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.
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.
Warning about Borrowing
Do you really need a loan today?*It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Tips on being approved for a loan with bad credit
There is no one surefire way to ensure you are approved for a 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 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 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.
| Lender | Loan terms | Eligibility criteria | Find out more |
|---|---|---|---|
| Max Finance | $1,600 to $10,000 |
| |
| Fair Go Finance | $500 to $5,000 |
| |
| enably | $200 to $2,000 |
| Details |
| Credit24 | $300 to $6,500 |
| |
| Swoosh Finance | $2,100 to $4,600 |
| Details |
| Nimble | $300 to $5,000 |
| |
| Rapid Finance | Varies |
| |
| Wallet Wizard | $500 to $5,000 |
| |
| MoneyMe | $2,001 to $5,000 |
| |
| Good to Go Loans | $500 to $5,000 |
| |
| Needy Money | $5,001 to $100,000. |
|
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.
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 unsecured 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.
- The 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 unsecured loans
There are quite a few risks associated with these types of loans. 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 unsecured personal 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 Lender | Avg. Interest Rate | Avg. Repayment | Turnaround Time |
| Traditional Bank | 14% p.a. | $1041.93* | 1-3 business days |
| Online Lender | 39.20% p.a. | $672.24^ | 1 hour - conditions apply |
| Payday Loan | 319.38% p.a. | $1280~ | Same day |
| Peer-to-Peer Loan | 8.86% 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 unsecured 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 $,5000 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.
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
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.
Cheers,
Harold
can i get a 5000 loan with a bad credit rateing
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.
Cheers,
Anndy
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?
Will I get approved for this loan?
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.
Cheers,
May
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.
Cheers,
Jason
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?
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,
Elizabeth
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.
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,
Elizabeth
Hello,
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,
Riescha
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,
Elizabeth
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.
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,
Elizabeth
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…
Regards
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,
Elizabeth
hi, I want to establish business but I don’t know can I get your services in Tanzania?
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,
Elizabeth
What company has the best lending deals?
Hi Tanya,
I can’t advise on which lender is “the best” as the best loan for you will depend on your needs and situation. I’d advise you to compare your options above and find which loan best meets your needs, and find a loan you’re eligible for and that you want to apply for. If you find one you can click “Go to Site” to submit your application.
I hope this helps,
Elizabeth
I from the unted state Pennsylvania could I apply for a loan
Hi Norma,
You’ve come through to the Australian section of our website – you can find out some of your loan options on this page.
Hope this helps,
Elizabeth