7 Bad Credit Personal Loans for $5,000 & Up


Bad credit is not something that can be solved overnight. Although you can work to repair your credit, progress usually takes time. Sometimes, you do not have time to wait for your credit score to improve because you need a loan right now.

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Life has a habit of throwing unexpected expenses in your path, such as an unexpected medical bill or car repair. Whatever has you seeking a personal loan, it is likely something you need the money for soon. It might be ideal to wait for your credit score to improve, but that is not always possible.

Luckily, many online lenders are willing to provide bad credit personal loans for $5,000 or more. Let’s take a look at some of the best lenders who provide personal loans to people with bad or fair credit.

Bad Credit Personal Loans For $5,000 & Up

You can absolutely secure a $5,000 personal loan with a bad credit score. However, you should keep in mind that you will likely not receive the best terms. With a bad credit rating, lenders are likely to charge you a higher interest rate for unsecured loans. Make sure you truly need a personal loan before moving forward.


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MoneyMutual is an online matching service for small short-term loans. Although it is not a direct lender, it can help you find the best lender for you.

To get a $5,000 personal loan from MoneyMutual, you need to fill out a form with your information for lenders to review. You may get several offers in a few minutes from various lenders.

You are under no obligation to accept any of the offers. Make sure to read through the loan terms of each offer and ensure it fits into your budget before accepting the loan agreement.

A few of the borrow requirements include some form of consistent income that totals at least $800, a minimum age of 18, a legal resident of the U.S., and an active checking account. If you can provide information that confirms each of these requirements, you will likely receive several loan offers.

If you need money quickly, this could be a good option because you may receive the funds within 24 hours.

Full review of MoneyMutual


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CashUSA serves as your one-stop shop to connect with online lenders that offer personal loans for people with bad credit history. With a quick request process, CashUSA will connect you to a lender willing to work with you.

CashUSA lenders provide personal loans with a loan amount of $500 to $10,000. APR can vary widely based on the individual lender and your credit score, but it can range between 5.99% to 35.99%. The interest rate is variable with terms between 90 days and 72 months. Funds are deposited directly into your personal bank account.

Full review of CashUSA


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As the name suggests, BadCreditLoans.com is a place to find unsecured personal loans if you have bad credit. BadCreditLoans.com is not a direct lender, but the site will connect you to lenders that can offer you a personal loan with bad credit.

Lenders in the BadCreditLoans.com network offer loan amounts up to $10,000. Although most of the personal loans through these lenders are smaller than $10,000, it is possible to obtain the full $10,000.

The APR on personal loans can range between 5.99% and 35.99%. Interest rates are variable but generally shorter, starting at just three months. There is no minimum credit score requirement. You can get the money deposited in your bank account as soon as the next business day.

Full review of BadCreditLoans.com


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PersonalLoans.com connects borrowers with personal loan offers between $500 and $35,000. You may receive an offer from multiple lenders.

You should not expect to be approved for the maximum $35,000 loan amount if you have bad credit. Although not everyone is able to qualify for the maximum amount, every applicant can request the amount they are seeking.

The APR on personal loans ranges from 5.99% to 35.99%. The APR you qualify for will be primarily based on your credit score. One significant benefit offered by PersonalLoans.com is the flexibility of repayment terms which range from 6 to 72 months. You’ll have the ability to choose the timeframe you’d like to repay the loan.

A final benefit of these personal loans is no prepayment penalty. You’ll be able to repay your debt as quickly as you’d like without any repercussions.

Full review of PersonalLoans.com


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Although Avant typically works with borrowers of average to above-average credit, it is still a company worth looking into. You do not need good credit to apply for an Avant personal loan.

The company offers personal loans with loan amounts between $1,000 and $35,000 with APRs that range from 9.95% to 35.99%. Many Avant borrowers are using their personal loans for debt consolidation. If you are using this strategy to rebuild your credit history, Avant may be the right choice for you.

Full review of Avant

OneMain Financial

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You can obtain a personal loan from OneMain Financial with a loan amount of between $1,500 and $25,000. However, the company has set slightly different limits for each state, so you must confirm your state’s limit with your local office.

As an applicant, you’ll have the option to pursue a secured or unsecured personal loan. A secured loan may be the better option if you have poor credit scores.

The interest rates will vary significantly based on your credit history, but you can expect an APR range from 25.10% to 36%. The maximum loan term we’ve seen in 60 months. Make sure you ask about the origination fee as it varies per state.

One thing to note about these personal loans is that they will need to be executed after communication with a loan officer. That means you’ll need to make an appointment with a loan officer and talk to them in person or over the phone.

Full review of OneMain Financial


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This Chicago-based lender works with borrowers across the country to provide bad credit personal loans. The company offers unsecured personal loans with a loan amount of $1000 to $10,000.

NetCredit evaluates each loan application on a case-by-case basis. As a result, your loan offer will likely vary greatly based on your credit score and the state you live in.

Since the company works in many states, the APR range is extensive, from 36% to 155%. You’ll need to check out NetCredit in your state to better understand what this company can offer you. There may also be an origination fee depending on where you live.

Full review of NetCredit

Conditions, Rates, and Fees for a $5,000 loan

Term Length

Borrowers can generally decide how long the repayment period on a personal loan will be. Typically, the longer the personal loan term length, the higher the overall cost of the loan. Most personal loans have flexible repayment terms and can be paid back between 12 and 60 months.

Interest Rate

The interest rate on a personal loan is usually expressed as a percentage. Lenders charge a percentage of the loan amount to make up for the risk of a borrower defaulting on an unsecured loan.

Personal loan rates will vary depending on your credit score, employment, loan amount, and other factors.

Loan Fees

Origination fees are a one-time cost that the borrower typically pays when they receive a personal loan. Some lenders add the fee to the loan balance. Origination fees typically range from around 1% to 10% of the loan amount.

Frequently Asked Questions

How does a personal loan work?

Personal loans can be secured or unsecured. With a secured loan, you have to offer collateral to the lender who will get to keep it if you aren’t able to pay them back.

Unsecured loans do not require collateral. If you default on an unsecured loan, it will hurt your credit score and make it even harder for you to get a personal loan in the future.

Lenders typically issue loan funds in a lump sum which are deposited into your bank account. Then, you simply pay the lender back in installment payments (plus interest) until the full loan amount is paid off.

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

Bad credit borrowers have limited options when it comes to getting a $5,000 personal loan. One way is to get a cash advance on your credit card. The best way is typically from an online lender. Some online lenders may even be able to approve and fund your loan the next business day.

Is it possible to get a $5,000 loan with no credit check?

There are a few lenders that won’t check your credit for a $5,000 personal loan, but most of them do run a credit check. However, having a low credit score is not a dealbreaker with online lenders that specialize in bad credit personal loans.

Is it possible to get a $5,000 loan with guaranteed approval?

It’s possible to get a $5,000 loan with guaranteed approval, but it’s usually a good idea to stay away from lenders who guarantee approval. Legitimate lenders typically base the loan amount on numerous factors such as your credit history, income, employment history, etc.

How much would a monthly payment be on a $5000 loan?

The monthly payment on a $5,000 loan depends on the APR and how long the loan lasts. Loan payments can vary greatly depending on the loan terms.

Is it hard to get a $5,000 loan?

Most lenders that offer $5,000 personal loans or more have income and employment requirements. Other common loan requirements include:

  • Being at least 18 years old.
  • Being a U.S. citizen, permanent resident, or visa holder.
  • Having a valid bank account.

What’s the easiest loan to get with bad credit?

The easiest loans to get approved for are payday loans, car title loans, secured loans, pawnshop loans, and online installment loans. These options are designed to help bad credit borrowers who need fast cash in times of need. However, most of those loans also come with higher interest rates and the possibility of losing your possessions.

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

To qualify for a $5,000 personal loan, it’s best to have a credit score of 600 or above. However, there are some lenders, such as the ones listed above, that offer $5,000 loans or more with a lower credit score.

Just remember that bad credit personal loans almost always come with higher interest rates.

Can I repay my $5,000 loan early?

Generally, you can repay a $5,000 personal loan early. However, some lenders charge a prepayment penalty fee for paying off the loan early. Make sure you read the terms carefully before agreeing to that if you think you may pay it off early.

Bottom Line

A $5,000 personal loan can be difficult to obtain at banks or credit unions if you have bad credit. However, the lenders above can help you get approved for a loan to fund whatever life throws your way.

While it is possible to obtain an online personal loan with a poor credit score, it may not be the best financial move, especially if you want to use it to consolidate credit card debt. It is more than likely that you will be offered unfavorable loan terms and high interest rates, which could cost you thousands over the course of your loan.

You could be using those funds to pay down other debts to improve your credit score. With a higher credit score, you’ll be able to obtain more favorable personal loan terms in the future. With that said, a bad credit installment loan is still usually a better option than payday loans. Just make sure you can afford the monthly payments before moving forward with a personal loan.

Before applying for short-term bad credit loans, think of other ways that you could fund the immediate emergency. For example, you could sell belongings, pick up a side hustle, or find a way to resolve the problem yourself. In addition, if you are interested in rebuilding your credit score, take advantage of our free DIY credit repair guide.

Sarah Sharkey
Meet the author

Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. Sarah enjoys traveling, hiking and reading when she is not writing.