$5,000 Loans

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$5,000 Personal Loans for Bad Credit & Good Credit

How can I get a $5,000 loan?

There are several ways to get a $5,000 loan, including a personal loan or a cash advance on your credit card. For some, getting a personal loan may be more cost-effective than taking a cash advance on credit cards. To determine which option is best for you, you’ll need to do some research.


If you are looking to get a $5,000 personal loan, you can check offers at Acorn Finance. The ability to access multiple offers in a matter of minutes can help you make a better educated decision about what is truly best for your situation. Keep in mind, personal loans can be used for just about anything from debt consolidation to home improvements. Therefore, they are often pursued and available from many lenders. This means you should compare offers before signing the dotted line.

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How to Get A $5K Personal Loan

Check $5,000 Loan Offers With No Impact To Your Credit Score


Fill out an easy online form to check for pre-qualified offers with no impact to your credit score

Select offer

Compare terms and payment options to select the offer that’s best for you

Finish application

Complete your application on your selected lender’s website

Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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Compare Lenders on $5,000 Loans: Personal Loans for Bad Credit or Good Credit

$5,000 loans are available, and while you don’t need a good credit score to qualify, you should have one for an increased chance of getting offers. Whether you have good credit or bad credit you can check $5,000 personal loan offers at Acorn Finance, though having bad credit does reduce your chance of seeing offers. Acorn Finance partners with multiple reliable lenders that can offer personal loans up to $100,00, depending on credit score and other factors such as income. You can use a personal loan for just about anything from home improvement to debt consolidation. This makes them a very attractive option for a variety of borrowers. Keep reading to learn more about $5,000 personal loans.

What credit score do I need for a $5,000 loan?

If you have a 580 or higher credit score you may qualify for a $5,000 personal loan. If you have bad credit or a credit score below 580 you may need to apply with a co-signer to qualify for a loan. Applying with a cosigner can increase your chance of approval while helping you lock in a lower rate. If you have bad credit you may not qualify for the lowest rates, but borrowing and paying off a personal loan can help improve your credit rating. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn platform have a credit score cutoff of 600 or above.

Is it difficult to get a $5,000 personal loan?

Borrowers that meet the qualification requirements set forth by a lender should not have a hard time getting offers for a $5,000 personal loan. If you have good credit and solid income, you should qualify for some $5,000 personal loans, but of course, you’ll want to find the most competitive terms. On the other hand, if you have less-than-perfect credit or other obstacles that prevent you from qualifying, you may need to shop a bit more. Acorn Finance can simplify the process of evaluating personal loan offers. Acorn Finance works with lenders who offer competitive rates to qualified applicants. Within 60 seconds or less, you can receive personalized $5,000 loan offers with no credit impact. 

What would the monthly payments be on a $5,000 personal loan?

Monthly payments can vary depending on what you qualify for. To better understand what you qualify for and what a competitive monthly payment looks like, check offers at Acorn Finance. Keep in mind, there are interest and fees that will be associated with the loan. Loans that do not have an early prepayment fee can allow borrowers to pay more than their monthly payment in order to save money on interest. Most personal loans have no early payoff penalty, but you should verify that before committing to a loan. 

Can I repay my $5,000 loan early?

In most cases, you can repay a $5,000 personal loan early. Before signing onto a personal loan you should make sure there is no early payoff penalty. If there is no early payoff penalty, you should not be penalized or charged extra for paying the loan off early.

How long will it take to receive the funds for my $5,000 personal loan?

Some lenders offer next-day funding, meaning you can receive loan funds the business day after approval. Other lenders may take 3-10 business days to fund your loan. The bottom line is that funding times can vary. Most lenders can tell you how fast you can expect to receive funds, but you’ll likely need to ask. If you need funds right away, make sure you find a lender that offers same-day funding.

How to get a $5,000 personal loan with bad credit?

If you have bad credit, you can shop for personal loan offers at Acorn Finance, but we advise bad credit borrowers to first rebuild their credit. You may be subject to high interest rates and fees as well as low loan amounts. Borrowing money with bad credit can come with a share of benefits, but proceed with caution. 

How to get a $5,000 personal loan with fair credit?

If you have fair credit, getting approved for a personal loan and making on-time payments can move you toward having good credit. As you shop offers, be mindful of total loan costs. If possible, you can try to repay the loan early to keep total loan costs down, and you may benefit more in terms of the potential upside of improving your credit. 

Can I get a $5,000 personal loan if I’m unemployed?

If you are unemployed or cannot prove income it may be challenging to secure a $5,000 personal loan. In some cases, lenders may not ask for proof of income. Whether they request proof of income or not depends on multiple factors, such as your credit history and credit score.

Where can I get a personal loan for $5K?

Acorn Finance is one of the best sources for $5,000 loans. You can compare multiple loan offers within seconds of submitting an application. Using Acorn Finance can save you time, money, and hassle.

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Where do I get a $5,000 loan?

If you are looking for a $5,000 personal loan, you should explore your options. If you have excellent credit you may be able to qualify for all of the sources listed below. However, if you have bad or decent credit we recommend you use an online lender. In most cases, online lenders are the easiest to qualify for. Let’s take a look at where you can get a $5,000 personal loan…

Online Lenders

Online lenders offer some of the most competitive rates and they may be the easiest to qualify for.


Banks may be the second easiest to qualify for. However, their application process can take much longer than most online lenders.

Credit Unions

While credit unions may offer great rates, they can be difficult to qualify for. Most credit unions require borrowers to have good to excellent credit. In addition, their application and approval process can take longer than banks and online lenders.

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What are the pros & cons of a $5,000 personal loan?

Let’s take a look at some pros and cons of a $5,000 personal loan, keeping in mind they can vary depending on the loan.


Competitive interest rates

Use the money for just about anything

No collateral required (unless you select a secured loan product)

Fixed monthly payments


Taking on debt

Origination fees

Interest rates may be higher than other options

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Frequently Asked Questions

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Where do I get a $5,000 loan?

If you are looking for a $5,000 personal loan, you should explore your options. If you have excellent credit you may be able to qualify for many of the sources listed below. However, if you have bad or decent credit, you may want to use an online lender. In some cases, online lenders are the easiest to qualify for, but that does not excuse all blemishes on your credit. Be mindful that there’s no fix-all solution for getting a loan with bad credit. Let’s take a look at where you can get a $5,000 personal loan…


Online Lenders: Known for their convenience, online lenders can offer competitive loan offers with fast funding. 


Banks: Banks can be another good option to find a personal loan. However, their application process may take longer than online lenders.


Credit Unions: While credit unions may offer great rates, they can be difficult to qualify for if you are not eligible to become a member (which is usually based on where you live or who you work for). 

Is $5,000 considered a small loan?

A small personal loan is usually considered an amount between $1,000 and $5,000. o, yes, a $5,000 personal loan would be on the higher end of what is considered a small loan, but is still considered a small loan by most. Individuals who borrow $5,000 through a personal loan usually pay back the loan within two to five years.


For illustrative purposes only, if you request $5,000, you could get a total loan of $5,000 with an 8.94% interest rate and $0 fees (note, if the lending partner charges an origination fee, it will increase the APR). You would receive $5,000, and make 36 payments of $159. Your actual rate and maximum loan amount are determined solely by the lender, which may differ from this example and depend on loan purpose, amount, term, length, and your credit profile. Loan closing is contingent on final credit approval, verification of income and other criteria established by the lender and your acceptance of all agreements and disclosures. Pre-approvals use a soft credit pull, which does not impact your credit score; however, lenders will conduct a hard credit pull when you express interest in an offer and this could impact your credit score. Advertised rates and terms are subject to change without notice. 


Small loans can provide quick financial relief with manageable monthly payments. As always though, no matter how small the loan, consider its financial impact and total cost. Comparing offers can help you make better financial decisions. 

Is it worth getting a $5,000 loan with bad credit?

To qualify for a personal loan of $5,000, you should have a FICO 600 or above (this alone, however, does not guarantee that you will qualify because getting loan offers depends on multiple factors). However, just because you can qualify for a personal loan doesn’t mean that you should take it. You should only consider a personal loan if you need it, or if it will benefit you financially in some way. If you find yourself barely qualifying for a loan, don’t just take it because you qualify. If possible, address the issues that are bringing down your credit score. Take action to improve your credit score to qualify for a more competitive loan. While it’s true that taking a loan and making on-time payments can boost your credit score, use your judgment as to what is best for you. Most lending partners in the Acorn Finance network have a minimum credit score requirement of 600. 

$5,000 personal loan vs credit cards:

Remember, credit cards are notorious for having high interest rates.


Therefore, even if you have just mediocre credit, it still might be a better option for you to see if you can qualify for a personal loan rather than using your credit card.


The personal loan that you qualify for may have a lower interest rate than your credit card, saving you money in the long run. The bottom line - compare your options!

What can a $5,000 personal loan be used for?

Part of the glory in using a $5,000 personal loan is that they usually don’t come with spending restrictions. Therefore, they can be used for a variety of things ranging from debt consolidation to auto expenses. Commonly they are also used for home improvement projects. 


Using a personal loan to finance home improvements can be a smart financial decision as you may increase the value of your home. Here are some home improvement projects you can use financing for:


Fireplace installation: Adding a new fireplace to a living room or family room can create a more comfortable living space while increasing the value of your home. You and your family can enjoy evenings sitting around the fireplace on cold winter nights, talking about the events of the day or watching a movie.


Mudroom addition: Having a mudroom in your home is a great way to help keep outdoor messes from entering into the rest of the house. When someone comes in from working outdoors, like cutting the grass, for example, they can remove their dirty clothes and shoes right away and prevent grass clippings from getting into the other areas of the house. Bonus if your mudroom doubles as your laundry room. Simply toss your dirty clothes right into the wash.


New flooring: Maybe you want to change the flooring in your kitchen, or recarpet a room where the carpet has been worn and soiled by pets. $5,000 is a good amount to take care of some of your flooring needs.


New paint: There is nothing like a fresh coat of paint to brighten up a room or to change the look and feel of a kitchen or bathroom. A personal loan of $5,000 can be used to get some fresh paint on those interior walls.


Whatever your home improvement desires are, a personal loan can help you take those projects on your to-do list from the planning stage to the doing stage.

Can you get a $5,000 loan online?

Lenders can offer an online application process.  In some cases, you can complete the entire process from start to finish online. Shopping online for a $5,000 personal loan can be a smart idea, especially if you use a platform like Acorn Finance. Acorn Finance allows consumers to check personal loan offers from several top national lenders with no impact to their credit score.


Having that kind of access is beneficial for borrowers because, if they are eligible, it allows them to review multiple offers at the same time to see which have the most competitive terms.

See Our Other Loan Options Under $10,000

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

You might be in a position where you need to borrow money. Maybe you have home repairs, car maintenance, medical expenses or need to consolidate some debt. 


One problem that can come up is that your credit rating isn’t the best. Not all lenders have the same criteria when they consider creditworthiness. Your credit rating is one factor that can have  a significant impact on your ability to borrow. When you want to borrow money, the first thing a lender usually checks is your credit score. Your credit score, such as a FICO score (there are also other possible scores), is made up of several factors and can be pulled from three different credit reporting agencies-Equifax, Transunion or Experian. The actual score is based on factors such as how much debt you have, how long you have had the accounts open, if you make payments on time, if you have applied for new credit and the types of credit you have such as loans, mortgages, and credit cards.


So, what FICO score would be considered bad? A credit score of 300-579 is in the lowest tier and a 580-669 can be considered a fair credit score.

Can you still get a loan if you have a credit score below 580?

While personal loans with bad credit are possible to get, they may not be the best financial move. Some lenders can lend to borrowers with poor or fair credit ratings. One thing to consider though is that your interest rate will likely be higher than if you had a good credit rating. In summary, if you have bad credit, invest time into taking action to improve your score and then reconsider borrowing money. The cycle of debt can be hard to escape, but it’s better to start now as opposed to later. Sometimes borrowing money will not solve your financial troubles but rather it will create more.


You can improve your chances of getting an unsecured loan for $5,000 with a lower interest rate by taking steps to improve your credit. This can take several months, but it might be well worth it if your situation isn’t urgent. Make your existing debt payments consistently on time, pay down your balances, catch up on any past due accounts, avoid applying for new credit and hold off on opening new credit accounts. Eventually, your credit score should improve.


Another thing to remember is most lenders don’t just look at the credit score. They can look at your income, employment, net worth, and how much debt you’re already carrying. It’s possible to have a good credit score but have a hard time qualifying for a loan because you have too much debt, have no assets, or your income isn’t high enough to support the additional payment. Speaking with a financial professional can help you better understand the steps you can take to improve your credit score and loan eligibility. You can also take advantage of credit monitoring applications and services that use AI technology to offer actionable insight.

What do you need to get a $5,000 personal loan with bad credit?

Before you apply for credit, you should check your credit score. This can give you an idea of what you can expect in terms of the possibility of approval and the interest rate. If you decide to proceed, you should make sure you have proof of your identity such as a driver’s license or passport, proof of your address like a lease agreement or utility bill, and proof of your income and employment. When people have bad credit, lenders will often do a thorough credit check and underwriting review before extending a loan.

What is the minimum credit score for a $5,000 personal loan?

It can be really stressful to apply for credit when you don’t know what your credit score is or what lenders will accept. The minimum credit score required will depend on the lender. 


Some lenders only offer loans to borrowers with high scores, while others will grant loans to those whose credit scores are low. While most lenders prefer borrowers to have a FICO of at least 640, you may qualify with a lesser score. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn platform have a credit score cutoff of 600 or above.


As a borrower, you will need to be aware of the terms and conditions of the loan. Committing to a loan that you cannot keep up with can leave you in a worse financial position.  

What is considered bad credit when looking for a $5,000 personal loan?

Regardless of whether you are opening a credit card, getting a $5,000 personal loan, applying for a mortgage, or some other type of credit, a FICO of 300-579 is usually considered bad credit. 


Having bad credit doesn’t make it impossible to get a loan but it can provide some challenges. As we have explored, you may not get approved, and if you do your rate can be higher. When lenders grant unsecured loans, they are giving the borrower a loan based on their creditworthiness. The creditworthiness of the borrower is partially determined by their borrowing history. If the history is poor, that increases the risk for the lender. Lenders can compensate themselves for their risk by charging high rates. 


For the lender, it means that they might get their money back earlier from interest payments. The lender may not grant the loan without collateral or some sort of security. As a borrower, this puts you at risk of losing the asset if you don’t make the payments on the loan. 


Finally, they could ask for a cosigner. The cosigner gives the lender extra security because if the primary borrower doesn’t make the payments the cosigner will have to. Getting a loan can either hinder or improve your financial situation. On the plus side, you can potentially pay off higher rate debts and have just one payment, and have the opportunity to rebuild your credit. But it can also come with pitfalls that you need to be aware of. You may have a high rate, be tempted to overspend, or damage your credit further by not being able to make your payments. If you don’t need the money desperately, it might be wise to take steps to improve your credit score before borrowing.

Where can I get a $5,000 personal loan with bad credit?

If you are in a situation where waiting isn’t possible, you will need to know where to get the most competitive $5,000 personal loan. It’s important to avoid lenders who charge excessively high rates, have unreasonable fees or terms and, hopefully, find a lender who will fund the loan without collateral. The best place for you to start is to check your FICO score. Next, set out to shop offers. Lenders will often disclose their minimum credit score requirement, if they have one. It can be useful to search for this type of information to find lenders that can help. 


At Acorn Finance you can check personal loan offers without impacting your credit score. Acorn Finance has a network of top national lending partners that can help a wide variety of borrowers, although most of our lending partners have a credit score cutoff of 600 or above. You may also want to check with your primary financial institution to see if they can offer you a loan.

Is a $5K personal loan right for me?

Nobody knows your current financial position better than you. Be aware that borrowing money costs money, but that does not mean it’s not a good idea. There are circumstances where a $5,000 loan may not be a good idea - but there are many others where it’s extremely helpful. Consider your personal situation and compare offers to make sound financial decisions. 

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