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 can start by comparing your options on the page above. You can review the loan details on this page or click on the name of the loan/lender to go through to the review page and find out more information. Once you find a loan you’re eligible for and that you want to apply for, click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
SHANTINADecember 15, 2015
I NEED A LOAN WHAT DO I DO TO GET ONE
Finder
ElizabethDecember 15, 2015Finder
Hi Shantina,
You can start by comparing your loan options on the page above. Once you’ve found a loan you’re eligible for and that you want to apply for, you can click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
SandraDecember 15, 2015
so that is the lowest amount to pay the loan off is to pay over a $1k a month
Finder
ElizabethDecember 15, 2015Finder
Hi Sandra,
The amount you pay depends on how much you borrow. For loans up to $2,000 you can use the payday loan calculator on this page, but you won’t pay more than a 20% establishment fee and a 4% monthly fee. For loans between $2,001 and $5,000 repaid between 16 days and 2 years, you will not pay more than a one-off fee of $400 and a maximum annual rate of 48%, which includes all other fees and charges.
I hope this has helped.
Thanks,
Elizabeth
LanietoDecember 12, 2015
Hi I want to apply a loan $6000 for additional payment visa to my wife and kids. but i do have 1 part agreement goin on. I do have a fulltime job.
Please let me know any lenders happy to lend me the loan even 5years repayment.
Thanks,
cholan79
Finder
ElizabethDecember 14, 2015Finder
Hi Lanieto,
Thanks for your question.
As a Part 9 Agreement is a form of bankruptcy, you might want to take a look at our guide on bankruptcy loans. A list of lenders are available that you may consider you for a loan and you can contact them to see if they are able to offer up to $6,000. We do have a list of lenders offering larger loan amounts Select ‘More’to learn about the lender.
Before applying for a loan, 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
WijesundanDecember 4, 2015
Hi i want to apply for a loan about $2500. but i do have part 9 agreement going on. i do have steady income because i work full time. income clearly display in my back account.
please let me know any lenders happy to lend me the loan in this situation.
thanks
wijesundan
Finder
ElizabethDecember 4, 2015Finder
Hi Wijesundan,
Thanks for your inquiry.
As a Part 9 Debt Agreement is a form of bankruptcy, lenders have particular criteria when it comes to approving borrowers in your situation. We have written a guide on borrowing while a current or discharged bankrupt that contains a list of lenders who you may be eligible to apply with.
You can press the “Go to site” button of your preferred lender to proceed with your application. You can also contact the provider if you have specific inquiries about the loan.
A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
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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Finder makes money from featured partners, but editorial opinions are our own.
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We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
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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.
How do l apply for a loan to pay some nills
Hi Timothy,
Thanks for your question.
You can start by comparing your options on the page above. You can review the loan details on this page or click on the name of the loan/lender to go through to the review page and find out more information. Once you find a loan you’re eligible for and that you want to apply for, click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
I NEED A LOAN WHAT DO I DO TO GET ONE
Hi Shantina,
You can start by comparing your loan options on the page above. Once you’ve found a loan you’re eligible for and that you want to apply for, you can click “Go to Site” to submit your application.
I hope this has helped.
Thanks,
Elizabeth
so that is the lowest amount to pay the loan off is to pay over a $1k a month
Hi Sandra,
The amount you pay depends on how much you borrow. For loans up to $2,000 you can use the payday loan calculator on this page, but you won’t pay more than a 20% establishment fee and a 4% monthly fee. For loans between $2,001 and $5,000 repaid between 16 days and 2 years, you will not pay more than a one-off fee of $400 and a maximum annual rate of 48%, which includes all other fees and charges.
I hope this has helped.
Thanks,
Elizabeth
Hi I want to apply a loan $6000 for additional payment visa to my wife and kids. but i do have 1 part agreement goin on. I do have a fulltime job.
Please let me know any lenders happy to lend me the loan even 5years repayment.
Thanks,
cholan79
Hi Lanieto,
Thanks for your question.
As a Part 9 Agreement is a form of bankruptcy, you might want to take a look at our guide on bankruptcy loans. A list of lenders are available that you may consider you for a loan and you can contact them to see if they are able to offer up to $6,000. We do have a list of lenders offering larger loan amounts Select ‘More’to learn about the lender.
Before applying for a loan, 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 i want to apply for a loan about $2500. but i do have part 9 agreement going on. i do have steady income because i work full time. income clearly display in my back account.
please let me know any lenders happy to lend me the loan in this situation.
thanks
wijesundan
Hi Wijesundan,
Thanks for your inquiry.
As a Part 9 Debt Agreement is a form of bankruptcy, lenders have particular criteria when it comes to approving borrowers in your situation. We have written a guide on borrowing while a current or discharged bankrupt that contains a list of lenders who you may be eligible to apply with.
You can press the “Go to site” button of your preferred lender to proceed with your application. You can also contact the provider if you have specific inquiries about the loan.
A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
I hope this helps.
Thanks,
Elizabeth