How to Get a $5,000 Personal Loan
To get a $5,000 personal loan, check your credit, know the requirements and get prequalified with several lenders before formally applying with the lender you've chosen.
Personal loan terms can vary widely, so look closely at the interest rate, repayment term, origination fee and other conditions of the loans you're considering. You'll also have the opportunity to choose between secured and unsecured loans and fixed and variable interest rates.
Here's a step-by-step guide for how to get a $5,000 personal loan that fits your needs.
Where Can I Get a $5,000 Loan?
You can get a personal loan from the following types of lenders:
- Credit unions: Since credit unions are not-for-profit, member-owned cooperatives, they typically offer personal loans at lower interest rates and with more accessible eligibility requirements than other institutions. You'll need to join a credit union as a member in order to apply for a personal loan there. But there's often a low barrier to entry, such as paying a one-time $5 to $25 membership fee or depositing as little as $5 in a savings account.
- Banks: Traditional banks also offer personal loans. They might have tighter eligibility requirements and higher interest rates. But if you already bank with a particular institution, it's worth looking into their loan options in case they offer existing customers special loan products or deals.
- Online lenders: If you're comfortable applying for a personal loan completely online, lenders without brick-and-mortar locations may offer faster funding and lower rates.
Learn more: Personal Loan Requirements to Know Before You Apply
Compare personal loan rates
Find APRs from 4.99% to 35.99% and flexible terms of 12 to 120 months. Loan amounts range from $1,000 up to $250,000, with funding available the same day or up to 7 days.
Offers from our partners
Est. APR6.70 - 35.99%
Loan amount$1,000 - $50,000
Est. monthly payment$1,806 - $31
Term36 - 60 mo
Est. APR5.99 - 35.99%
Loan amount$2,000 - $50,000
Est. monthly payment$1,806 - $61
Term36 - 60 mo
Est. APR4.99 - 32.39%
Loan amount$1,000 - $60,000
Est. monthly payment$2,030 - $44
Term24 - 60 mo
Est. APR8.74 - 35.49%
Loan amount$5,000 - $100,000
Est. monthly payment$3,237 - $228
Term24 - 84 mo
Est. APR6.45 - 33.64%
Loan amount$1,000 - $50,000
Est. monthly payment$1,731 - $31
Term36 - 60 mo
Est. APR8.99 - 35.99%
Loan amount$2,000 - $50,000
Est. monthly payment$1,806 - $91
Term24 - 60 mo
Est. APR7.70 - 24.50%
Loan amount$5,000 - $50,000
Est. monthly payment$1,453 - $225
Term24 - 60 mo
Est. APR11.11%
Loan amount$1,000 - $10,000
Est. monthly payment$218 - $88
Term12 - 60 mo
Est. APR7.99 - 35.99%
Loan amount$5,000 - $40,000
Est. monthly payment$1,445 - $226
Term24 - 60 mo
Est. APR7.99 - 35.99%
Loan amount$2,000 - $30,000
Est. monthly payment$1,187 - $90
Term24 - 48 mo
Est. APR6.99 - 26.99%
Loan amount$15,000 - $50,000
Est. monthly payment$1,526 - $672
Term24 - 60 mo
Est. APR9.95 - 35.95%
Loan amount$2,000 - $35,000
Est. monthly payment$1,264 - $92
Term24 - 60 mo
Est. APR6.39 - 24.99%
Loan amount$20,000 - $250,000
Est. monthly payment$5,686 - $390
Term60 - 120 mo
Est. APR10.24 - 26.39%
Loan amount$3,000 - $50,000
Est. monthly payment$1,390 - $139
Term24 - 72 mo
Est. APR9.99 - 35.99%
Loan amount$1,000 - $35,000
Est. monthly payment$1,264 - $32
Term36 - 60 mo
Est. APR8.47 - 33.64%
Loan amount$1,000 - $50,000
Est. monthly payment$1,731 - $32
Term36 - 60 mo
Est. APR18.00 - 35.99%
Loan amount$1,500 - $20,000
Est. monthly payment$723 - $54
Term36 - 60 mo
View all of our Best Personal Loans for 2026 to see what you’re likely to qualify for, and the rates and terms you might get.
How to Get a $5,000 Loan
To start the process of getting a $5,000 personal loan, take these steps:
1. Check Your Credit Score
First, check your credit score, which you can do for free using free score websites or by viewing a score provided to you by your credit card company or lender. One of the most important application requirements is demonstrating to the lender that you have a solid history managing credit, which means making all payments on time and not taking out more debt than you can handle.
To get a personal loan, you generally need a credit score of at least 580, and you'll be more likely to get the best interest rates if your score is 700 or higher.
Learn more: How Do I Check My Credit Score?
2. Identify What Size Loan You Can Afford
Next, look at your income and monthly expenses to determine what monthly payment you can afford. For example, let's say you want to use a personal loan for a home renovation. You can use a personal loan calculator to see how the amount you borrow translates into a monthly loan payment.
Personal loan calculator
Example: A $10,000 loan at 12% interest over three years would cost $332 per month. But a $7,000 loan with the same terms would cost $233 per month. You may decide, after reviewing your budget, that choosing the smaller loan would be best.
Learn more: How to Budget With a New Personal Loan
3. Compare Different Lenders
Once you know how much you want to borrow, compare lenders and their offerings. You have the best shot at getting a low-interest personal loan if you review multiple options across banks, credit unions and online lenders. Consider the following aspects of each lender's product:
- Fees: It's common for personal loans to come with origination fees of 1% to 10% of the loan amount. This is a one-time fee that the lender will subtract from the loan principal at the start of your term, meaning it will disburse a lower amount than you initially applied for. Other fees to consider when comparing loans are late fees and application fees.
- Interest rate: Personal loans typically have fixed interest rates, but variable rates that change with market conditions may also be available. A good interest rate for a personal loan is lower than the average, which was 11.65% on two-year loans at commercial banks as of November 2025. The rate you qualify for will be based on many factors, including your credit score, the loan term and the loan size. Smaller loans and those with shorter terms generally carry lower interest rates.
- Loan type: Personal loans may be either secured or unsecured. A secured loan is backed by collateral that you could lose if you don't pay off the loan as agreed. Secured loans may let you access a lower rate, larger loan amount or better chances at approval. But they're riskier than unsecured loans, so weigh the tradeoffs before choosing one.
4. Prequalify if Possible
Once you have a set of lenders you're interested in, go through the prequalification process to see what rates you might qualify for. That will help you compare personalized loan offers. The benefit to prequalifying is that the lender will perform a soft inquiry to view your credit report information, which won't result in a temporary drop to your credit score like a hard inquiry would.
Many lenders offer prequalification forms on their websites, or you can see if you prequalify for multiple loans at a time using Experian's loan comparison tool.
5. Apply
Finally, submit a full application with your chosen lender to confirm your final rate and terms. You'll need to provide ID and details about your income, housing payment and employment status. The lender will then formally check your credit.
You may get an approval decision right away or in a few days, with some lenders taking up to a week to make an approval decision. The money could reach your account immediately or after one to five days. Banks and credit unions typically take longer to approve loan applications and to fund loans than online lenders.
Learn more: How Long Does It Take to Get a Personal Loan?
How to Get a $5,000 Loan With Bad Credit
It is possible to get a $5,000 loan with bad credit, which is a FICO® ScoreΘ of 580 or below. But you will likely encounter high fees and interest rates as a result, which can make the annual percentage rate, or APR—the true cost of taking out the loan—surpass 100%.
To improve your chances of qualifying for a more affordable loan, consider getting a cosigner who can add their name and their strong credit to the loan—though they will be responsible for paying it back if you can't. Or look into small-dollar loans for borrowers with credit challenges, like payday alternative loans at credit unions.
Should I Get a $5,000 Personal Loan?
Whether or not to get a $5,000 personal loan often depends on what terms you can qualify for. If you have good credit, solid income and you can get a loan that comfortably fits your budget, a $5,000 loan may be a sound financial decision. But if the APR is high and it will be a stretch to afford the payments on your current income, steer clear.
What you use the loan for also matters: If it's for home improvements that could increase the value of your home, for example, that's a savvier choice than paying for a vacation or wedding that you couldn't otherwise afford. Adding a fixed monthly payment to your expenses is a big commitment. Make sure that taking on more debt won't lead to missed payments and a damaged credit score.
Learn more: What Can a Personal Loan Be Used For?
Alternatives to Personal Loans
If you can't or choose not to get a personal loan, look into these options instead:
- Credit cards: You may be able to qualify for an introductory 0% APR credit card, which will let you make charges without accruing interest for, commonly, 12 to 21 months. But to be eligible, you'll need good or excellent credit, and it's crucial to ensure you pay off any balance before the 0% intro period ends to make the best use of the promotion.
- Borrowing from family: If you need money urgently, consider asking to borrow from a family member or friend and setting up a formal loan agreement. You can create a repayment plan and even agree on an interest charge to affirm that you take the responsibility of loan repayment seriously.
- Government assistance: When you're unable to afford necessities such as utilities and groceries, apply for government financial assistance you're eligible for. You can search for federal food, heating or housing programs using the federal government's Benefit Finder tool, or call 211 to get local help from a range of social assistance agencies.
Frequently Asked Questions
The Bottom Line
To get a $5,000 personal loan that easily fits your budget, work on strengthening your credit score. Check your FICO® Score and monitor it regularly, which you can do for free by creating an Experian account, so that you can be confident when it comes time to compare loan offers. The better your credit score, the less likely it is you'll have to compromise on the interest rate, loan type or the amount of fees you pay.
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About the author
Brianna McGurran
Brianna McGurran is a freelance journalist and writing teacher based in Brooklyn, New York. Most recently, she was a staff writer and spokesperson at the personal finance website NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press.
Read more from Brianna