A $5,000 loan can be used to consolidate debt, finance home repairs or fund another expense. Pre-qualify with multiple lenders and compare rates.
Checking rates is free and won't impact your credit score.
Best for secured loans
6.99 - 35.99%
$2K - $50K
600
3 to 5 years
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt.
Read our review of Best EggBest Egg is worth considering for borrowers looking for a secured loan or to consolidate debt.
Read our review of Best EggBest for debt consolidation
2025 NerdWallet award winner
7.90 - 35.99%
$1K - $60K
600
2 to 7 years
A LendingClub personal loan is a standout option for qualified borrowers who want to pay off debt with flexible terms.
Read our review of LendingClubA LendingClub personal loan is a standout option for qualified borrowers who want to pay off debt with flexible terms.
Read our review of LendingClubBest for home improvement
2025 NerdWallet award winner
6.49 - 24.89%
$5K - $100K
660
2 to 7 years
LightStream is a solid option for good- and excellent-credit borrowers, with no fees and a promise to beat competitors’ rates.
Read our review of LightStreamLightStream is a solid option for good- and excellent-credit borrowers, with no fees and a promise to beat competitors’ rates.
Read our review of LightStreamBest for good- or excellent-credit borrowers
2025 NerdWallet award winner
8.99 - 35.49%
$5K - $100K
None
2 to 7 years
SoFi offers large online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Read our review of SoFi Personal LoanSoFi offers large online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
Read our review of SoFi Personal LoanBest for joint loans
2025 NerdWallet award winner
7.74 - 35.99%
$1K - $50K
600
2 to 7 years
Upgrade accepts lower credit scores than similar lenders, and it offers multiple rate discounts for its personal loans.
Read our review of UpgradeUpgrade accepts lower credit scores than similar lenders, and it offers multiple rate discounts for its personal loans.
Read our review of UpgradeBest for fair- or bad-credit borrowers
6.70 - 35.99%
$1K - $75K
None
3 to 5 years
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.
Read our review of UpstartUpstart 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.
Read our review of UpstartOur team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
30+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
60+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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 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.
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.
Offering same-day funding, no fees and wide repayment terms, LightStream is a solid option for financing home improvement projects.
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 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 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: Compare the best personal loans
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 |
» MORE: How to choose the best personal loan term length
Use a personal loan calculator to see how various rates and terms affect monthly payments and total interest paid.
Estimated monthly payment
$309.92
Total interest over 3 years
$1,156.95
Total loan payment
$11,156.95
Loan amount
$10,000
Interest rate
7.25%
Loan term (years)
3
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.
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.
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.
» MORE: How to get a personal loan with bad credit
Before applying for a $5,000 loan, consider borrowing options that may cost less than a personal loan.
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.
