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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Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.
I hope this will help.
Thanks,
Elizabeth
LauraApril 2, 2015
I need to borrow $5000.00
Finder
ShirleyApril 7, 2015Finder
Hi Laura,
Thanks for your question.
Unfortunately the highest amount in our comparison is $2,025. If you would like to discuss your eligibility or options regarding your loan amount, please get in touch with a lender featured on this page.
Cheers,
Shirley
tamaraMarch 25, 2015
Hi, want to know if I am eligible to apply for a loan.
Finder
MattMarch 25, 2015Finder
Hi Tamara,
Thanks for your comment but you’ve come through to finder.com.au – we are a comparison service and do not lend or make any financial loan offering.
If you’d like to discuss your eligibility for a loan, please click the “go to site” in the tables on this page.
Thanks!
Cheers
Matt
JenineMarch 23, 2015
Hi.. I’ve got a bad credit name and wanting to lend $5500 I work full time
Finder
ShirleyMarch 24, 2015Finder
Hi Jenine,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. Unfortunately at this current point in time in our comparison the highest loan amount available is $2,025.
If you would like to discuss your eligibility or options, please get in touch with a lender featured on this page.
Cheers,
Shirley
MattApril 5, 2015
Hi I’m wanting to borrow $2500 from any bad credit loan provider and are looking for it to be a hour transfere to my account
Finder
ElizabethApril 7, 2015Finder
Hi Matt,
Thanks for your question.
There are a couple of bad credit loan and payday loan providers available for you to compare. You will generally receive your loan amount within the 24 hours of approval.
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 has helped.
Thanks,
Elizabeth
CraigMarch 24, 2015
Hi can you help I have bad crest how mash you I get if you help thinks
Finder
ShirleyMarch 24, 2015Finder
Hi Craig,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options regarding a bad credit loan, please get in touch with a lender featured on this page.
Cheers,
Shirley
jamieMarch 19, 2015
Im a casual worker doing full time hours and would like to consolidate a couple of small loan and wipe out a couple of fines im looking at borrowing 5000 if possible unsecured im unsure how being that im casual
Finder
ShirleyMarch 19, 2015Finder
Hi Jamie,
Thanks for your question.
If you currently have a good credit standing then you may want to consider one of the loans in the second blue comparison table.
Generally if you are casually employed, you need to have been with the same employer for a period of at least 12 months and receive regular shifts to be eligible.
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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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.
doo you have a loans for me I have bad credit and on centrelink onley
Hi Leon,
Thanks for your question.
There are a few lenders who will consider you for a loan when you are receiving Centrelink payments. You may refer to our guide to unemployed loans.
You can also compare lenders who offer loans to Centrelink recipients and other government and community assistance programs that you can apply.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply for the loan.
I hope this will help.
Thanks,
Elizabeth
I need to borrow $5000.00
Hi Laura,
Thanks for your question.
Unfortunately the highest amount in our comparison is $2,025. If you would like to discuss your eligibility or options regarding your loan amount, please get in touch with a lender featured on this page.
Cheers,
Shirley
Hi, want to know if I am eligible to apply for a loan.
Hi Tamara,
Thanks for your comment but you’ve come through to finder.com.au – we are a comparison service and do not lend or make any financial loan offering.
If you’d like to discuss your eligibility for a loan, please click the “go to site” in the tables on this page.
Thanks!
Cheers
Matt
Hi.. I’ve got a bad credit name and wanting to lend $5500 I work full time
Hi Jenine,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. Unfortunately at this current point in time in our comparison the highest loan amount available is $2,025.
If you would like to discuss your eligibility or options, please get in touch with a lender featured on this page.
Cheers,
Shirley
Hi I’m wanting to borrow $2500 from any bad credit loan provider and are looking for it to be a hour transfere to my account
Hi Matt,
Thanks for your question.
There are a couple of bad credit loan and payday loan providers available for you to compare. You will generally receive your loan amount within the 24 hours of approval.
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 has helped.
Thanks,
Elizabeth
Hi can you help I have bad crest how mash you I get if you help thinks
Hi Craig,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not a product issuer. If you would like to discuss your eligibility or options regarding a bad credit loan, please get in touch with a lender featured on this page.
Cheers,
Shirley
Im a casual worker doing full time hours and would like to consolidate a couple of small loan and wipe out a couple of fines im looking at borrowing 5000 if possible unsecured im unsure how being that im casual
Hi Jamie,
Thanks for your question.
If you currently have a good credit standing then you may want to consider one of the loans in the second blue comparison table.
Generally if you are casually employed, you need to have been with the same employer for a period of at least 12 months and receive regular shifts to be eligible.
Cheers,
Shirley