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

Information verified correct on July 25th, 2016

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 chances are you can’t get a personal loan from a bank or traditional credit lender. However, if you’re diligent enough, you can find credit providers who offer bad credit unsecured loans. While these firms are more interested in your present financial circumstances and ability to pay back the loan, rather than defaults or negative listings from the past, they come with high fees. 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.

Rates last updated July 25th, 2016
Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
Sunshine Short Term Loans
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
$2,000 9 weeks 30 Minutes - conditions apply 20% of loan amount + 4% of loan amount each month Go to site More
Nimble Medium Loan
Apply for up to $5,000 and get approved in 1 hour - conditions apply.
$5,000 Up to 2 years 1 hour - conditions apply* Application fee of $400 + 39.20% APR Go to site More
Cash Train Loans
Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account
$2,000 10 weeks or 3 months 1 Business Day 20% of loan principal + 4% monthly charge Go to site More
MoneyMe Medium Loans
A flexible loan up to $5,000 that’s tailored to your credit profile. Apply in 5 mins.
$5,000 6 mths - 2 years Within the hour - depending on your institution $400 Application fee + 11% - 30% APR Go to site More
Ferratum Cash Loans
A small loan from Ferratum lets you borrow up to $1,000 without a credit check
$1,000 16, 22 or 32 days Same Day if approved 20% of borrowed amount + 4% of borrowed amount each month Go to site More

Have we missed anything in the comparison table? Tell us

Warning about Borrowing

payday-warningDo 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.

Understanding your loan options

Before applying for any kind of loan, it's important that you understand your options. Below we've outlined two types of $5,000 unsecured loans and the type of borrower they might suit.

The bad credit unsecured loan option

If you have a bad credit rating this type of unsecured loan may be an option for you as the credit provider will focus more on your present capacity to pay back the loan amount. Bad credit unsecured loans also don’t require any assets to be used as collateral. There are several types of unsecured personal loans, and it’s important to compare your options to find out the right type which is suited for your present needs and situation.

It’s also important to note that these loans can have a smaller loan term than a normal personal loan – generally less than twelve months – meaning that your repayments will be higher.

How does this loan work?

If you’re thinking about getting a bad credit unsecured loan, you won’t have to worry about the negative marks on your credit file as the approval of this loan doesn’t solely depend on your credit background. What is important to the credit providers is that your present financial situation is stable and you will be able to repay the loan.

Apart from the flexible lending criteria set by lenders, a bad credit unsecured loan works much in the same way as any other unsecured loan. Due to the risk taken on by the lender, you may find that these loans have higher rates and fees than other similar loans, or have stricter repayment conditions.

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

If you don't have bad credit, a $5,000 personal loan can come at a cheaper cost with a lower interest rate. If you need spending money for a holiday, home renovations or even to finance a wedding a personal loan could be for you. You're able to borrow up to a limit of $5,000 and do not have to attach an asset as a guarantee.

As this loan is unsecured, it is less of a risk for you but more of a risk for the lender. Because of this, you may find that these loans come with higher rates and fees than other secured loans of a similar size and terms. Compare a range of options below if you need to borrow $5000.

Rates last updated July 25th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
A low interest rate loan with redraw facility to access money you've paid in advance.
From 13.69% (variable) 14.56% $5,000 1 to 7 years $150 Go to site More
NAB Personal Loan Unsecured Fixed
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years.
From 14.19% (fixed) 15.06% $5,000 1 to 7 years $150 Go to site More
St.George Get Set Loan Personal Loan
The St.George Get Set Personal Loan is a revolving line of credit you can access for extra funds when you need them.
From 13.75% (variable) $5,000 $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option allowing you to take out a loan to pay off your debt, buy a car, fix up your house, or travel - paying for your next holiday.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 (apply by 28th July 2016) Go to site More
ANZ Variable Rate Personal Loan
Access a variable rate loan with redraw feature from ANZ
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 (apply by 28th July 2016) Go to site More
Westpac Flexi Loan
Pay off your loan faster with a low interest rate and a low ongoing fee.
From 14.69% (variable) $4,000 1 to 5 years $150 Go to site More
Westpac Unsecured Personal Loan
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac
From 12.99% (fixed) 14.01% $4,000 1 to 7 years $250 Go to site More
St.George Unsecured Personal Loan - Variable Rate
The Variable Rate Unsecured Personal Loan St.George lets you borrow up to $40,000 for a period of up to 7 years.
From 14.74% (variable) 15.61% $3,000 1 to 7 years $195 Go to site More

Have we missed anything in the comparison table? Tell us

How to compare bad credit unsecured loans

  • What are the fees?
    When you’re taking out one of these loans be sure to look at the fees and charges before you apply to see if you can manage the terms. Loans up to $2,000 with terms between 16 days and one year will not come with fees higher than a 20% establishment fee and a 4% monthly fee. Loans between $2,001 and $5,000 with the same terms will not come with more than a $400 establishment fee and a $48% p.a. rate, which includes all other fees and charged.
  • Are there flexible repayment options?
    Lenders offer varying repayment periods. Generally you will repay your loan within 16 days and four months, although some lenders offer terms extending up to one or two years. You will usually make repayments in line with your pay schedule.
  • How much do you know about the lender?
    One of the most important factors to think about in borrowing is the reputation of the lender. Some lenders are not upfront about all the fees and costs that come with late and missed payments and other fees, such as for letter send outs or accounts costs, so be sure to read and understand the lender's loan terms and conditions. Compare the features with other credit providers before applying for the loan.

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 most of them will set out on their website. 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. It's good to be aware of how you appear in the eyes of a lender, and you can order a free copy of your credit file from the main credit reporting agencies in Australia.

  • Always 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. More than one consecutive application can be a bad sign to prospective lenders as it indicates a rejected application.

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.

Max FinanceYou can apply for a loan between $1,600 and $10,000 with Max Funding, a lender that has flexible eligibility criteria. You can find out if you've been approved within a few minutes and receive your loan on the same day.
Fair Go FinanceThis lender offers cash loans between $500 and $5,000  and also secured loans between $2,250 and $5,000 to borrowers in a range of situations. You may be able to apply if you're self-employed, on Centrelink or employed casually. You can apply if you have bad credit, with each application assessed on a case-by-case basis.
Credit24You can apply for a loan between $300 and $6,500 with Credit24 if you're employed and earn at least $1,000 per month. If you are on Centrelink benefits they can't make up more than 50% of your income. It should be noted you need good credit to apply for this loan.
NimbleYou can apply for loans up to $5,000 with Nimble, with your eligibility assessed on a case-by-case basis. The loan term can be between 16 days and one year, giving you longer to repay what you borrow.
Wallet WizardWith its 'Smart Loan', you can apply for up to $5,000 with Wallet Wizard. You'll pay an upfront application fee plus ongoing service fees, with loan terms being able to extend up to 36 months for returning customers. Wallet Wizard has very flexible lending criteria, which opens the doors for bad credit, Centrelink borrowers and even unemployed applicants. The important thing is that you have the ability to repay your loan.
Good to Go LoansYou can apply for a cash loan between $500 to $5,000 for various needs, and the loans are available to borrowers with bad credit. If you need a new car or own your own business, G2G Loans also offer secured and business loans.
Needy MoneyWith its medium loan, Needy Money lets you apply for between $2,001 and $5,000 even if you have bad credit. Generous repayment terms of up to 2 years are on offer, giving you plenty of time to budget and repay your loan.

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 payday 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:

  • Be cautious throughout the whole process; ASIC has issued a warning to those intending to take out a bad credit personal loan due to high fees and inflexibility.
  • High fees and short a repayment period; 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.
  • Higher interest rates; major banks and lending institutions must show a comparison rate for all loans. The comparison rate is essentially the interest rate of the loan with the fees and charges included in an APR. Short term lenders may not, so it is important to check the interest and comparison rates before applying

Quick ways to borrow money

Type of LenderAvg. Interest RateAvg. RepaymentTurnaround 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 start if I want to apply for a bad credit unsecured loan?

An easy way is to apply online by clicking the "Go to Site" button on this page.

After submission of my application, what will happen?

This will differ between lenders, but generally you will 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 $5000, 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 100% certain that you can repay back the debt within the allocated time-frame. 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

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

  1. 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
      Elizabeth | July 21, 2016

      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,


  2. Default Gravatar
    | July 19, 2016

    What company has the best lending deals?

    • Staff
      Elizabeth | July 20, 2016

      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,


  3. Default Gravatar
    Norma | June 21, 2016

    I from the unted state Pennsylvania could I apply for a loan

    • Staff
      Elizabeth | June 21, 2016

      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,


  4. Default Gravatar
    Dinesh | June 13, 2016

    I am from India, can I apply for a loan from above stated lenders…???

    • Staff
      Elizabeth | June 14, 2016

      Hi Dinesh,

      Unfortunately, these loans are only available if you’re currently residing in Australia. You may need to find a lender in India to apply for a loan.

      Sorry I couldn’t be of more assistance,


  5. Default Gravatar
    Ronald | June 8, 2016

    I Ronald need $5000 for some bills and need a used car please. Thank you

    • Staff
      Elizabeth | June 8, 2016

      Hi Ronald,

      You can find some of your options for $5,000 loans on the page above. Have a look through the criteria and see if you are eligible, and once you find a loan you are eligible and want to apply for, you can click through to the review page or click “Go to Site” to submit your application.

      Hope this helps,


  6. Default Gravatar
    Stephen | June 2, 2016

    I’m on a.disability pension,I’m 59yrs old.I am looking and hoping someone can help me,with a unsecured loan so I can pay off my bills,which have gone to debt collectors.The debts that I have were not paid due.to my career who.walked out and left me with all bills to pay.I have been trying so hard to get a loan for $3500.MY bills come to$1500,but I also would like to buy a second hand car,to help my mum to get around and myself.I would use the.car for collateral if possible.I just need a chance to clear my name..Due to what my career did to me.So please if there is a firm that would help me,please let me know.Thank you.PS I have always told the truth about my situation,when I apply.

    • Staff
      Elizabeth | June 3, 2016

      Hi Stephen

      Unfortunately I can’t recommend any specific lender to you but you can find some of your options listed above. If your loans have already gone to collections you may benefit from calling the free financial counselling service hotline on 1800 007 007 to discuss some of your options and see if taking out an additional loan is the best option for you. If you decide it is the best option, the loans for up to $5,000 are listed on this page and you can read our guide for pensioners on this page (as well as some alternative loan options).

      I hope this information will help,


  7. Default Gravatar
    | May 30, 2016

    I really need some money today can someone please help me I need $50 to $100 need to purchase my medication an also some groceries I tried but keep getting rejected I’m only asking for a small loan to help me

    • Staff
      Elizabeth | May 30, 2016

      Hi Flora,

      You can compare your small loan options on this page. Before you apply, make sure you review the eligibility criteria to ensure you are eligible for the loan and can afford the repayments. All the eligibility criteria are listed on the review pages (which you can see by clicking on the name of the lender) and on the lender’s website. If you have questions about your eligibility you may want to contact the lender directly.

      I hope this has helped,


  8. Default Gravatar
    Haami | May 26, 2016

    I need 3000 for my bond and rent for a new place

    • Staff
      Elizabeth | May 26, 2016

      Hi Haami,

      You can compare your loan options on the loan above and once you’ve found a loan you’d like to apply for, and that you’re eligible for, you can click “Go to Site” to submit your application. You can find out more about the loan options by clicking on the name of the loan to read the review page.

      I hope this has helped,


  9. Default Gravatar
    Ali | May 14, 2016

    I want to apply for 1000 loan

    • Staff
      Elizabeth | May 16, 2016

      Hi Ali,

      You can compare lenders above and check the eligibility criteria by clicking through to the lender’s review pages. Once you find a lender you are eligible for and want to apply with, you can submit your application by clicking “Go to Site”.

      Hope this helps,


  10. Default Gravatar
    Ann | May 13, 2016

    Hi Sonya
    I have been off work for the past few months receiving treatment for breast cancer. Having used most of my savings I have been on centrelink payment since January.
    I now have the all clear and return to work at the end of May. My gross weekly pay is $4750.
    I would like to borrow $5000 for no more than 6 months. What can you suggest?

    • Default Gravatar
      Tanya | May 25, 2016

      i really need some help over the last few month I have got myself in bad credit and am about to lose a lot of my stuff in cash converters and that would break my heart so if there is any one out there that could help me ii would be so very thank full

    • Staff
      Elizabeth | May 26, 2016

      Hi Tanya,

      Lenders offering $5,000 for bad credit are outlined on the page above, but your whole financial circumstances will be assessed before you are approved for the loan. You will need to think about your ability to afford the loan and also your alternative options. For instance, you may be able to call Cash Converters to work out an alternative payment plan and say you are under financial hardship.

      If you want to apply for a loan, getting in contact with lenders before applying is a good step to take to ensure you are eligible.

      I hope this helps,


    • Staff
      Elizabeth | May 16, 2016

      Hi Ann,

      I can’t recommend any specific options for you unfortunately, but if you’ve been receiving Centrelink benefits you might want to consider some lenders (both bank and alternative) on this page. You can also give the free financial counselling service a call for some free financial advice on 1800 007 007.

      I hope this has helped,


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