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.
My credit score is 615 I need 5k fast what’s my best options thanks and is it possible to get a loan for 5k?
Hi Jeremy,
I’m unable to recommend a specific lender to you, but there are a couple of lenders that you may be eligible to apply with. You can click through to the review pages by selecting the lender’s name, and once you’ve found 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
Hi , looking to borrow $4000 for a new motorcycle , I work full time on the books but about a third of my total income is cash ( I also work weekends subcontracting doing Pre Renovation Demolition & Handyman work ) .
My base on the books income is approx $850 per week , because of the nature of my weekend work my off the books cash income usually ranges between $300 -$1500 per weekend at least three weekends per month .
I have an ABN , TFN and am not currently paying any loans off .
My question is …what are my chances at getting a loan and whom would you recommend? .
Thx ,
B
Hi Ben,
Thanks for your question.
Lenders can use a variety of criteria to check your income – pay slips, tax returns (as you are self-employed) etc. If you are considering applying with a short-term lender they will check your last three months of bank statements to verify your income, so if you do not need the bike immediately, you can consider depositing your cash pay regularly into your account so your income can be verified. Usually, you can see what you need to provide with your application before you apply.
The eligibility criteria you have to meet is listed on each review of the lender, you can view it by selecting ‘More Info’. If you are ready to apply, you may select Go to Site to proceed with your application.
If your credit history is good you can consider a secured motorcycle loan as a finance option. You can press the “Go to site” button of your preferred lender to proceed with your application.
If you are unsure if you meet the minimum eligibility criteria (usually age, income and employment) you can get in touch with the lender directly to discuss your application. 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 has helped.
Thanks,
Elizabeth
Why I can’t approve with my loan that I need money for urgent my mom is ill and I need to send money to her so she can be cure please help me
Hi Judith,
Lenders look at a variety of criteria when approving you for a loan, but it ultimately comes down to whether or not you can afford the repayments. You may want to get in touch with the free financial hotline on 1800 007 007 for some advice on your financial situation and some options that may be available to you.
I hope this will help.
Thanks,
Elizabeth
I’m looking for a loan I have bad credit been wking on it I’m wanted to borrow 4500.0. To pay bills off get car some medical stuff insurance doesn’t cover all it where is best to go
Hi Tracy,
There really is no one “best” lender as the right lender for you depends on your individual needs and financial situation. You can compare your options by looking at the list of available lenders and read through the review page if you need more information. Once you’ve found a lender you’re eligible for, you can click “Go to Site”.
Please ensure to read through the relevant product disclosure statement and terms and conditions of the loan to ensure that you got everything covered before you apply.
I hope this has helped.
Thanks,
Elizabeth
Who accepts ODSP recipients??… Need financial help right now pls….only need $1000-1500 asap!…pls help me to find and get thru this… Thanks muvhly!!
Hi Terri,
If you’re referring to the Ontario Disability Support Program, we are an Australian financial comparison service and can only assist you in comparing lenders who can approve residents of Australia. You’ll need to get in contact with a lender in Canada in order to find a loan.
I’m sorry I couldn’t be of more assistance.
Thanks,
Elizabeth