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.
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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 10.91%.
The lowest secured rate is 6% and the average is 10.02%.
The average Australian is carrying $22,455 in personal loans (including car loans).
Most people take out personal loan terms of 4 years.
30% of millennials with a loan are concerned about their debt.
*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 11 March 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.
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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 Money Editor, with over seven years of experience in home loans, property 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 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 Graduate Certificate in Communications from Deakin University. See full bio
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Richard has written 601 Finder guides across topics including:
I am from India, can I apply for a loan from above stated lenders…???
Finder
ElizabethJune 14, 2016Finder
Hi Dinesh,
Unfortunately, these loans are only available if you’re currently residing in Australia. You may need to find a lender in India to apply for a loan.
Sorry I couldn’t be of more assistance,
Elizabeth
RonaldJune 8, 2016
I Ronald need $5000 for some bills and need a used car please. Thank you
Finder
ElizabethJune 8, 2016Finder
Hi Ronald,
You can find some of your options for $5,000 loans on the page above. Have a look through the criteria and see if you are eligible, and once you find a loan you are eligible and want to apply for, you can click through to the review page or click “Go to Site” to submit your application.
Hope this helps,
Elizabeth
StephenJune 2, 2016
I’m on a.disability pension,I’m 59yrs old.I am looking and hoping someone can help me,with a unsecured loan so I can pay off my bills,which have gone to debt collectors.The debts that I have were not paid due.to my career who.walked out and left me with all bills to pay.I have been trying so hard to get a loan for $3500.MY bills come to$1500,but I also would like to buy a second hand car,to help my mum to get around and myself.I would use the.car for collateral if possible.I just need a chance to clear my name..Due to what my career did to me.So please if there is a firm that would help me,please let me know.Thank you.PS I have always told the truth about my situation,when I apply.
Finder
ElizabethJune 3, 2016Finder
Hi Stephen
Unfortunately, I can’t recommend any specific lender to you but you can find some of your options listed above.
If your loans have already gone to collections, you may benefit from calling the free financial counseling service hotline on 1800 007 007 to discuss some of your options and see if taking out an additional loan is the best option for you.
If you decide it is the best option, the loans for up to $5,000 are listed on this page and you can read and check pensioner loans as well as some alternative loan options.
I hope this information will help,
Regards,
Elizabeth
FloraMay 30, 2016
I really need some money today can someone please help me I need $50 to $100 need to purchase my medication an also some groceries I tried but keep getting rejected I’m only asking for a small loan to help me
Finder
ElizabethMay 30, 2016Finder
Hi Flora,
You can compare payday loans through our website. Before you apply, make sure you review the eligibility criteria to ensure you are eligible for the loan and can afford the repayments. All the eligibility criteria are listed on the review pages (which you can see by clicking on the name of the lender) and on the lender’s website. If you have questions about your eligibility you may want to contact the lender directly.
I hope this has helped,
Elizabeth
HaamiMay 26, 2016
I need 3000 for my bond and rent for a new place
Finder
ElizabethMay 26, 2016Finder
Hi Haami,
You can compare your loan options on the loan above and once you’ve found a loan you’d like to apply for, and that you’re eligible for, you can click “Go to Site” to submit your application. You can find out more about the loan options by clicking on the name of the loan to read the review page.
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.
Finder's experts look into our database of over 170 personal loans each month to bring you our Top Picks across 5 key categories.
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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.
I am from India, can I apply for a loan from above stated lenders…???
Hi Dinesh,
Unfortunately, these loans are only available if you’re currently residing in Australia. You may need to find a lender in India to apply for a loan.
Sorry I couldn’t be of more assistance,
Elizabeth
I Ronald need $5000 for some bills and need a used car please. Thank you
Hi Ronald,
You can find some of your options for $5,000 loans on the page above. Have a look through the criteria and see if you are eligible, and once you find a loan you are eligible and want to apply for, you can click through to the review page or click “Go to Site” to submit your application.
Hope this helps,
Elizabeth
I’m on a.disability pension,I’m 59yrs old.I am looking and hoping someone can help me,with a unsecured loan so I can pay off my bills,which have gone to debt collectors.The debts that I have were not paid due.to my career who.walked out and left me with all bills to pay.I have been trying so hard to get a loan for $3500.MY bills come to$1500,but I also would like to buy a second hand car,to help my mum to get around and myself.I would use the.car for collateral if possible.I just need a chance to clear my name..Due to what my career did to me.So please if there is a firm that would help me,please let me know.Thank you.PS I have always told the truth about my situation,when I apply.
Hi Stephen
Unfortunately, I can’t recommend any specific lender to you but you can find some of your options listed above.
If your loans have already gone to collections, you may benefit from calling the free financial counseling service hotline on 1800 007 007 to discuss some of your options and see if taking out an additional loan is the best option for you.
If you decide it is the best option, the loans for up to $5,000 are listed on this page and you can read and check pensioner loans as well as some alternative loan options.
I hope this information will help,
Regards,
Elizabeth
I really need some money today can someone please help me I need $50 to $100 need to purchase my medication an also some groceries I tried but keep getting rejected I’m only asking for a small loan to help me
Hi Flora,
You can compare payday loans through our website. Before you apply, make sure you review the eligibility criteria to ensure you are eligible for the loan and can afford the repayments. All the eligibility criteria are listed on the review pages (which you can see by clicking on the name of the lender) and on the lender’s website. If you have questions about your eligibility you may want to contact the lender directly.
I hope this has helped,
Elizabeth
I need 3000 for my bond and rent for a new place
Hi Haami,
You can compare your loan options on the loan above and once you’ve found a loan you’d like to apply for, and that you’re eligible for, you can click “Go to Site” to submit your application. You can find out more about the loan options by clicking on the name of the loan to read the review page.
I hope this has helped,
Elizabeth