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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:
| Loan value | Loan term | Interest rate | Monthly fee | Monthly repayments | Total cost |
|---|---|---|---|---|---|
| $5,000 | 3 | 7% | $10 | $165 | $918 |
| $5,000 | 4 | 10% | $5 | $132 | $1,328 |
| $5,000 | 5 | 12% | $8 | $120 | $2,154 |
It's important to consider the different fees, interest rates and loan terms when you apply for a personal loan. 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.
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.
Check your credit score for free through Finder
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 | $500 to $5,000 |
| |
Rapid Finance | Varies |
| |
Wallet Wizard | $500 to $8,000 |
| |
MoneyMe | $5,000 to $50,000 |
| |
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.
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.
OurMoneyMarket offers personal loan solutions for whatever your need. Whether you want to buy a new car, pay for your wedding or renovate your home, you can choose between secured and unsecured loan options.
Are secured personal loans better than unsecured personal loans and how do they work?
Find out more about Pepper Money's no fee personal loan and benefit from a competitive rate from 6.95% p.a., zero fees and loan terms of up to 7 years.
Personal loans offer a range of loan amounts to suit different purposes and budgets. Here's how to get the loan amount you need.
If you are looking for a credit card that gives access to a limited balance transfer offer, Visa and dining benefits, look no further than the Citi Ready Credit.
Compare unsecured personal loans from some of Australia's top lenders. Find the best deal on rates, fees and features in seconds.
We’ve written about fixed rate personal loans and what their advantages are.
Finder's experts look into our database of over 200 personal loans each month to bring you our Top Picks across 5 key categories.
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.
If you're sick of paying too much interest, find out how you can save money when you refinance your personal loan. There is a range of options available and you might get out of debt sooner.
Hello,
I’m living and working in Western Australia..
I’m in 820 visa but I’ll get my permanent resident in February next year so I really need A$6000 to pay off my wedding..
Which lenders that suitable for me?
Thank you,
Warm regards,
Riescha
Hi Reischa,
There is a range of lenders that might consider you for a loan as a temporary resident. You can compare your options by checking our page that lists personal loans for temporary residents.
I hope this helps,
Elizabeth
Hi I am interested in purchasing a vehicle that I have already found for my business I’ve just become a contractor with a large phone company and I need the van and I’m asking because I have bad credit and not able to finance it.Wondering if I’ll be able to get a loan my credit score is low but I’ll be able to pay it back within a couple months.
Hi George,
You can consider some of your loan options on the page above – these lenders (in the bad credit section) will consider you for a loan with a low credit score. The minimum criteria are listed on each review page so you can click through and check if you meet these before you apply. You’ll usually need to show evidence of a steady income for at least three months in the form of your bank statements.
I hope this helps,
Elizabeth
Hi Sir/Madam, i am from India i am a full time forex trader and this is also my living business, i am also a software developer and being a developer whatever software needed for my trade i develops by my own.
Complete one year of my researched on the main hedging/banking trading strategy i gets a handsome profits all the time with a 0.99% of risk.
But to make it live this strategy needs about USD 30000 of investment so it may give me round about $500/day, i am saying this based on one year of demo account’s status.
Can you please suggest who or which company may help me in this region?
Hope for positive reply…
Regards
Hi Ricky,
The lenders on this page only consider current residents of Australia. If you’re looking for international investment you’ll need to get in contact with a private investor or a lender in India that can offer the loan in US dollars.
I’m sorry I couldn’t be of more assistance,
Elizabeth
hi, I want to establish business but I don’t know can I get your services in Tanzania?
Hi Mrisho,
Unfortunately these loans are only available to current residents of Australia. You’ll need to find a lender in Tanzania to finance your business.
Sorry I couldn’t be of more assistance,
Elizabeth
What company has the best lending deals?
Hi Tanya,
I can’t advise on which lender is “the best” as the best loan for you will depend on your needs and situation. I’d advise you to compare your options above and find which loan best meets your needs, and find a loan you’re eligible for and that you want to apply for. If you find one you can click “Go to Site” to submit your application.
I hope this helps,
Elizabeth
I from the unted state Pennsylvania could I apply for a loan
Hi Norma,
You’ve come through to the Australian section of our website – you can find out more on Pennsylvania loan options and see if any will suit your needs. Please make sure to read through the eligibility requirements as well as the terms and conditions prior to application.
Hope this helps,
Elizabeth