Taking out a personal loan is probably the simplest way for most borrowers to get a $5,000 loan.
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.
The exact cost of a $5,000 personal loan depends on:
Here are 3 examples of different $5,000 personal loans and their total costs.
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.
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.
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Borrowers with bad credit who need money quickly often turn to:
When borrowing as much as $5,000, short-term loans and bad credit loans are going to become very expensive. These loans have higher interest rates and hefty fees. This makes any loan expensive, but the more money you borrow the worse it gets.
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.
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:
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.
The following lenders offer loans up to $5,000 for bad credit applications. Be sure to compare lenders before applying:
| Lender | Loan amount | Eligibility criteria | Find out more |
|---|---|---|---|
Fair Go Finance | $500 to $5,000 |
| |
nmoni | $2,001 upwards |
| |
Swoosh Finance | $2,200 to $4,584 |
| |
Nimble | $300 to $5,000 |
| |
Rapid Finance | Varies |
| |
Wallet Wizard | $500 to $8,000 |
| |
MoneyMe | $5,000 to $50,000 |
| |
Good to Go Loans | $500 to $5,000 |
| |
Cash Converters | Up to $4,600 |
|
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:
You could get a credit card with a $5,000 credit limit. But it's probably a bad idea if you have to cover a single $5,000 purchase.
The card's transaction limit might not allow you to spend this much in one go.
And if you don't pay off the card within the interest free period (usually up to 50 days) then you'll pay interest at a much higher rate than a personal loan. And there's no end date with a credit card debt. If you're not disciplined in pay the card off you could be paying interest for years.
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Compare your options and know what to look for with the highest or lowest interest rate.
looking for international lender quick and easy
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
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.
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
bad credit loans for students
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
How long does the process take am I gonna get at least something?
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
How much a fortnight on $2000?
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