Check your Approval Odds for a $5,000 loan
Image: 5000Where to get a $5,000 loan
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
Several lenders offer $5,000 loans, but the right option for you depends on your financial situation.
If you qualify, a personal loan can come with competitive interest rates and minimal or no fees. But finding the right fit depends on several factors, including your credit profile.
We’ve selected our favorite lenders that offer $5,000 loans, along with a simple guide to applying for personal loans to help you in your shopping process.
Monthly payments for a $5,000 personal loan
| Loan duration | Average monthly payments ($5,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $472.05 | $480.90 | $469.88 | $437.59 |
| 13–24 months | $323.27 | $281.71 | $247.43 | $230.60 |
| 25–36 months | $203.35 | $187.17 | $172.48 | $159.58 |
| 37–48 months | $169.39 | $156.41 | $143.47 | $131.41 |
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022
The best $5,000 personal loans
LightStream
Only borrowers with good-to-excellent credit can qualify with LightStream, but the lender offers competitive interest rates and a rate discount for autopay. Unfortunately, there’s no prequalification process available.
Achieve
If you qualify, there are several less-common rate discounts available through Achieve, like a co-borrower or a direct-pay discount. But the loans do come with origination fees, so you should factor that into the total cost. Achieve lets you start the loan process online, but you’ll have to continue your application by email or phone.
Payoff
Happy Money’s credit card debt consolidation loan, known as the Payoff loan, doesn’t come with prepayment penalties or late fees, but it has an origination fee. You must have a credit score of 640 or higher to qualify with no delinquencies, so the loan won’t be the right fit for everyone.
LendingPoint
LendingPoint considers personal loan applicants with fair credit, but you might have to pay high interest rates and fees that could eat into your initial loan amount. There’s also an income requirement to qualify, and cosigners aren’t allowed.
How to get a $5,000 loan
Applying for a $5,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.
Start by collecting basic information about your finances, such as …
- W2s
- Recent paystubs
- Identification/Social Security number/driver’s license
- Desired loan amount
- Monthly expenses, such as housing costs and debt
- Information about any collateral you want to use
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
FAQs about $5,000 loans
Depending on the lender and your bank, you may see personal loan funds within a few days — or even on the same day — of approval. But there’s no guarantee and ultimately it’ll depend on the policies of the lender and your bank. Some lenders may promise same-day payday loans or fast funding, but they can come with a high interest rate or costly fees. Consider if the speed is worth any associated costs or other compromises.
The ease of getting a $5,000 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.