Best Egg: Best for secured loans
Est. APR
6.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
LendingClub: Best for debt consolidation
Est. APR
7.90-35.99%
Loan amount
$1K-$50K
Min. credit score
600
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
LightStream: Best for home improvement
Est. APR
6.49-25.29%
Loan amount
$5K-$100K
Min. credit score
660
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for good- or excellent-credit borrowers
Est. APR
8.99-35.49%
Loan amount
$5K-$100K
Min. credit score
None
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade: Best for joint loans
Est. APR
7.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for fair- or bad-credit borrowers
Est. APR
6.70-35.99%
Loan amount
$1K-$50K
Min. credit score
None
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Best Egg: Best for secured loans
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
LendingClub: Best for debt consolidation
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:LendingClub personal loans are a solid option for good-credit borrowers looking to consolidate debt and build their credit.Qualifications:- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: 0%-8%
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
LightStream: Best for home improvement
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
SoFi Personal Loan: Best for good- or excellent-credit borrowers
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.Qualifications:- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade: Best for joint loans
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Upstart: Best for fair- or bad-credit borrowers
Est. APR
Loan amount
Min. credit score
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Our guide to the best lenders for a $5,000 loan
Many personal loan lenders offer $5,000 loans that can be used for a variety of reasons. Here’s what makes our picks for the best $5,000 loan stand out.
Best Egg: Best for secured loans
Best Egg lets borrowers secure personal loans with either a vehicle or household fixtures, like kitchen cabinets or bathroom vanities. Using collateral to secure a personal loan may give borrowers a better chance of qualifying or getting a lower rate.
LendingClub: Best for debt consolidation
If you’re using a personal loan to consolidate debt, LendingClub will send the funds directly to your creditors, saving you this step. The lender may also discount your rate up to 5 percentage points if you opt for direct payment to your creditors.
LightStream: Best for home improvement
Offering same-day funding, no fees and wide repayment terms, LightStream is a solid option for financing home improvement projects.
SoFi: Best for good- or excellent-credit borrowers
SoFi doesn’t have a set credit score requirement, but the lender told NerdWallet its average borrower has a 745 credit score, which falls within the good-credit range.
Upgrade: Best for joint loans
Upgrade allows co-borrowers to apply for a $5,000 personal loan together. This can be useful if you need to add someone with better credit or a higher income to your loan application to strengthen your chances of approval. A joint loan can also make sense if you plan on financing a shared expense.
Upstart: Best for fair- or bad-credit borrowers
Upstart uses an AI-based underwriting model that factors in criteria such as education level and work history rather than relying heavily on credit scores to determine loan eligibility. Borrowers with fair credit (scores from the mid-500s to the low 600s) or bad credit (scored from 300 to the high 500s) may have an easier time qualifying for a loan with Upstart than some other lenders.
» MORE: The best personal loan lenders
Estimated costs of a $5,000 loan
Your monthly payment for a $5,000 loan will depend on your annual percentage rate and loan term. A lower APR will give you smaller monthly payments and less overall interest. However, if your term is shorter, you’ll have a higher monthly payment but pay less in total interest.
Here are the costs you can expect to pay for a $5,000 loan at different rates and terms.
Term | APR | Monthly Payment | Total Interest |
---|---|---|---|
2 years | 14% | $240 | $762 |
2 years | 20% | $254 | $1,108 |
5 years | 14% | $116 | $1,980 |
5 years | 20% | $132 | $2,948 |
Use a personal loan calculator to see how various rates and terms affect monthly payments and total interest paid.
Total principal
$10,000.00Total interest payments
$2,748.23Total loan payments
$12,748.23Payoff date
07 / 2030
Payment date | Principal | Interest | Monthly payment | Principal balance |
---|---|---|---|---|
Jul 2025 | $129.14 | $83.33 | $212.47 | $9,870.86 |
Aug 2025 | $130.21 | $82.26 | $212.47 | $9,740.65 |
Sep 2025 | $131.30 | $81.17 | $212.47 | $9,609.35 |
Oct 2025 | $132.39 | $80.08 | $212.47 | $9,476.96 |
Nov 2025 | $133.50 | $78.97 | $212.47 | $9,343.46 |
Dec 2025 | $134.61 | $77.86 | $212.47 | $9,208.85 |
Jan 2026 | $135.73 | $76.74 | $212.47 | $9,073.12 |
Feb 2026 | $136.86 | $75.61 | $212.47 | $8,936.26 |
Mar 2026 | $138.00 | $74.47 | $212.47 | $8,798.26 |
Apr 2026 | $139.15 | $73.32 | $212.47 | $8,659.11 |
May 2026 | $140.31 | $72.16 | $212.47 | $8,518.80 |
Jun 2026 | $141.48 | $70.99 | $212.47 | $8,377.32 |
Jul 2026 | $142.66 | $69.81 | $212.47 | $8,234.66 |
Aug 2026 | $143.85 | $68.62 | $212.47 | $8,090.81 |
Sep 2026 | $145.05 | $67.42 | $212.47 | $7,945.76 |
Oct 2026 | $146.26 | $66.21 | $212.47 | $7,799.51 |
Nov 2026 | $147.47 | $65.00 | $212.47 | $7,652.03 |
Dec 2026 | $148.70 | $63.77 | $212.47 | $7,503.33 |
Jan 2027 | $149.94 | $62.53 | $212.47 | $7,353.39 |
Feb 2027 | $151.19 | $61.28 | $212.47 | $7,202.20 |
Mar 2027 | $152.45 | $60.02 | $212.47 | $7,049.74 |
Apr 2027 | $153.72 | $58.75 | $212.47 | $6,896.02 |
May 2027 | $155.00 | $57.47 | $212.47 | $6,741.02 |
Jun 2027 | $156.30 | $56.18 | $212.47 | $6,584.72 |
Jul 2027 | $157.60 | $54.87 | $212.47 | $6,427.12 |
Aug 2027 | $158.91 | $53.56 | $212.47 | $6,268.21 |
Sep 2027 | $160.24 | $52.24 | $212.47 | $6,107.98 |
Oct 2027 | $161.57 | $50.90 | $212.47 | $5,946.41 |
Nov 2027 | $162.92 | $49.55 | $212.47 | $5,783.49 |
Dec 2027 | $164.27 | $48.20 | $212.47 | $5,619.22 |
Jan 2028 | $165.64 | $46.83 | $212.47 | $5,453.57 |
Feb 2028 | $167.02 | $45.45 | $212.47 | $5,286.55 |
Mar 2028 | $168.42 | $44.05 | $212.47 | $5,118.13 |
Apr 2028 | $169.82 | $42.65 | $212.47 | $4,948.31 |
May 2028 | $171.23 | $41.24 | $212.47 | $4,777.08 |
Jun 2028 | $172.66 | $39.81 | $212.47 | $4,604.42 |
Jul 2028 | $174.10 | $38.37 | $212.47 | $4,430.32 |
Aug 2028 | $175.55 | $36.92 | $212.47 | $4,254.76 |
Sep 2028 | $177.01 | $35.46 | $212.47 | $4,077.75 |
Oct 2028 | $178.49 | $33.98 | $212.47 | $3,899.26 |
Nov 2028 | $179.98 | $32.49 | $212.47 | $3,719.28 |
Dec 2028 | $181.48 | $30.99 | $212.47 | $3,537.81 |
Jan 2029 | $182.99 | $29.48 | $212.47 | $3,354.82 |
Feb 2029 | $184.51 | $27.96 | $212.47 | $3,170.31 |
Mar 2029 | $186.05 | $26.42 | $212.47 | $2,984.25 |
Apr 2029 | $187.60 | $24.87 | $212.47 | $2,796.65 |
May 2029 | $189.17 | $23.31 | $212.47 | $2,607.49 |
Jun 2029 | $190.74 | $21.73 | $212.47 | $2,416.75 |
Jul 2029 | $192.33 | $20.14 | $212.47 | $2,224.42 |
Aug 2029 | $193.93 | $18.54 | $212.47 | $2,030.48 |
Sep 2029 | $195.55 | $16.92 | $212.47 | $1,834.93 |
Oct 2029 | $197.18 | $15.29 | $212.47 | $1,637.75 |
Nov 2029 | $198.82 | $13.65 | $212.47 | $1,438.93 |
Dec 2029 | $200.48 | $11.99 | $212.47 | $1,238.45 |
Jan 2030 | $202.15 | $10.32 | $212.47 | $1,036.30 |
Feb 2030 | $203.83 | $8.64 | $212.47 | $832.47 |
Mar 2030 | $205.53 | $6.94 | $212.47 | $626.93 |
Apr 2030 | $207.25 | $5.22 | $212.47 | $419.69 |
May 2030 | $208.97 | $3.50 | $212.47 | $210.71 |
Jun 2030 | $210.71 | $1.76 | $212.47 | $0.00 |
Your personal loan may also include fees. One common personal loan fee is an origination fee, which is typically 1% to 10% of the loan amount. Lenders often deduct this fee from your loan before disbursing the funds. For example, a 5% origination fee deducted upfront from a $5,000 loan would leave you with $4,750.
How to qualify for a $5,000 personal loan
Lenders typically review your credit, income and existing debt to determine whether you qualify for a personal loan. Having good or excellent credit (a score in the mid-600s or higher) gives you a better chance of loan approval. However, some lenders accept borrowers with credit scores in the mid-500s or higher.
Many lenders don’t publish requirements for income and debt, but you’ll generally want to make sure a new loan payment fits in your budget in addition to other monthly bills and expenses. A debt-to-income ratio of 36% or lower is often seen as ideal, though there are lenders that accept higher DTI ratios.
Tips for qualifying with bad credit
Having bad credit (a score from 300 to the high 500s) can limit your options for a personal loan, and if you do meet the lender’s requirements, the loan will likely have a higher APR.
You can increase your odds of loan approval or a lower APR by applying with a co-signer or getting a joint loan with a co-borrower who has better credit or a higher income. You could also boost loan approval odds by opting for a secured personal loan, which requires pledging a valuable asset — typically a vehicle or savings account — as collateral.
How to get a $5,000 loan
Check your budget and credit. Determine how much you can afford to pay on a personal loan each month. Review your credit report for any errors bringing down your score, like an incorrect account balance or an account in your name that you never opened. You can get your credit report for free with NerdWallet and dispute any errors to the three major credit bureaus — Equifax, Experian and Transunion — online or by phone or mail.
Pre-qualify with multiple lenders. Pre-qualifying for a personal loan allows you to preview your rate, term, loan amount and monthly payment without affecting your credit score. It usually only takes a few minutes to pre-qualify online, and pre-qualifying with multiple lenders allows you to compare offers to find the best fit.
Complete a formal loan application. The lender may ask for documents, like paystubs or tax returns, to support the information you provided during the pre-qualification process. You can expect the lender to do a hard credit check at this stage, which can cause your credit score to dip by a few points.
Sign the loan agreement and get funded. If your loan application is approved, you’ll need to read and sign the loan agreement so the lender can disburse funds. Most personal loans are funded within a week, though several lenders offer same- or next-day funding. Your first loan payment is typically due 30 days later.
Personal loan alternatives
Before applying for a $5,000 loan, consider borrowing options that may cost less than a personal loan.
Zero-interest credit card: These credit cards charge no interest during the introductory period, which is usually 15 to 21 months. Afterwards, the rate can jump to almost 30%. You’ll typically need good or excellent credit to qualify.
Buy now, pay later: “Buy now, pay later” apps allow you to spread a purchase over several weeks. The most common BNPL plan involves paying for one-fourth of the purchase upfront and making three interest-free biweekly payments over the next six weeks. These payment plans usually don’t require a credit check.
Family loan: If you have a loved one willing and able to offer you a loan, it could be your best opportunity to borrow money with little to no interest and without formal income or credit checks. Draft and sign a loan agreement to ensure both parties understand the repayment plan and consequences for missed payments.
Last updated on July 2, 2025
Frequently asked questions
It can be challenging to get a personal loan with bad credit, but there are lenders that approve loans for borrowers with credit scores in the mid- to high-500s. Lenders may deny applications for lower scores. Adding a co-signer or co-borrower or putting down collateral could strengthen your odds of getting a $5,000 loan with bad credit.
Most lenders don’t publish income requirements, but they want to see that you earn consistent income and can cover monthly loan payments plus your other financial obligations. Aim for a debt-to-income ratio no more than 36%.
Funding time depends on the lender and how quickly you submit the necessary information, but you can often get a personal loan within a day of approval. A few lenders, including SoFi and LightStream, offer same-day funding. Lenders such as Best Egg, LendingClub, Upgrade and Upstart offer next-day funding.
How we chose the best personal loans
35+
Lenders reviewed
25+
Categories assessed
70+
Data points analyzed
Star rating categories
5.0
Overall score
NerdWallet's Best Lenders for a $5,000 Loan in 2025
- Best Egg: Best for secured loans
- LendingClub: Best for debt consolidation
- LightStream: Best for home improvement
- SoFi Personal Loan: Best for good- or excellent-credit borrowers
- Upgrade: Best for joint loans
- Upstart: Best for fair- or bad-credit borrowers