You need a credit score of 580 or higher to qualify for a $5,000 personal loan in most cases. Other common requirements for a $5,000 loan include being at least 18 years old, having enough income to afford the monthly payments, and owning a valid bank account. If you don't have a credit score of at least 580 but you meet the other requirements, you could consider applying for a $5,000 personal loan with a co-signer.
Credit Score Required by Lenders That Offer $5,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| LendingClub | $1,000 - $40,000 | 600 |
| Payoff | $5,000 - $40,000 | 640 |
| Upstart | $1,000 - $50,000 | 300 |
| PenFed | $500 - $50,000 | 580 |
| Prosper | $2,000 - $50,000 | 640 |
| Upgrade | $1,000 - $50,000 | 580 |
| Universal Credit | $1,000 - $50,000 | 580 |
Some lenders will consider people with bad credit for a $5,000 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.
The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/15/21 and it was last updated on 03/12/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Requirements for a $5,000 Personal Loan
Is it hard to get a $5000 personal loan? ›
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
How much is the monthly payment on a $5000 dollar loan? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $5,000 | 3 | $153.54 |
| $5,000 | 5 | $104.98 |
| $10,000 | 3 | $313.32 |
| $10,000 | 5 | $207.54 |
13 more rowsYou can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
What is the minimum credit score to get a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.
How to get a 5k loan immediately? ›
Documents Required to avail ₹5000 Personal Loan
- Proof of identity like PAN card, Aadhaar card etc.
- Address proof like Passport, Electricity bill, Ration card etc.
- Salary slips of the last 3 months (for salaried individuals)
- Bank account statement of the last 6 months.
- 2 passport-sized photographs of the applicant.
Easiest-to-get personal loans compared 2024
| Title | APR | Loan amount |
|---|
| LendingClub | 8.98% to 35.99% | $1,000 to $40,000 |
| OneMain | 18% to 35.99% | $1,500 to $20,000 |
| LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 |
| Dave Loans | 0.00% | Up to $500 |
6 more rows5 days ago
Example Monthly Payments on a $5,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
| 5 years | 15% | $119 |
3 more rowsAug 31, 2021
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How much to pay back on a $5000 loan? ›
How long should I take to repay the £5,000?
| Initial borrowing | APR | Monthly repayments |
|---|
| £5,000 | 10.9% | £162.26 |
| £5,000 | 10.9% | £107.20 |
How Long Does It Take to Fix Credit? The good news is that when your score is low, each positive change you make is likely to have a significant impact. For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use.
How much house can I afford if I make $36,000 a year? ›
On a salary of $36,000 per year, you can afford a house priced around $100,000-$110,000 with a monthly payment of just over $1,000. This assumes you have no other debts you're paying off, but also that you haven't been able to save much for a down payment.
What type of loan is easiest to get with bad credit? ›
Secured loans
With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.
Can you get a $5,000 personal loan with no credit? ›
The best way to borrow $5,000 with no credit check is to apply for a personal loan from a lender that will not do a hard inquiry into your credit history, like Upstart or OneMain Financial. To determine if you can repay the loan, the lender will look into other things like your income and employment status.
What FICO score is used for personal loans? ›
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Does getting a small personal loan hurt your credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
What credit score do I need for a $5000 personal loan? ›
Requirements for a $5,000 Personal Loan
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
How long does it take to get approved for a $5000 loan? ›
Fortunately, getting approved for one and receiving the funds is typically a quick process. You could get money the same day you apply for a personal loan or within two five business days — depending on the lender and how long it takes to approve your application.
Do you need collateral for a $5000 loan? ›
Qualifications for a $5,000 Loan
"These insights help to determine qualifications for a personal loan." In most cases, personal loans are unsecured, so you won't need to provide any collateral, says money coach, educator and certified financial planner Ohan Kayikchyan.
