Important disclosure

A guide to getting a $5,000 personal loan

Below, BestFind explores what you should know about getting a $5,000 personal loan.

Where to get a $5K personal loan

There are two main types of Aussie lenders you may choose from:

  1. Traditional lenders. This option includes the Big Four and reputable smaller banks and credit unions.
  2. Alternative lenders. These include online and peer-to-peer. Most alternative lenders have fast turnaround times and could be your best bet if you need $5,000 in a hurry. Additionally, in most cases, you’ll only get a competitive rate if your credit score is in decent shape.

General requirements for getting a $5K loan

  • Be over the age of 18
  • Be a permanent Australian resident
  • Have a regular source of income
  • Provide required documentation such as ID, payslips, bank statements, and proof of address
  • Provide personal and contact details as well as information about your expenses and other debts.

How to apply for a $5,000 personal loan

Following these simple steps will help increase your chances of being approved:

  • Check your credit score. Every responsible lender has to review an applicant’s credit file before handing out funds. Checking your credit score before applying gives you an idea of what to expect. It also allows you to fix any errors that might give a bad impression.
  • Compare options and take your pick. Take your time and compare as many options as possible. It’s easier if you are using our table below since all these options are in one place.
  • Calculate your monthly repayments. To find out what your monthly repayments will be for a $5,000 loan, use our calculator. The estimate you get will vary depending on your term. A lengthy-term gives you affordable repayments but higher costs overall. On the other hand, a short term comes with larger repayments, but you save on interest in the long run.
  • Check eligibility criteria. Although we’ve specified general requirements for qualifying, be sure to double-check with your preferred lender. Lending criteria may vary slightly between providers.
  • Complete the online application form. In the same product table below, click “Go to Site” to access the lender’s website. Next, fill in the online form that awaits you and upload any required documents.
  • Get your funds. If approved, you then accept the offer, after which the funds are released to you.

Calculate loan repayments

Loan Amount

$5,000

Term

3 months

OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
ANZ

ANZ Variable Rate Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
Plenti

Plenti - Personal Loan - Average Credit

EST Monthly Repayment
EST Monthly Repayment
18.45%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

results per page
What type of loan are you looking for?

What can I use my loan for?

  • Debt consolidation
  • Medical bills
  • Car repairs
  • Emergencies and unexpected expenses
  • Holidays

You can also use the cash to top up your savings, so you have enough to cover that dream wedding, swimming pool installation, or whatever floats your boat.


What are the repayments on a $5,000 personal loan?

Your repayments will depend on your credit score, the duration of your loan, fees and the interest rate. If you choose a longer-term loan your repayments will be small, but the overall interest paid will be great.

Typical repayments on $5,000 over 36 months:

  • Application or establishment fee: $0 to $450
  • Monthly fee: $0 – $10
  • Interest rate: Between 7% and 19%
  • Monthly repayments: Between $172 and $202
  • The total cost on a $5,000 personal loan: Between $6,196 and $7,288

How to compare $5,000 loan options

The personal loan market is awash with many $5K offers. Comparing them is easy if you know what you’re looking for. Below, we’ve earmarked top factors to consider when choosing an option that suits you most.

  • Interest rate. Some lenders offer personalised rates, while others have a one-size-for-all approach. Rates also depend on whether the loan is secured or unsecured. The bottom line is to get the most competitive rate possible for your preferred loan type.
  • Comparison rate. A low-interest rate is not the only feature of a cheap personal loan. If you need a quick idea of the true cost of your loan, glancing at the comparison rate can help. That’s because it combines the interest rate as well as standard fees and charges. Therefore, if there’s a huge difference between the advertised rate and the comparison rate, the loan might be too expensive.
  • Fees and charges. While the comparison rate indicates the true cost of the loan, you’ll still need to break down the fees, especially since some of them may not be included in the comparison rate. Typically, lenders charge an establishment or application fee and ongoing monthly account keeping fees. Other fees such as early repayment fees and dishonour fees may apply.
  • Repayment flexibility. Repayment frequency can be weekly, fortnightly, or monthly. Make sure you’ll be able to choose an option that’s tailored to your pay cycle. Generally, a loan is considered flexible if you can make additional repayments and pay off your debt early without penalty. Additionally, you should be able to withdraw your extra repayments via a redraw facility.

FAQs

Can you get a $5,000 personal loan with bad credit?

Yes, but at a higher cost. That’s because bad credit personal loans are riskier for the lender. The lender will therefore offset this risk by charging higher fees. However, the ASIC regulates what lenders charge, which is why it’s a good idea to deal with licensed lenders only. This helps you avoid disreputable lenders with predatory fees that may worsen your financial situation.

How quickly can I get the money?

This depends on the lender. Some lenders are upfront with this information, so you know beforehand when to expect the money. Turnaround time can be as fast as a few hours or as slow as a couple of weeks.

Can I still get a $5,000 loan if I’m self-employed?

Yes, keep in mind the lender is mainly concerned about your ability to make repayments. If you’re self-employed and can provide sufficient proof of income, such as tax returns and bank statements, then you are good to go.

What if I want to borrow more or less than $5,000?

Some credit providers do offer amounts below $5,000. (Related: Small personal loans). You can also apply for any amount up to $100K.

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