We currently don't have that product, but here are others to consider:
How we picked theseTaking 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 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.
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
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.
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.
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:
"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.
This secured loan may be used for any worthwhile purchase and requires security against a vehicle. It uses risk-based pricing, so your interest rate will be set based on your credit score and history.
A risk-based personal loan from one of Australia's biggest non-bank lenders. Get a personalised rate which rewards higher credit scores.
An ING personal loan offers certainty with fixed interest rates and fixed repayments over a set term.
An unsecured personal loan with zero fees and interest rates personalised to your risk profile.
We’ve written about what lenders look for when assessing your personal loan application.
Why not be rewarded for your good credit history? MoneyPlace offers unsecured personal loans with rates starting at 8.49% p.a. – finance a range of personal purposes and borrow up to $80,000. Read the review and see if you're eligible to apply.
If you are budget-conscious and looking for a personal loan with clear expectations and repayments, the ANZ Fixed Rate Personal Loan is an option worth considering. With low fees and a competitive interest rate, this loan might be an option for you.
The ANZ Variable Rate Personal Loan may be a great choice for borrowers who want options. With a free redraw facility and the option to make additional repayments, borrowers get the comfort of a personal loan that will let them access much-needed funds.
Find out what rate you qualify for with Society One's innovative sliding interest rate scale. Loans are available up to $50,000, with flexible loan terms between two and three years. Find out how the loan works and if you're eligible to apply.
Use a personal loan calculator to work out your repayments or compare loans with a comparison calculator.
Can you borrow from these lenders if you live in USA
Hi Bridget,
You’ve come through to the Australian section of our website, but you can compare your US loan options here. Please read through the eligibility requirements and the terms and conditions prior to any application.
I hope this will help,
Elizabeth
How much will u be deducting and for how long if i take a loan for $10 000&im getting $200 a month
Hi Mimi,
It depends on which lender you apply with and how long your repayment terms are. You can compare your $10,000 loan options and you can use the personal loan calculator to work out your repayments once you know your interest rate, fees and how long your loan term will be.
Hope this has helped,
Elizabeth
I need a 5,000.00 loan for back taxes or loose my house who do I talk to I need this fast
Hi Barbara,
Unfortunately I can’t recommend a specific lender to you, but the options for a loan of $5,000 are listed on the page above. Both good and bad credit options are listed in different sections above, so you can have a look at the lenders that best meet your needs. You can click through to a lender’s website or review page to find out more information or to apply.
I hope this will help,
Elizabeth
Im applying for 3 time at three different lender which is aeon, rhb bank and cimb bank. However this three application fail. I dont know why.
Hi Henry,
Thanks for your inquiry.
Making multiple loan applications at once or in a short space of time can be red flags to lenders and can further hurt your credit score as each application is listed on your credit file. Also, each lender uses its own criteria to approve you so you may not have met their criteria to be approved. You may want to wait to apply again, but you can consider a lender that doesn’t perform a credit check.
I hope this information helps,
Elizabeth
I am south african and unemployed i need a loan of 2500 i can pay 300 a month can u help me
Hi Malefu,
Unfortunately, as an Australian comparison service, the lenders on this page can only consider you for a loan if you currently reside in Australia. You may need to find a lender in South Africa to apply for a loan.
Elizabeth