Check your Approval Odds for a $5,500 loan
Image: 5500Where to get a $5,500 loan
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If you’re planning to take out a $5,500 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $5,500 personal loan
| Loan duration | Average monthly payments ($5,500 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $532.05 | $530.90 | $499.88 | $467.59 |
| 13–24 months | $323.27 | $291.71 | $267.43 | $250.60 |
| 25–36 months | $240.35 | $197.17 | $192.48 | $169.58 |
| 37–48 months | $189.39 | $176.41 | $163.47 | $141.41 |
The best $5,500 personal loans
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
Prosper
Prosper’s rates can be high compared to competitors, but it allows co-borrowers on applications and doesn’t list a minimum income requirement. You’ll have to pay an origination fee on the loan and face other fees for late payments, insufficient funds and check processing.
Omni Military Loans
Omni can be a solid choice if you’re active-duty military or a retired career service member with at least 20 years of service. To qualify for Omni’s best rates, you’ll need to have excellent credit, but the lender says it works with applicants with bad credit as well. If you’re not part of the military community or want to check your potential terms via prequalification, it’s a good idea to look elsewhere.
Fifth Third Bank
Fifth Third offers personal loans with a wide range of loan amounts and loan term options — and they don’t come with any closing costs or prepayment penalties. But only current Fifth Third customers are eligible to apply online.
Discover
Discover’s loans come with no origination fees, and there are a wide variety of loan terms to choose from. If you want to consolidate debt with a personal loan, Discover will pay your creditors directly. But take note: You won’t be able to apply with a co-signer.
How to get a $5,500 loan
Getting a $5,500 loan starts with taking stock of your financial situation. Checking your credit can give you a sense of the kind of terms you might receive on a loan, as well as help set expectations for the shopping process.
When you’re ready to apply for a personal loan, you’ll first want to narrow your search based on eligibility requirements. Make sure lenders offer the $5,500 loan you’re looking for, but you’ll want to consider other factors as well.
For instance, not every lender works in every state, and some might not allow you to use your loan funds for your intended purpose.
Once you have a list of possible lenders, it’s a good idea to see if they offer prequalification, which allows you to see your potential rates and terms without triggering a hard credit inquiry. While prequalification doesn’t involve submitting a formal application, you should expect to provide personal information such as your income.
Keep in mind that prequalification is not a guarantee of approval or exact terms. You’ll still need to apply formally, which usually involves a hard credit check and have a temporary impact on your credit.
The best available lender might not be the one that listed the lowest interest rate during prequalification. Other fees, such as an origination fee or prepayment penalty, could affect your total cost, so make sure to consider them when determining the most affordable loan.
We also recommend using a loan calculator to determine the total cost of a potential loan.
FAQs about $5,500 loans
With emergency loans you can potentially get funds transferred to your bank account on the same day you’re approved, but the exact timing depends on the lender and your bank. If you need fast funding, it’s best to contact lenders directly to get a clear idea of how (and how quickly) they might send your funds. Keep in mind that speed can come at the cost of high interest rates and fees.
$5,500 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
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.