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.
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.
The lowest unsecured rate is 5.76% and the average is 10.7%.
The lowest secured rate is 5.67% and the average is 9.89%.
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 August 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."
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, rennovating your home or heck just ready to let loose with the spending - we got you.
Frequently asked questions about $5,000 personal loans
Click "Go to Site" on Finder's comparison table to begin your applications. Most lenders have applications online, making it easier to access.
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.
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.
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.
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.
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.
Sources
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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.
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You can compare lenders in the table on the page above to find a loan of $2,000. Once you find a loan you’re eligible for, click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
SamOctober 7, 2015
Hi just curious I work full time and earn pretty good money but brought a new car earlier in the year and had to re adjust my finance and wanted to borrow $5000 for a end of year trip but don’t know if my credit rating is that good?
Finder
ElizabethOctober 7, 2015Finder
Hi Sam,
Thanks for your question.
You can order a free copy of your credit file to find out what your credit history looks like and see what kind of position your are in to borrow again. Lenders will look at your credit history, your current debts (i.e. your car loan and any credit cards you may have) as well as your income to determine your ability to manage your a loan.
If you have bad credit, you can compare larger unsecured loans up to $10000, if you have good credit you can compare your options from a range of lenders that offers personal loans.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this will help.
Thanks,
Elizabeth
sa_seSeptember 29, 2015
What lender can give out me international business loan without upfront fee and collateral ?
Finder
ElizabethSeptember 29, 2015Finder
Hi,
Thanks for your question.
Your eligibility for a business loan depends on your financial situation, your business’ financials, your forecasted financial information, etc. Some of the loans we have for comparison do not come with upfront fees and are unsecured, so you won’t need to provide collateral. You can compare your business loan options from a range of lenders to compare including small business loans, invoice financing, lines of credit and business car loans.
You can select the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to carefully read over the eligibility requirements and terms and conditions and ensure you have organised the necessary documents before beginning the application.
I hope this has helped.
Thanks,
Elizabeth
zakariaSeptember 11, 2015
hello… isee this site in internet you loans some money i need because i want to bet in footboll if is possible to loan….this my information out look for you to let me know…i need only 100.
DianeSeptember 22, 2015
Pay my bill on time diane
Finder
ElizabethSeptember 23, 2015Finder
Hi Diane,
If you’re interested in applying for a loan you can click ‘Go to Site’ to apply with any of the lenders on the page above. Remember if you’re looking to pay a utility bill it’s a good idea to get in touch with your provider first as they are often able to delay your payment date or offer a payment plan for you.
I hope this has helped.
Thanks,
Elizabeth
Finder
ElizabethSeptember 14, 2015Finder
Hi Zakaria,
When you apply for a loan you need to advise the lender of why you are applying for the loan, and as you’re looking to bet this money, the lender may not be willing to approve you. You also need to have the ability to repay the loan before you apply, so if you’re looking to repay the loan with your winnings you will not be approved as this is too risky a venture for the lender. Small payday loans are designed to help you manage cash shortfalls in between paydays when you are not eligible for another type of credit, and not to fund bets, so you may want to consider another option.
I hope this information will be of use.
Thanks,
Elizabeth
T-JaySeptember 9, 2015
I am on Centrelink benefits but have a bad credit history, is there places able to assist with a short term loan of around $800-$1000
Finder
ElizabethSeptember 9, 2015Finder
Hi T-Jay,
Thanks for your question.
You can find a list of lenders who offer loans while on Centrelink. You may also refer to our guide for bad credit personal loans. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
With a high Finder Score of 9.2, Pepper Money Unsecured Fixed Rate Personal Loan ranks among the top 13% in our database. Its competitive minimum interest rate from 5.95% is in the top 10% of the lowest rates available.
The NAB unsecured 10k+ personal loan allows you to borrow money for the consolidation of debts, a holiday trip or a new car. Learn more about the features and benefits of this loan and how to apply online.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
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, rennovating your home or heck just ready to let loose with the spending - we got you.
Loan of $2000
Hi Hugo,
You can compare lenders in the table on the page above to find a loan of $2,000. Once you find a loan you’re eligible for, click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
Hi just curious I work full time and earn pretty good money but brought a new car earlier in the year and had to re adjust my finance and wanted to borrow $5000 for a end of year trip but don’t know if my credit rating is that good?
Hi Sam,
Thanks for your question.
You can order a free copy of your credit file to find out what your credit history looks like and see what kind of position your are in to borrow again. Lenders will look at your credit history, your current debts (i.e. your car loan and any credit cards you may have) as well as your income to determine your ability to manage your a loan.
If you have bad credit, you can compare larger unsecured loans up to $10000, if you have good credit you can compare your options from a range of lenders that offers personal loans.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this will help.
Thanks,
Elizabeth
What lender can give out me international business loan without upfront fee and collateral ?
Hi,
Thanks for your question.
Your eligibility for a business loan depends on your financial situation, your business’ financials, your forecasted financial information, etc. Some of the loans we have for comparison do not come with upfront fees and are unsecured, so you won’t need to provide collateral. You can compare your business loan options from a range of lenders to compare including small business loans, invoice financing, lines of credit and business car loans.
You can select the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to carefully read over the eligibility requirements and terms and conditions and ensure you have organised the necessary documents before beginning the application.
I hope this has helped.
Thanks,
Elizabeth
hello… isee this site in internet you loans some money i need because i want to bet in footboll if is possible to loan….this my information out look for you to let me know…i need only 100.
Pay my bill on time diane
Hi Diane,
If you’re interested in applying for a loan you can click ‘Go to Site’ to apply with any of the lenders on the page above. Remember if you’re looking to pay a utility bill it’s a good idea to get in touch with your provider first as they are often able to delay your payment date or offer a payment plan for you.
I hope this has helped.
Thanks,
Elizabeth
Hi Zakaria,
When you apply for a loan you need to advise the lender of why you are applying for the loan, and as you’re looking to bet this money, the lender may not be willing to approve you. You also need to have the ability to repay the loan before you apply, so if you’re looking to repay the loan with your winnings you will not be approved as this is too risky a venture for the lender. Small payday loans are designed to help you manage cash shortfalls in between paydays when you are not eligible for another type of credit, and not to fund bets, so you may want to consider another option.
I hope this information will be of use.
Thanks,
Elizabeth
I am on Centrelink benefits but have a bad credit history, is there places able to assist with a short term loan of around $800-$1000
Hi T-Jay,
Thanks for your question.
You can find a list of lenders who offer loans while on Centrelink. You may also refer to our guide for bad credit personal loans. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
I hope this will help.
Thanks,
Elizabeth