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 10.51%.
The lowest secured rate is 5.67% and the average is 9.66%.
The average Australian is carrying $24,333 in personal loans (including car loans).
Most people take out personal loan terms of 3 years.
5% say their personal loan debt causes them the most stress out of any expense.
*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 5 December 2025.
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.
⚠️ Warning about Borrowing
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:
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.
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’ve come through to finder.com.au, we’re a financial comparison service and not an actual lender. You can compare your loan options using the table on the page above, and once you’ve found a loan you want to apply for just click ‘Go to Site’.
I hope this has helped.
Thanks,
Elizabeth
SheliaNovember 3, 2015
How long do i have 2 pay. This. Back
Finder
ElizabethNovember 3, 2015Finder
Hi Shelia,
The repayment terms will differ depending on the lender you apply with and the amount you apply for – you can see the general loan terms in the ‘Term of the Loan’ column in the table on the page above.
I hope this has helped.
Thanks,
Elizabeth
OzzieAugust 1, 2015
Hi i have a lot of bills in the past, and now i want to get out of debt and start over again, and get a house loan, im located in western suburbs of Melbourne, im over the phone calls of people given me bank account numbers to pay money then 6 months later get a phone call saying i still owe money! In desperate need of getting this all cleaned up. What would be the best place to go for help?
Finder
ElizabethAugust 3, 2015Finder
Hi Ozzie,
Thanks for your question and sorry to hear about your situation.
You may want to get in contact with a free financial counselling service on 1800 007 007 as they may be able to steer you in the right direction.
I hope this will help.
Thanks,
Elizabeth
anicaJuly 31, 2015
i am on workers comp can i apply for loan
Finder
ElizabethAugust 3, 2015Finder
Hi Anica,
Thanks for your question.
The eligibility criteria differs depending on the lender you are looking to apply with. To see the eligibility criteria of the lenders in the table above, just click on the name of the loan to see the review page. Once you’ve found a loan you want to apply for click ‘Go to Site’ to submit your application.
I hope this has helped.
Thanks,
Elizabeth
rajakumarJuly 28, 2015
sir i got swiden visa (employment) shall i get personel loan
JodieJuly 28, 2015
Hi Rajakumar,
Thank you for reaching out to finder.com.au, a financial comparison website.
The lenders on this page only consider applicants who currently reside in Australia, you will need to contact a lender in Sweden to discuss your options.
Regards
Jodie
ZacJuly 22, 2015
Hi I’ve been trying to get a 5000 dollar loan and I have been approved for a 3000 but I need 5000 can u get me 5000
Finder
MattJuly 23, 2015Finder
Hi Zac,
You’ve come through to finder.com.au an online comparison service, not an actual lender. If you have been approved for $3,000 any further enquiries on your credit file may not look favourable to future lenders.
It might be a good idea to make some enquiries via phone.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
Find out exactly what you need to know when it comes to cheap personal loans, including working out if a loan is really competitive.
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Do you really need a loan today?*
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
i need small loan 1500$ can you give me
Hi m naqash,
Thanks for your question.
You’ve come through to finder.com.au, we’re a financial comparison service and not an actual lender. You can compare your loan options using the table on the page above, and once you’ve found a loan you want to apply for just click ‘Go to Site’.
I hope this has helped.
Thanks,
Elizabeth
How long do i have 2 pay. This. Back
Hi Shelia,
The repayment terms will differ depending on the lender you apply with and the amount you apply for – you can see the general loan terms in the ‘Term of the Loan’ column in the table on the page above.
I hope this has helped.
Thanks,
Elizabeth
Hi i have a lot of bills in the past, and now i want to get out of debt and start over again, and get a house loan, im located in western suburbs of Melbourne, im over the phone calls of people given me bank account numbers to pay money then 6 months later get a phone call saying i still owe money! In desperate need of getting this all cleaned up. What would be the best place to go for help?
Hi Ozzie,
Thanks for your question and sorry to hear about your situation.
You may want to get in contact with a free financial counselling service on 1800 007 007 as they may be able to steer you in the right direction.
I hope this will help.
Thanks,
Elizabeth
i am on workers comp can i apply for loan
Hi Anica,
Thanks for your question.
The eligibility criteria differs depending on the lender you are looking to apply with. To see the eligibility criteria of the lenders in the table above, just click on the name of the loan to see the review page. Once you’ve found a loan you want to apply for click ‘Go to Site’ to submit your application.
I hope this has helped.
Thanks,
Elizabeth
sir i got swiden visa (employment) shall i get personel loan
Hi Rajakumar,
Thank you for reaching out to finder.com.au, a financial comparison website.
The lenders on this page only consider applicants who currently reside in Australia, you will need to contact a lender in Sweden to discuss your options.
Regards
Jodie
Hi I’ve been trying to get a 5000 dollar loan and I have been approved for a 3000 but I need 5000 can u get me 5000
Hi Zac,
You’ve come through to finder.com.au an online comparison service, not an actual lender. If you have been approved for $3,000 any further enquiries on your credit file may not look favourable to future lenders.
It might be a good idea to make some enquiries via phone.
Best of luck.
Matt