How do I apply for a $5,000 loan?

Click "Go to Site" on Finder's comparison table to begin your applications. Most lenders have applications online, making it easier to access.

What if I need a $5,000 loan ASAP?

Some lenders have a faster approval time than others and offer quick loans. While you may get the money faster, it's important to be aware that these loans may charge higher interest rates.

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

If you have a steady income, a decent credit score and minimal outstanding debts then getting a $5,000 loan approved shouldn't be too difficult. Many lenders will approve much larger loans for creditworthy borrowers.

What happens after I submit my application?

This will differ between lenders. However, you will typically receive a notification on whether or not your application has been approved. The lender will also provide instructions for the next steps.

Are my details secure?

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

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

You may be able to apply, but you'll need to be receiving some form of income to qualify. Lenders will look into whether you can afford to repay the loan. If you receive Centrelink payments, it shouldn't exceed 50% of your total income. You can read more about loans for unemployed applicants in our guide.

$5,000 personal loan options in Australia

11 of 229 results

Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 5.95% to 26.95%	Comp. Rate (p.a.) 5.95% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $152	Borrow up to $50,000 for any worthwhile purchase and pay no establishment or ongoing fees without providing collateral. You can also benefit from a more competitive interest rate if you have a strong credit score.	Go to site View details Compare product selectionCompare	loading
ING Personal Loan Most LovedFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.19% to 19.99%	Comp. Rate (p.a.) 7.03% to 20.78%	Application Fee $199	Monthly Fee $8	Monthly Repayment $166.61	No early repayment fees and same-day funding for existing ING customers. Eligibility: Applicants must be 18+, Australian/ NZ citizen or permanent resident of Australia, and earning at least $36,000 a year (before tax) with PAYG payslips.	Go to site View details Compare product selectionCompare	loading
Revolut Unsecured Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.99% to 24.49%	Comp. Rate (p.a.) 6.99% to 25.32%	Application Fee $0	Monthly Fee $0	Monthly Repayment $154.36	Limited Time Offer: Apply in-app and access your funds in minutes if approved. New User Offer: Get a A$50 cash reward when you make your first repayment within 90 days of joining Revolut. Offer ends 31 Dec 2026. T&Cs apply.	Eligibility: Must be an Australian/NZ citizen or permanent resident, employed for 3+ months, earning at least $2,000/month, with a recommended Equifax credit score of 500+.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Unsecured Personal Loan ExclusiveVariable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $177.81	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $170.53	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Variable Rate Personal Loan Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $170.53	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Jacaranda Finance Unsecured Personal Loan Fixed25 Months - 3 Years $3,000 - $15,000	Interest Rate (p.a.) 27.95% to 29.95%	Comp. Rate (p.a.) 44.50% to 46.50%	Application Fee $13.50 - $950	Monthly Fee $26	Monthly Repayment $271.95	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Unsecured Personal Loan ExclusiveFixed2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $177.81	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $175.48	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Fair Go Finance Medium Loan Fixed6 Months - 2 Years $2,001 - $5,000	Interest Rate (p.a.) 29.90% to 59.20%	Comp. Rate (p.a.) 47% to 64.99%	Application Fee $400	Monthly Fee $18	Monthly Repayment $246.94	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $175.48	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading

Showing 11 of 12 results

When comparing $5,000 personal loans you should think about the interest rate, fees, loan type and loan term.
You may be able to take out a $5,000 with bad credit, but expect to pay higher fees.
Using a credit card with a limit of $5,000 might be an alternative, but it depends if you can repay it quickly.

How can I get a $5,000 loan?

Taking out a personal loan is probably the simplest way for most borrowers to get a $5,000 loan.

Must read: Watch out for payday loans

While payday loans are advertised as fast, easy ways to get smaller loans, they're limited by law to $2,000 and have very high fees.

What kind of personal loans can I use to borrow $5,000?

Most people looking for a $5,000 loan will choose an unsecured personal loan. These loans are easier to get and you don't have to put up a car as security.

Secured personal loans typically require a new (or newish) car as security. While some lenders may offer you a lower rate (because the loan is lower risk to the lender), these days the lowest unsecured personal loan rates are often just as low.

How much does a $5,000 personal loan cost?

The exact cost of a $5,000 personal loan depends on:

The length of the loan.
The interest rate.
The fees.

$5,000 personal loan cost examples

Loan value	Loan term	Interest rate	Monthly fee	Monthly repayments	Total loan cost
$5,000	3	7%	$10	$165	$5918
$5,000	4	10%	$5	$132	$6,328
$5,000	5	12%	$8	$120	$7,154

When you apply for a personal loan it's important to consider the different fees, interest rates and loan terms. As you can see, a 5 year loan term with a higher interest rate will give you lower monthly repayments, but you'll end up paying much more in fees and interest over the loan period.

These are just simplified examples that don't take your personal circumstances into account. Use a personal loan repayment calculator to figure out your own loan costs.

What is the personal loan comparison rate?

The personal loan comparison rate takes into account both the loan's interest rate and the cost of fees. It's designed to help you understand the true cost of a loan.

Every personal loan has a comparison rate, but most lenders calculate these rates based on different loan sizes, typically $30,000 or $10,000. So these rates don't always reflect the costs for a $5,000 loan.

How do I compare $5,000 loans?

Look at the rates and fees. A loan with a lower rate and fewer fees will save you money.
Choose the right loan term. A personal loan with a 1-year term is usually cheaper than a 5-year loan because you pay less interest over a shorter time. But your monthly repayments will be higher. So the right loan term is about balancing your monthly and your overall costs.
Look for a loan with features you need. Some personal loans allow you to make extra repayments without a fee, which helps you pay off the loan faster.
Check the lender's eligibility criteria before you apply. Don't waste time (and hurt your credit score) applying for a $5,000 loan you're not eligible for. Make sure you meet the lender's criteria first.
Get your credit score in good shape. The lowest rates and the best deals go to borrowers with excellent credit scores. Improve your credit score before applying for a loan.

Check your credit score for free through Finder

Personal loan statistics in November 2026

The lowest unsecured rate is 5.76% and the average is 10.98%.
The lowest secured rate is 5.67% and the average is 9.36%.
The average Australian is carrying $20,139 in personal loans (including car loans).
Most people take out personal loan terms of 4 years.
28% of people say they're concerned by the amount of debt they have.

*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of October 2026.

Can I borrow $5,000 if I have bad credit?

If you have bad credit you might find it harder to get a personal loan. A small loan amount like $5,000 might be accepted by some lenders, but you'll probably find you have a higher interest rate.

Borrowers with bad credit who need money quickly often turn to payday loans or bad credit loans, but these solutions are usually very costly and can make your debt situation worse.

Can I get a $5,000 personal loan with guaranteed approval?

Beware of lenders whose websites mention "guaranteed approval" for small loans. The truth is any regulated lender will perform some kind of check on your credit score and suitability as a borrower before lending you $5,000.

These lenders are often going to charge you very high interest rates and fees.

If a lender is truly promising you "a small personal loan with guaranteed approval" they are likely a scam. You can check ASIC's register to see if a lending business is appropriately licensed.

Alternatives to a $5,000 personal loan

If a personal loan doesn't work for you and you'd rather avoid a pricey payday loan, you could consider one of the following:

Credit card. If you have an existing credit card you might be able to get the credit limit raised to $5,000 or you might already have a limit that high. Credit cards also offer interest-free periods. But after that, you'll be charged a higher interest rate compared to a personal loan. If you can't pay back the $5,000 purchase in a short time this will end up being quite expensive.
Home loan top up. If you have a home loan and you've been making repayments on time, your lender may approve a top up to the home loan, allowing you to borrow slightly more against your equity and put it on your loan. Your home loan will have a lower rate than a personal loan. But keep in mind that a home loan is a much longer debt, so adding to it means you pay more in interest in the long run.
No interest loans (NILs). While you can't get $5,000, eligible Australians on low incomes can qualify for no interest loans from community-led non-profit organisations. You don't get charged interest, but it's also not really a loan. You can only use the money for an approved expense, such as car repairs, medical expenses or an essential household item.

Our expert says: Think carefully before using a credit card

"A credit card might be tempting as a rolling credit solution, particularly if you already have one. But if you need the money to cover a single $5,000 purchase, a credit card is rarely the answer.

With high interest rates and a short interest-free period, you would need to be confident you could pay off the money quickly. Interest free periods are usually around 44 days, but after that you would pay a much higher rate than with a personal loan."

Rebecca Pike

Editor, Money

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, renovating your home or heck just ready to let loose with the spending - we got you.

Frequently asked questions about $5,000 personal loans

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder's Consumer Sentiment Tracker, accessed 2 April 2025
2. MoneySmart's payday loans article, accessed 12 February 2024

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Rebecca Pike as part of our fact-checking process.

Written by

Richard Whitten

Senior Money Editor

Add to Preferred Sources

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 764 Finder guides across topics including:

Home loans
Credit cards
Personal finance
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248 Responses

addhuJanuary 7, 2019

looking for international lender quick and easy

Finder

JohnJanuary 7, 2019Finder

Hi Addhu,

Thank you for reaching out to finder.

Though the page we have does not have an article on international lenders available, you may want to check available local lenders or banks that are able to provide you a loan that you require. The page we are on is specific to the Australian geo. Hope this helps!

Cheers,
Reggie

LauraSeptember 14, 2018

Hi I have an emergency n need to borrow $2.500 ASAP I try many places but refuse to help me because I’m not working at the moment due to health issues I get a Centrelink payment I can pay it back please need help urgently if anyone can help me ty.

JoelSeptember 14, 2018

Hi Laura,

Thanks for leaving a question on Finder.

Sorry to hear about what you went through. Aside from the lenders on the table above, you can check our list of Centrelink loans to know which lender may consider you for a loan.

When comparing short-term loans, ensure you take into consideration any fees, charges and rates you may be charged. It’s important to weigh up all your options before applying for any form of credit.

If you’re experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday.

Cheers,
Joel

BrianJuly 28, 2018

bad credit loans for students

JoelJuly 28, 2018

Hi Brian,

Thanks for leaving a question on Finder.

I’m afraid, there are no interest free student loans in Australia considering you also have a bad credit score. We have a comparison of student loans that you can check out. Please check out the eligibility criteria for each loan provider before you apply so you would know what you are getting into. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

Cheers,
Joel

DebbieNovember 15, 2017

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

Finder

JhezelynNovember 15, 2017Finder

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.

Regards,
Jhezelyn

AndrewJuly 4, 2017

How much a fortnight on $2000?

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.

Cheers,
Jonathan

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$5,000 personal loan options in Australia

A personal loan is one of the easier ways to borrow $5,000, and with a good credit score you can get a competitive rate. Bad credit borrowers still have options, but they are more expensive.