$5000 personal loans from 60+ brands

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$5000 loans

If you need to borrow $5000, there may be several different options available to you, depending on your financial situation. If you’re covering a short-term expense, and expect to be able to repay the loan in a matter of weeks or over a couple of months, a short term small loan may be an option. If you expect it’d take you longer to repay a $5000 loan, some lenders may offer personal loans for $5000 that can be repaid over a year or longer.

Personal loans for $5000

Personal loans typically involve paying back the $5000 you borrow over a relatively long period of time, such as 12 months or more. Between these longer loan terms and the fact that personal loans tend to have lower interest rates than other credit options (e.g. credit cards, payday loans), personal loan repayments are often relatively affordable, making a smaller impact on your monthly household budget.

Before applying for a personal loan, you should calculate whether paying back the $5000 over the longer term may ultimately cost you more in interest charges and fees than some of the other options. The longer a loan’s term, the more repayments you’ll need to make, and the more times you’ll be charged interest on what you owe.

Payday loans for $5000

Technically, a loan for $5000 isn’t a payday loan, but a medium amount loan. According to MoneySmart, payday loans have a cap of $2000, while medium amount loans:

  • Let you borrow between $2001 and $5000
  • Are repaid between 16 days and 2 years
  • Have maximum one-off fees of $400
  • Charge a maximum annual interest rate of 48%, including all other fees and charges

It’s important to note that much like payday loans, the high interest rates and fees typically found on medium amount loans for $5000 could put you in real financial trouble if you miss a payment. Consider your financial situation and only apply for a $5000 quick loan if you are very confident that you can afford the repayments, and that you’re comfortable with the extra costs that may be involved.

Secured $5000 loans

If you’re looking to borrow $5000 and already own an asset worth a similar amount (e.g. a car, equity in your home) you may be able to use this asset as collateral to guarantee what you borrow. While this means you risk losing your security asset if you default on the loan repayments, you may be able to enjoy a lower interest rate, sometimes even if you’ve had problems with bad credit in the past.

A significant percentage of car loans are secured loans, and are guaranteed by the value of the car you’re purchasing. However, several of these secured car loans are only available for new cars under a certain age, which may cost more than $5000.

If you’re borrowing $5000 to buy something that can’t be used as security, or if you don’t already own a suitable asset for a secured personal loan, you may need to compare unsecured personal loans and similar unsecured credit options.

$5000 credit cards

One option for quickly borrowing $5000 is to use a credit card, though there are risks involved.

Many credit cards offer an interest-free period on purchases, often for between 45 and 55 days from the start of each payment cycle (often per month), provided you clear your credit card balance in this time. If you need $5000 for an urgent one-off purchase, and you’re confident you can afford to repay this debt in under a month or two, then you may be able to avoid being charged interest on this debt.

However, if you’re already managing an outstanding credit card debt, you likely won’t be able to benefit from your card’s interest-free days on new purchases until you’ve paid back your current debt.

Also, interest-free days may not apply to credit card cash advances, which could be a problem if you need to borrow $5000 in cash.

What’s more, as a credit card offers a flexible line of credit, you may be tempted to spend more on your card and increase the size of your $5000 debt – combined with interest charges on what you owe, you could soon find yourself stuck with a credit card debt you can’t easily afford to repay.

$5000 online loans

When you’re comparing different lenders before you borrow $5000, it may be worth including some online-only lenders in your search. Because these businesses tend to be more specialised and have fewer overheads than their competitors, online lenders may charge lower interest rates and fees than some other options. What’s more, your loan application can be conveniently completed from home.

One potential disadvantage of online-only lenders is that they may not be able to offer the kind of customer service you prefer. If your lender doesn’t have branches, you won’t have the option to meet in person and discuss your loan options face to face. Some online lenders only offer customer service by email or online chat, so you may not even be able to talk to the lender over the phone. 

Bad credit loans for $5000

Some Australians with bad credit who need to borrow $5000 may see their options limited by their low credit scores. Some lenders specialise in providing personal loans for people with bad credit, though these personal loans are more likely to have higher interest rates. To check your credit, you can order a free copy of your credit file from most credit reporting agencies.

If you have bad credit, don’t apply for a $5000 loan without first comparing the available options and checking the eligibility criteria. Consider contacting the lender and/or a financial adviser first to discuss your options. Make sure you’re confident that your loan application will be approved, as credit checks from lenders and knocked-back loan applications could further damage a bad credit score.

It may be possible to apply for some payday loans and similar small loans with no credit checks, as several of these lenders only look at your current ability to repay the loan when they’re considering your application. Just be mindful of the potentially high cost of some of these options, especially the high penalty fees if you were to miss a payment.

Can I get a $5000 loan if I’m unemployed/on Centrelink?

Most banks and similar lenders require proof of income before they’ll lend money in a $5000 personal loan. Even non-bank lenders and payday loan providers may not be willing to lend money to someone on Centrelink. This is because responsible lenders in Australia are legally obliged not to lend money to people who wouldn’t be able to afford the repayments. 

A small number of lenders are willing to lend money to unemployed borrowers and/or to borrowers on Centrelink benefits, depending on how much of their total income comes from these benefits.

If you’re struggling with bad credit, or find yourself in a difficult financial position, there may be options available that could help. Contact a financial counsellor or the National Debt Helpline for more information about how to recover from a bad credit or bad debt situation.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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