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
Was this content helpful to you?
Thank you for your feedback!
To make sure you get accurate and helpful information, this guide has been edited by
Rebecca Pike
as part of our
fact-checking process.
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.
See full bio
Richard's expertise
Richard
has written
778
Finder guides across topics including:
I’m applying for a loan up to 5000 dollars. I need to pay off my vehicle. The irs. School loan. Debt consolidation. What are my chances.
Finder
ElizabethFebruary 29, 2016Finder
Hi Cynthia,
Your chances for approval depend on the lender you’re applying with and your financial situation. It’s best to check you meet the minimum requirements set out by the lender before you apply, and also check that the ongoing repayments will be affordable with your budget.
I hope this has helped.
Thanks,
Elizabeth
RENEEFebruary 20, 2016
IF I APPLY FOR 10)000 DOLLARS BETWEEN 500 HUNDRED DOLLARS.IN MONEY FUNDING TO GO TO SCHOOL AND PAY OFF MY LOANS
Finder
ElizabethFebruary 23, 2016Finder
Hi Renee,
The lenders on the page above offer loans up to $5,000. You can review the eligibility criteria by clicking on the name of the lender to see the review page. Once you’ve found a loan that you want to apply for and that you’re eligible for, you can click “Go to Site” to submit your application. How you use the loan amount is up to you but you will have to make ongoing repayments as per the terms of the loan.
I hope this has helped,
Elizabeth
KarenFebruary 18, 2016
Hi, Am in need of 5000 loan, already have 3 loans including home loan with bank, 1 x 9000 through a bank, 1 x cash converter 1500. these laons have been related to renovation work on property, earn 106000pa, thought i had a good credit history, apparently not. Need further electrical work completed on my home, recently made an enquiry for a loan and was declined. Can you suggest anything. Need funds urgently.
Finder
ElizabethFebruary 19, 2016Finder
Hi Karen,
It might help by starting by ordering a free copy of your credit file. This will give you a better idea of your credit position. It’s also important to note that lenders will not approve you for a loan if they don’t think you can afford the repayments.
You may compare lenders that will consider you for a loan up to $5,000 if you have less-than-perfect credit but it’s important to note that the repayments will be higher than with other loans. Taking a look at the criteria and clicking through to the review pages is a good place to start. 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 a loan.
I hope this helps.
Thanks,
Elizabeth
ScottFebruary 13, 2016
Hi where can I apply for a loan on a Saturday and receive funds the same day?
Finder
ElizabethFebruary 15, 2016Finder
Hi Scott,
While some payday lenders can approve you within minutes, the time it actually takes to receive your loan will depend on which bank you hold an account with as it depends on transfer times. You can find out about turnaround time on individual review pages of each lender, which you can get to by clicking on the lender’s name.
I hope this has helped.
Elizabeth
NickJanuary 12, 2016
I need 5,000 loan for debt. I have poor credit. I can pay 2,000 of it back with my tax return. What are my options? All loan agencies won’t approve. Please help.
Finder
ElizabethJanuary 12, 2016Finder
Hi Nick,
Thanks for your question.
I’m unable to recommend any specific lenders to you but the lenders listed on the page above are all of the bad credit lenders we have available for comparison that will consider you for a loan up to $5,000 with bad credit. You can click through to the review page and read through the eligibility criteria. If you have had trouble being approved you may want to get in touch with them to confirm your eligibility before submitting your application.
Another option you have is getting in touch with the free financial counselling service on 1800 007 007.
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.
Important information about this website
Finder is a comparison service. We do not compare every product or every provider in the market.
We make money through commercial arrangements with some of the providers on this site. Products marked 'Sponsored', 'Promoted', 'Featured' or 'Advertisement' appear as a result of a commercial arrangement.
Our editorial content, product reviews and any 'Top Pick' designations are prepared independently of these commercial arrangements.
The default order of products in our tables can be influenced by commercial arrangements. You can re-sort or filter using the controls above each table.
Some content on this site may be generated or supported by AI tools. You should verify details directly with the provider.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
Our comparison service does not include every product or every provider in the market. Some product issuers offer their products under multiple brands or through associated companies. Where we can, we identify the underlying issuer so you can compare like with like, but you should always check with the provider directly to confirm which brand you are dealing with.
Finder is a comparison website and an intermediary. We are not a product issuer and we do not provide personal financial or credit advice. When you click a link to a product, or apply for a product through our site, you deal directly with the product issuer. We may receive a referral fee, commission or other payment from the issuer if you click through, apply or take out a product. We describe these arrangements in more detail under 'How we make money' below.
Product features, fees, terms and eligibility criteria are set by the product issuer and may change. We rely on information supplied by issuers when we present product details on our site. Before you apply for or take out any product, you should confirm the details directly with the issuer.
We earn revenue from Finder in four principal ways:
Referral fees and commissions. When you click a product link, complete an enquiry form or apply for a product through our site, we may receive a referral fee, commission or other payment from the product issuer. We may also receive payment based on the volume of leads or conversions we send to an issuer.
Sponsored placements. Products marked 'Sponsored', 'Promoted', 'Featured' or 'Advertisement' appear as a result of a commercial arrangement between Finder and the issuer. These labels always indicate a paid placement. We do not use them for editorial choices.
Display advertising. Banner advertising, newsletter advertising and similar display ads on our site are paid by advertisers.
Content sponsorship. Some articles, videos and social media posts are sponsored by an issuer and are clearly labelled as such.
Our editorial opinions, product reviews and any 'Top Pick' designations are prepared independently of these commercial arrangements. A 'Top Pick' is an editorial choice made by our writers and editors based on the criteria described on each comparison page. A 'Top Pick' is not a personal recommendation and does not mean the product is appropriate for your circumstances.
If you would like to know whether we have a commercial arrangement with a specific product issuer, please contact us.
When products are grouped in a table or list, the default order can be influenced by commercial arrangements we have with product issuers. In some categories, sponsored or featured products appear in the top positions of the table by default, and are always labelled as such.
Other factors that influence default order include price, fees and features, and (where relevant) our editorial view of the product.
You can re-sort every comparison table using the controls above the table. You can filter by product features that matter to you. The order you see after re-sorting or filtering is not influenced by commercial arrangements.
Some content on this site is generated or supported by artificial intelligence tools, including our AI-powered assistant FinderBot. AI-generated content may contain errors. Please verify important information directly with the product issuer before making a financial decision. For more information about FinderBot, see the FinderBot Terms of Use and FinderBot Privacy Collection Notice.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
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.
I’m applying for a loan up to 5000 dollars. I need to pay off my vehicle. The irs. School loan. Debt consolidation. What are my chances.
Hi Cynthia,
Your chances for approval depend on the lender you’re applying with and your financial situation. It’s best to check you meet the minimum requirements set out by the lender before you apply, and also check that the ongoing repayments will be affordable with your budget.
I hope this has helped.
Thanks,
Elizabeth
IF I APPLY FOR 10)000 DOLLARS BETWEEN 500 HUNDRED DOLLARS.IN MONEY FUNDING TO GO TO SCHOOL AND PAY OFF MY LOANS
Hi Renee,
The lenders on the page above offer loans up to $5,000. You can review the eligibility criteria by clicking on the name of the lender to see the review page. Once you’ve found a loan that you want to apply for and that you’re eligible for, you can click “Go to Site” to submit your application. How you use the loan amount is up to you but you will have to make ongoing repayments as per the terms of the loan.
I hope this has helped,
Elizabeth
Hi, Am in need of 5000 loan, already have 3 loans including home loan with bank, 1 x 9000 through a bank, 1 x cash converter 1500. these laons have been related to renovation work on property, earn 106000pa, thought i had a good credit history, apparently not. Need further electrical work completed on my home, recently made an enquiry for a loan and was declined. Can you suggest anything. Need funds urgently.
Hi Karen,
It might help by starting by ordering a free copy of your credit file. This will give you a better idea of your credit position. It’s also important to note that lenders will not approve you for a loan if they don’t think you can afford the repayments.
You may compare lenders that will consider you for a loan up to $5,000 if you have less-than-perfect credit but it’s important to note that the repayments will be higher than with other loans. Taking a look at the criteria and clicking through to the review pages is a good place to start. 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 a loan.
I hope this helps.
Thanks,
Elizabeth
Hi where can I apply for a loan on a Saturday and receive funds the same day?
Hi Scott,
While some payday lenders can approve you within minutes, the time it actually takes to receive your loan will depend on which bank you hold an account with as it depends on transfer times. You can find out about turnaround time on individual review pages of each lender, which you can get to by clicking on the lender’s name.
I hope this has helped.
Elizabeth
I need 5,000 loan for debt. I have poor credit. I can pay 2,000 of it back with my tax return. What are my options? All loan agencies won’t approve. Please help.
Hi Nick,
Thanks for your question.
I’m unable to recommend any specific lenders to you but the lenders listed on the page above are all of the bad credit lenders we have available for comparison that will consider you for a loan up to $5,000 with bad credit. You can click through to the review page and read through the eligibility criteria. If you have had trouble being approved you may want to get in touch with them to confirm your eligibility before submitting your application.
Another option you have is getting in touch with the free financial counselling service on 1800 007 007.
I hope this has helped.
Thanks,
Elizabeth