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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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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan - Excellent Credit
ExclusiveFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
6.57%
to 21.78%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$153.40
Go to siteMore Info
Finder Exclusive: For a limited time only - Apply by December 15th 2023 and if approved, OurMoneyMarket will waive the establishment fee for Excellent Credit Customers.
NOW Finance No Fee Unsecured Personal Loan
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
OurMoneyMarket Personal Loan
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
Harmoney Unsecured Personal Loan
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
Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $70,000
Interest Rate (p.a.)
9.49%
to 29.99%
Comp. Rate (p.a.)
10.93%
to 31.83%
Application Fee
$395
Monthly Fee
$13
Monthly Repayment
$185.79
Go to siteMore Info
OurMoneyMarket Secured Personal Loan
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
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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.

You could get a credit card with a $5,000 credit limit. But this is relatively high amount and might not be as useful if you need a $5,000 lump sum.

While payday loans are advertised as fast, easy ways to get smaller loan amounts, they're limited by law to $2,000. These loans have very high fees and are not a long term financial solution.

What you need to know about 5000 loans

With a $5,000 personal loan you already know your loan amount, so you need to consider:

  • The interest rate. The lower your rate, the less you pay in interest charges.
  • The loan fees. Personal loans may charge upfront and monthly fees. The lower the fees, the cheaper the loan.
  • Be careful with small amount lenders Lenders who specialise in lending smaller personal loans - such as $5000 - are often more expensive and you can find a better deal if you have a good credit score. It's worth comparing bad credit personal loans if you really need the cash.

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

  • Unsecured personal loans. With an unsecured personal loan you borrow the money without offering anything as security. This means your lender charges a higher rate to balance its risk. But these loans are faster to approve.
  • Secured personal loans. You need to offer an asset as security for the loan. Most lenders accept a new (or newish) car as security. You can get a lower interest rate with a secured personal loan, saving you money.

How much is a $5,000 loan per month?

The cost of a $5,000 personal loan depends on the length of the loan, the interest rate and the fees.

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

DetailsLoan 1Loan 2Loan 3
Loan amount$5,000$5,000$5,000
Interest rate10%12%15%
Loan term3 years4 years5 years
Monthly fee$10$5$15
Monthly repayments$172$137$134
Total interest + fees$1,169$1,561$3,037
Total cost$6,169$6,561$8,037

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.

Comparison rates don't take all fees into account, such as late payment fees or early repayment fees.

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
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
Good to Go Loans
$500 to $5,000
  • 18 years old or over
  • Receive regular income
  • Centrelink borrowers considered
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 pricy 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.

Why compare personal loans with Finder?

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We're free

Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
expert advice

We're experts

We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.
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We're independent

We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
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We're here to help

Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.

Frequently asked questions

More guides on Finder

  • OurMoneyMarket Personal Loan – Excellent Credit

    A marketplace personal loan with personalised interest rates.

  • Compare green loans: Go green and save big

    Going green can save you money and support the planet but if the upfront costs are high, a green loan could help you make the switch.

  • Personal loans for self-employed borrowers

    Find out what personal loan options are available to you as a self-employed person and how you can be approved.

  • Joint Personal Loans

    If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.

  • $10,000 loans in Australia

    Are you in need of a larger loan but concerned about your credit history? There still may be options available, no matter your credit history. Read our guide to find out what might be available to you.

  • Personal loans for temporary residents

    Temporary Australian residents may be eligible to apply for personal loans, depending on the visa they hold.

  • Easy personal loans

    Not all personal loans come with endless documentation. Some lenders specialise in quick and easy application processes.

  • Medical loans

    Do you need to cover the costs of an elective surgery or unexpected medical bill? Compare a range of personal loans for medical expenses and cosmetic procedures.

  • Loans for casual and part-time workers

    Find out your loan options if you're casually employed, or are part time and don't work a full 40-hour week.

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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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