
  • Earn at least $500 per week
  • Only consider single parent, family tax benefit and carer's allowance for Centrelink income
  • If self-employed, need to have been for 12 months
enably$200 to $2,000
  • Be employed
  • Earn over $1,500 per month
Credit24$500 to $6,500
  • Be employed
  • Have good credit
  • Earn at least $1,000 per month
  • Centrelink can't be more than 50% of your income
Swoosh Finance$2,100 to $4,600
  • Over 18
  • Employed for at least three months
  • Australian citizen or permanent resident
Nimble$300 to $5,000
  • Earn a regular income and
  • Not be dependant on Centrelink benefits
Rapid FinanceVaries
  • Bad credit and self-employed applicants are considered
Wallet Wizard$500 to $5,000
  • Bad credit, Centrelink and unemployed applicants are considered
MoneyMe$2,001 to $5,000
  • Over 18
  • Australian residents
  • Be employed
Good to Go Loans$500 to $5,000
  • Over 18
  • Receive regular income
  • Centrelink borrowers considered
Needy Money$5,001 to $100,000.
  • Bad credit borrowers are able to apply
  • Bankrupt and Part 9 borrowers can apply provided they haven't entered into the bankruptcy/Part 9 in the past 12 months

Options for an unsecured $5000 loan with a good credit rating

If you don't have bad credit you can be eligible for a loan from a bank, credit union or standalone lender at a more competitive rate than bad credit loans. You may be able to borrow up to a limit of $5,000 and do not have to attach an asset as a guarantee.

Compare a range of options below if you need to borrow $5000.

Rates last updated December 17th, 2017
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Latitude Personal Loan (Secured)
From 12.99% (fixed)
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
NAB Personal Loan Unsecured Variable Rate
14.69% (variable)
1 to 7 years
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
NAB Personal Loan Unsecured Fixed
14.99% (fixed)
1 to 7 years
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
1 to 7 years
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Compare up to 4 providers

How much do $5,000 loans cost?

If you're borrowing from a non-Authorised Deposit-taking Institutions (ADIs), which is basically any lender that isn't a bank, credit union or building society, you'll be charged the following:

  • Loans under $2,000. You will be charged a 20% establishment fee and a 4% monthly fee. Both fees are calculated using your loan principal.
  • Loans of $2,001 to $5,000. These loans are repaid over 16 days to two years. You cannot be charged more than a one-off establishment fee of $400 and a maximum annual interest rate of 48% p.a. that includes all other fees and charges.
  • Loans over $5,000. You cannot be charged more than 48% p.a. including all fees and charges.

What to consider when comparing $5000 loans

  • The convenience of an online application
    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
    It's common practice to find difficulty being approved for a personal loan from other credit providers if you’ve got a bad credit history. Getting a bad credit 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.
  • The 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.
  • Bad credit loans are high-cost
    Due to high risk of this loan the lender will usually charge a higher fees. However, keep in mind fees are capped by ASIC.
  • 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 rates maxed at 48% p.a.
  • 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.

Things to avoid with bad credit loans

There are quite a few risks associated with loans for people with bad credit. Avoid the pitfalls outlined below:

  • Not being cautious. ASIC has issued a warning to those intending to take out a bad credit personal loan due to high fees and inflexibility.
  • Not considering the affordability. Make sure you think twice before applying for a bad credit loan up to $5,000 – the repayment period is a lot shorter than standard loans which means your repayments are 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.

Quick ways to borrow money

Type of LenderAvg. Interest RateAvg. RepaymentTurnaround Time
Traditional Bank14% p.a.$1041.93*1-3 business days
Online Lender39.20% p.a.$672.24^1 hour - conditions apply
Payday Loan319.38% p.a.$1280~Same day
Peer-to-Peer Loan8.86% p.a.$955.21*Next business day

*average repayment based on a $30,000 loan over 3 years | ^ based on a $3,000 loan over 220 days | ~ based on a $1000 loan over 32 days

Frequently asked questions

How do I apply for a bad credit loan?

You can apply for any of the lenders on this page by clicking "Go to Site". If you don't see this button you can apply directly on the lender's website.

What happens after I send my application?

This will differ between lenders, but you will usually receive a notification as to whether you have been approved or not along with further instructions for the next steps.

Are my details secure?

When you apply for a loan online up to $5,000, your details are securely transmitted over an encrypted connection. The majority of sites you apply with use 128-bit SSL encryption to ensure your details are safe and secure.

Can I get a $5,000 loan if I am unemployed?

When an institution lends you money, they want to be certain that you can repay back the debt within the allocated timeframe. If you are unemployed your income may be limited unless you are receiving Centrelink benefits. If the majority of your income comes from Centrelink payments you may be still eligible for a personal loan - please read our guide to getting a loan on Centrelink before applying.

Options on borrowing smaller amounts like $1000

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

242 Responses

  1. Default Gravatar
    DebbieNovember 15, 2017

    How long does the process take am I gonna get at least something?

    • Staff
      JhezelynNovember 15, 2017Staff

      Hi Debbie,

      Thank you for your comment.

      The lender may usually contact you within 24-48 hours after you’ve submitted your application online. This is the reason why you should provide accurate details and necessary documents and information needed for a smooth processing. It would be best to contact the lender directly for an update.


  2. Default Gravatar
    AndrewJuly 4, 2017

    How much a fortnight on $2000?

    • Default Gravatar
      JonathanJuly 5, 2017

      Hi Andrew!

      Your repayment terms and eligibility will be discussed collectively upon application by your prospect lender.

      You may click “Go to Site” green button of your chosen to proceed with your application.

      Hope this helps.


  3. Default Gravatar
    JasonMay 15, 2017

    Hi there I need a loan up to 4,000 I have ok credit rating but don’t seem to be anyone who wants to give me one can you recommend any loaners that might help I am employed full time

    • Staff
      HaroldMay 15, 2017Staff

      Hi Jason,

      At present, if you have clean record with your credit history you may want to consider the available options here.

      I hope this information has helped.


  4. Default Gravatar
    johnApril 5, 2017

    can i get a 5000 loan with a bad credit rateing

    • Staff
      AnndyApril 5, 2017Staff

      Hi John,

      Thanks for your question.

      The lenders on the page above may consider you for a loan, subject to other eligibility criteria.

      Please make sure to read the terms and conditions of the loan product you are interested in before submitting your application.


  5. Default Gravatar
    RoseOctober 26, 2016

    Hi! I would like to know if it is possible for me to get a $7,000-$10,000 loan (or car loan) on a Centrelink income. I know I will be able to afford the repayments but which bank would consider me?

    • Default Gravatar
      LetitiaJanuary 4, 2017

      Will I get approved for this loan?

    • Staff
      MayJanuary 4, 2017Staff

      Hi Letitia,

      Thank you for your inquiry.

      If you want to check your eligibility for a loan, please review the criteria set out by the lender. You can click on the ‘Go to site’ button above if you’re eligible and you wish to apply. I also suggest that you contact the lender directly to discuss your chances of approval.


    • Staff
      JasonOctober 26, 2016Staff

      Hi Rose.

      Thank you for your inquiry.

      There are lenders that will consider lending to you if you’re receiving Centrelink payments. Please note that your eligibility for a loan and the amount that they lend to you will depend on the amount you earn, whether or not you’re employed and your credit history. You can take a look at the lenders and your options on this link and see if you meet the eligibility criteria.

      I hope this helps.


  6. Default Gravatar
    DavidOctober 24, 2016

    Hello, i’m in need of an $8000.00 loan for a deposit on a truck. The truck is $70,000.00 and have finance for $62,000.00 but that lender requires the truck as security.
    I have a contract for work for the truck earning $3000-4000pw and could easily make $300pw repayments.
    However, as i don’t have the truck yet i am not working and on Centrelink benefits, though i could have the truck working in a week if i have the money. Only have one blemish on my credit rating and don’t currently owe any money. Current assets are a car worth $3000.00 and a few grand in other assets. is there anyone that would be able to help?

    • Staff
      ElizabethOctober 25, 2016Staff

      Hi David,

      You can find lenders that consider bad credit applicants for loans up to $10,000 on this page, but it’s important to keep in mind that your current financial situation will be taken into account when you’re being considered for a loan. The lender will be able to see that you have a large loan already and no employment (as of yet), and while you have upcoming employment it will be your current financial situation that is considered.

      You should contact the lenders prior to applying to see your chances of being approved.

      Hope this helps,


  7. Default Gravatar
    DaniOctober 9, 2016

    Hi hi there,

    I have a default on my credit report that’s I never paid, it’s been 5 years tomorrow (10/10/11). Will it disappear from my credit file and would I be able to apply for a loan straight away? I’m in need of $5000, I have a full time job but I think my credit rating is only 400.

    Thanks in advance.

    • Staff
      ElizabethOctober 10, 2016Staff

      Hi Dani,

      Veda automatically removes default listings on or before the expiry date. To be sure the listing has been removed, you can order a free copy of your credit file (it takes 10 days to arrive) or pay a fee to receive it overnight. This way you can be sure whether or not the listing has been removed, and request it be removed by Veda if it hasn’t.

      Lenders will see an updated copy of your credit file when they check your credit so only the current listings will be taken into account.

      Hope this helps,


  8. Default Gravatar
    RIESCHASeptember 28, 2016

    I’m living and working in Western Australia..
    I’m in 820 visa but I’ll get my permanent resident in February next year so I really need A$6000 to pay off my wedding..
    Which lenders that suitable for me?

    Thank you,
    Warm regards,

    • Staff
      ElizabethSeptember 28, 2016Staff

      Hi Reischa,

      There is a range of lenders that might consider you for a loan as a temporary resident. You can compare your options on this page.

      I hope this helps,


  9. Default Gravatar
    GeorgeAugust 18, 2016

    Hi I am interested in purchasing a vehicle that I have already found for my business I’ve just become a contractor with a large phone company and I need the van and I’m asking because I have bad credit and not able to finance it.Wondering if I’ll be able to get a loan my credit score is low but I’ll be able to pay it back within a couple months.

    • Staff
      ElizabethAugust 18, 2016Staff

      Hi George,

      You can consider some of your loan options on the page above – these lenders (in the bad credit section) will consider you for a loan with a low credit score. The minimum criteria are listed on each review page so you can click through and check if you meet these before you apply. You’ll usually need to show evidence of a steady income for at least three months in the form of your bank statements.

      I hope this helps,


  10. Default Gravatar
    July 21, 2016

    Hi Sir/Madam, i am from India i am a full time forex trader and this is also my living business, i am also a software developer and being a developer whatever software needed for my trade i develops by my own.

    Complete one year of my researched on the main hedging/banking trading strategy i gets a handsome profits all the time with a 0.99% of risk.

    But to make it live this strategy needs about USD 30000 of investment so it may give me round about $500/day, i am saying this based on one year of demo account’s status.

    Can you please suggest who or which company may help me in this region?

    Hope for positive reply…

    • Staff
      ElizabethJuly 21, 2016Staff

      Hi Ricky,

      The lenders on this page only consider current residents of Australia. If you’re looking for international investment you’ll need to get in contact with a private investor or a lender in India that can offer the loan in US dollars.

      I’m sorry I couldn’t be of more assistance,


    • Default Gravatar
      mrishoAugust 14, 2016

      hi, I want to establish business but I don’t know can I get your services in Tanzania?

    • Staff
      ElizabethAugust 16, 2016Staff

      Hi Mrisho,

      Unfortunately these loans are only available to current residents of Australia. You’ll need to find a lender in Tanzania to finance your business.

      Sorry I couldn’t be of more assistance,


Ask a question