Taking out a personal loan is probably the simplest way for most borrowers to get a $5,000 loan.
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.
The exact cost of a $5,000 personal loan depends on:
Here are 3 examples of different $5,000 personal loans and their total costs.
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.
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.
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Borrowers with bad credit who need money quickly often turn to:
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.
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.
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:
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.
The following lenders offer loans up to $5,000 for bad credit applications. Be sure to compare lenders before applying:
| Lender | Loan amount | Eligibility criteria | Find out more |
|---|---|---|---|
Fair Go Finance | $500 to $5,000 |
| |
nmoni | $2,001 upwards |
| |
Swoosh Finance | $2,200 to $4,584 |
| |
Nimble | $300 to $5,000 |
| |
Rapid Finance | Varies |
| |
Wallet Wizard | $500 to $8,000 |
| |
MoneyMe | $5,000 to $50,000 |
| |
Good to Go Loans | $500 to $5,000 |
| |
Cash Converters | Up to $4,600 |
|
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:
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.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching personal loans so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more personal loans from across the market.
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Hi there I need a loan up to 4,000 I have ok credit rating but don’t seem to be anyone who wants to give me one can you recommend any loaners that might help I am employed full time
Hi Jason,
I’m afraid I can’t give you specific recommendations as we are a comparison website. However, at present, if you have clean record with your credit history you may want to consider the personal loans featured on our website.
Be sure to read through the terms, conditions, and features of the loan to ensure you’re choosing the right one.
I hope this information has helped.
Cheers,
Harold
can i get a 5000 loan with a bad credit rateing
Hi John,
Thanks for your question.
The lenders on the page above may consider you for a loan, subject to other eligibility criteria.
Please make sure to read the terms and conditions of the loan product you are interested in before submitting your application.
Cheers,
Anndy
Hi! I would like to know if it is possible for me to get a $7,000-$10,000 loan (or car loan) on a Centrelink income. I know I will be able to afford the repayments but which bank would consider me?
Will I get approved for this loan?
Hi Letitia,
Thank you for your inquiry.
If you want to check your eligibility for a loan, please review the criteria set out by the lender. You can click on the ‘Go to site’ button above if you’re eligible and you wish to apply. I also suggest that you contact the lender directly to discuss your chances of approval.
Cheers,
May
Hi Rose.
Thank you for your inquiry.
There are lenders that will consider lending to you if you’re receiving Centrelink payments. Please note that your eligibility for a loan and the amount that they lend to you will depend on the amount you earn, whether or not you’re employed, and your credit history. You can take a look at the list of Centrelink personal loans on our website and see if you meet the eligibility criteria.
I hope this helps.
Cheers,
Jason
Hello, i’m in need of an $8000.00 loan for a deposit on a truck. The truck is $70,000.00 and have finance for $62,000.00 but that lender requires the truck as security.
I have a contract for work for the truck earning $3000-4000pw and could easily make $300pw repayments.
However, as i don’t have the truck yet i am not working and on Centrelink benefits, though i could have the truck working in a week if i have the money. Only have one blemish on my credit rating and don’t currently owe any money. Current assets are a car worth $3000.00 and a few grand in other assets. is there anyone that would be able to help?
Hi David,
You can find lenders that consider bad credit applicants for loans up to $10,000 on this page, but it’s important to keep in mind that your current financial situation will be taken into account when you’re being considered for a loan. The lender will be able to see that you have a large loan already and no employment (as of yet), and while you have upcoming employment it will be your current financial situation that is considered.
You should contact the lenders prior to applying to see your chances of being approved.
Hope this helps,
Elizabeth
Hi hi there,
I have a default on my credit report that’s I never paid, it’s been 5 years tomorrow (10/10/11). Will it disappear from my credit file and would I be able to apply for a loan straight away? I’m in need of $5000, I have a full time job but I think my credit rating is only 400.
Thanks in advance.
Hi Dani,
Veda automatically removes default listings on or before the expiry date. To be sure the listing has been removed, you can order a free copy of your credit file (it takes 10 days to arrive) or pay a fee to receive it overnight. This way you can be sure whether or not the listing has been removed, and request it be removed by Veda if it hasn’t.
Lenders will see an updated copy of your credit file when they check your credit so only the current listings will be taken into account.
Hope this helps,
Elizabeth