We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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.
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