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$5,000 loans

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.

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1 - 8 of 194
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Unsecured Low-Rate Personal Loan
OurMoneyMarket logo
Finder award winnerFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$162.61
Go to siteMore Info
NOW Finance No Fee Unsecured Personal Loan
NOW Finance logo
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$153.81
Go to siteMore Info
Harmoney Unsecured Personal Loan
Harmoney logo
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$169
Go to siteMore Info
OurMoneyMarket Secured Personal Loan
OurMoneyMarket logo
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$162.61
Go to siteMore Info
NAB Personal Loan Unsecured Fixed
NAB logo
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.54%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$175.71
Go to siteMore Info
ING Personal Loan
ING logo
Finder award winnerFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.89%
to 18.99%
Comp. Rate (p.a.)
7.10%
to 19.23%
Application Fee
$150
Monthly Fee
$0
Monthly Repayment
$158.76
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
NAB logo
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.54%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$175.71
Go to siteMore Info
Jacaranda Finance Express Personal Loan
Jacaranda Finance logo
Fixed25 Months - 4 Years $3,000 - $25,000
Interest Rate (p.a.)
14.95%
to 27.95%
Comp. Rate (p.a.)
29.30%
to 42.80%
Application Fee
$130 - $990
Monthly Fee
$24
Monthly Repayment
$231.50
Go to siteMore Info
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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.

  • 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.

Here are 3 examples of different $5,000 personal loans and their total costs.

$5,000 personal loan cost examples

  1. You borrow $5,000 over 3 years at a rate of 7%. There's a $10 monthly fee. Your monthly repayments = $165. Your total cost in fees + interest = $918.
  2. You borrow $5,000 over 4 years at a rate of 10%. There's a $5 monthly fee. Your monthly repayments = $132. Your total cost in fees + interest = $1,328.
  3. You borrow $5,000 over 5 years at a rate of 12%. There's an $8 monthly fee. Your monthly repayments = $120. Your total cost in fees + interest = $2,154.

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.

📌 A note on comparison rates and $5,000 personal loans

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

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

Borrowers with bad credit who need money quickly often turn to:

  • Payday loans. Payday lenders offer fast approval and are only available up to $2,000. Some lenders may go as high as $5,000 - but it is not considered a payday loan.
  • Bad credit personal loans. Some lenders specialise in lending to borrowers with bad credit or limited proof of income.

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.

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.

⚠️ 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.

Which lenders offer $5,000 bad credit loans?

The following lenders offer loans up to $5,000 for bad credit applications. Be sure to compare lenders before applying:

LenderLoan amountEligibility criteriaFind out more
Fair Go Finance
$500 to $5,000
  • Earn at least $500 per week
  • Only considers Single Parent, Family Tax Benefit and Carer's Allowance for Centrelink income
  • Employed on a casual, part-time or full-time basis
nmoni
$2,001 upwards
  • Self-employed applicants must earn at least $35,000
  • Centrelink benefits cannot make up more than half of someone's income
More Info
Swoosh Finance
$2,200 to $4,584
  • 18 years old or over
  • Employed for at least 3 months
  • Australian citizen or permanent resident
More Info
Nimble
$300 to $5,000
  • Earn a regular income
  • Not be dependent on Centrelink benefits
More Info
Rapid Finance
Varies
  • Bad credit and self-employed applicants are considered
More Info
Wallet Wizard
$500 to $8,000
  • Bad credit, Centrelink and unemployed applicants are considered
More Info
MoneyMe
$5,000 to $50,000
  • 18 years old or over
  • Australian residents
  • Be employed
More Info
Cash Converters
Up to $4,600
  • 18 years old or over
  • Australian resident
  • Earn over $750 per week
  • Be employed for at least 3 months
More Info

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. You might already have a limit that high. This could be useful to cover a one-off purchase instead of a personal loan. 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.

Using a credit card to borrow $5,000

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.

Why compare personal loans with Finder?

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
expert adviceYou save time. We spend 100s of hours researching personal loans so you can sort the gold from the junk faster.
independentYou compare more. Our comparison tools bring you more personal loans from across the market.

Frequently asked questions

Written by

Richard Whitten

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

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248 Responses

    Default Gravatar
    addhuJanuary 7, 2019

    looking for international lender quick and easy

      AvatarFinder
      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

    Default Gravatar
    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.

      Default Gravatar
      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

    Default Gravatar
    BrianJuly 28, 2018

    bad credit loans for students

      Default Gravatar
      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

    Default Gravatar
    DebbieNovember 15, 2017

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

      AvatarFinder
      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

    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.

      Cheers,
      Jonathan

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