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If you’ve got unexpected expenses like home repairs, medical bills or moving expenses, a $5,000 loan might be a more affordable alternative than racking up charges on a credit card.
Keep reading to find out where to get a personal loan, what to consider, and how to apply for one that fits your needs.
Quick navigation:
- Where to get a $5,000 loan
- What to consider when comparing loans
- Cost to repay a $5,000 personal loan
- Alternatives to personal loans
Where to get a $5,000 loan
Since every lender has its own method of evaluating borrowers, it’s important to check prequalified rates from multiple lenders, rather than relying on advertised rates or comparison tables. Here are some places to look when you’re looking for $5,000 personal loan options.
Online lenders
Online lenders can be a good source for $5,000 loans because they typically offer a streamlined, digital loan application process. Some might even be able to approve and fund your loan the next business day. Depending on the lender, you might also be able to get a better interest rate from an online lender than a bank or credit union.
The personal loan companies in the table below compete for your business through Credible. You can request rates from all of these partner lenders by filling out just one form (instead of one form for each) and without affecting your credit score.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $50,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 7.99% - 29.99% APR | $7,500 to $50,000 |
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 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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 View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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 View details | 18.00% - 35.99% APR | $1,500 to $20,000 |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 5.99% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 10.97% - 35.93% APR7 | $1,000 to $20,000 |
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners 8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. 9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor. |
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 View details | 5.94% - 35.97% APR | $1,000 to $50,000 |
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 View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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See the Full List: The Best Personal Loan Companies
Banks
Although the application process might not be as effortless, there can be advantages to borrowing from a bank. You might be able to get a small interest rate discount if you already have a bank account with a certain institution.
Like other lenders, banks often offer autopay discounts if let them take your monthly loan payments directly out of your checking account or savings account. Surprisingly, some big banks like Chase, Bank of America, and Capital One don’t offer personal loans.
Credit unions
You do have to join a credit union before it will consider lending money to you. But many have loose membership requirements that make it easy to join. If you’re borrowing from a credit union, check to see if it offers an autopay interest rate discount.
What to consider when comparing loans
If you’re looking for the right personal loan for your financial situation, here’s everything you should consider.
Amount
A $5,000 personal loan might seem like a lot of money, but most lenders will go higher. The upper limit for many lenders is $35,000, but many will lend up to $50,000 or $100,000 — since some people take out larger loan amounts to consolidate credit card debt or pay off other high-interest debt.
Many lenders, however, won’t bother with loans of less than $1,000. If you need to borrow less than $1,000, you might run into some payday loans. You should proceed with caution, since payday loans often carry high interest rates and finance charges.
Interest rates
To get the lowest interest rate, it’s important to compare the rates and terms you can qualify for with multiple lenders. For example, although you might be able to get a $5,000 loan with poor credit, expect to pay a higher interest rate than you would with excellent credit.
Repayment terms
Repayment terms for personal loans are typically two to seven years. The shorter the loan term, the lower the interest rate offered by most lenders. But because you’ll be making fewer payments, you’ll also have a bigger monthly payment.
Choosing the loan term with the shortest repayment term and highest monthly payment you can afford can help you get a better interest rate and pay less in interest.
Fees and total cost
Although it’s easy to get fixated on interest rates and monthly payments, you should also keep a close eye on fees and total repayment costs.
Review the federal Truth in Lending Act (TILA) disclosure provided by your lender. When comparing loans, there are two numbers in the disclosure that are typically helpful:
- The finance charge: This outlines the costs associated with your loan, including interest and fees.
- Total payments: This is how much you’ll pay back altogether, including the loan principal and finance charges.
Note that the above costs can increase if you miss a payment or make a late payment.
[ Jump to top ]Cost to repay a $5,000 personal loan
The table below shows the relationship between the loan repayment term, interest rate, monthly payment, and total interest charges. The interest rates in the table are hypothetical and are for purposes of illustration only.
| Repayment term | Interest rate | Monthly payment | Total interest |
|---|---|---|---|
| 2 years | 6% | $222 | $318 |
| 3 years | 7% | $154 | $558 |
| 4 years | 8% | $122 | $859 |
| 5 years | 9% | $104 | $1,228 |
| 7 years | 10% | $83 | $1,972 |
You can use our personal loan calculator to estimate the monthly payment and total interest charges for loans with other rates and terms.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Personal loan alternatives
If the limits on your credit cards are high enough, or you have multiple credit cards, you can consider using them for the amount you need — especially if it’s on the lower end, like $5,000 or less. But make sure you’re able to pay off your balance in full each month. If not, you’ll end up paying a lot in interest.
Since personal loans typically have a much lower interest rate than credit cards, getting a personal loan might be the better choice if you don’t expect to be able to pay it back quickly. Just make sure to do your research and choose whatever makes sense for your finances.
Find My Rate
Checking rates will not affect your credit
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
