Can You Get a $5,000 Loan With Bad Credit? How to Borrow $5k Easily

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Do you have a spare $5,000 to pay off major purchases, clear credit card debt, or cover a big unexpected expense?

For 58% of Americans, the answer is no.

Right now, millions of Americans are facing financial difficulty as a result of inflation, rising costs of living, and the challenges of making each paycheck stretch further and further.

You might be the same.

So, how can you get your hands on $5k???

The right personal loan can help you borrow $5,000 with bad credit while offering competitive rates and flexible terms. 

With plenty of options available, it’s crucial you choose a personal loan that’s right for YOU. That means no nasty surprises hidden in the terms and conditions, no vague repayment terms, and no interest rates that will sting you for months (or years) to come.

To help narrow your options, we’ve put together a list of proven ways to borrow a $5,000 loan – even if your credit score isn’t great.

Need something a little smaller?

happy couple using laptop (1)

Option #1: Use Fiona to compare offers for $5,000 personal loans from top lenders in minutes

Borrowing a $5,000 loan is more than spare change.

Although personal loans are increasingly popular to pay off credit card debt, cover household bills or handle emergency expenses, they’re not without their risks.

A loan comparison tool can help you compare personal loan options by providing information on interest rates, fees, loan terms, and other relevant details from multiple lenders – all in one place. And since you can compare the best offers available in the market based on your specific credit score and history, it’s easy to find a loan that’s right for you in just minutes.

We’ve made it easy to see what loan terms you may qualify for instantly through our partnership with Fiona. It takes just minutes to get loan quotes from leading personal loan providers like Lending Club, PenFed, Prosper, Upgrade, Upstart, SoFi, and more!  

Comparing personal loans can *literally* save you thousands of dollars in interest and fees. Plus, you can see what you qualify for in minutes, with no impact on your credit score. If you have great credit, you may have your pick of low rate offers on a $5,000 loan (or even more) to choose from.  But don’t worry if your credit score is in the fair or even poor range, as there are also multiple lenders who specialize in borrowers with less-than-perfect credit and may offer a variety of repayment plans so you can choose the one that best fits your budget.

Whether you need a little cash or a lot, use our quick and easy comparison calculator to find the lowest rates from a pool of top lenders.

Using our comparison tool is 100% free with zero obligation ????

Overdraft Apps Tip: Personal loans through Fiona feature competitive rates and multi-year terms, so you can choose a loan with payments that fits within your budget. Borrowers with Fair, Good or Excellent credit (600+) will usually find the most options and competitive rates, but it only takes minutes and there’s no impact to your credit score so everyone should give it a go.

Option #2: Get a loan through PockBox to borrow $5,000 even if you’ve got bad credit

Apps like Dave (borrow $500) and apps like Albert (borrow $250) are handy for smaller sums of money. But when you need a few grand, it’s tough to go past PockBox.

You’ll generally need a credit score of at least 600 to qualify for a $5,000 personal loan (as well as meet other factors, such as sufficient income). A 600 credit score is considered “fair”, and many lenders do not make loans to borrowers with credit scores below the 620 – 660 range. They often charge the highest rates and fees to borrowers at the low end of their credit criteria.

If you’re looking to improve your credit score so that you can qualify for larger loans with better rates and terms, you want to consider taking out a credit builder loan before shopping for a $5,000 personal loan.

But if you need money now, PockBox is a handy financial service that provides lenders offering short-term personal loans up to $5,000. With PockBox, you can quickly and easily apply for and receive a loan – even if your credit score has taken a hit. 

The application process is online, fast and paperless (all huge time savers), and you may receive the money in as little as 24 hours. You may receive pre-approved loan offers from multiple lenders in just minutes, so you can comparison shop the loan that’s the best fit for your financial situation. When you need up to $5,000 ASAP, getting access to funds quickly can be a life-saver.

P.S Comparing personal loan lenders won’t impact your credit score and there’s no obligation to choose any loan offer, so it’s easy to compare your options for a $5,000 loan online with zero commitment.

Quickly Compare Loan Offers Up to $5,000 >>> Browse Pockbox For Free

✔ Borrow up to $5,000✘ Shorter term loans can carry high rates
✔ 100% free to compare options
✔ PockBox partners with dozens of lenders
✔ Perfect for low credit borrowers

More than anything, it’s always worth doing your homework before committing to a loan. 

Loans like Opploans between $500 and $4,000 for 6, 12 or 18-month terms. This may look good on paper, but with sky-high rates and fees you can end up putting yourself under extra financial pressure. The same goes for options like Lendup – who were forced to go out of business for too many fair-lending violations and repeat deceptive marketing.

customer using PockBox app on mobile phone
Overdraft Apps Tip: Dealing with a low credit score? We get it. Pockbox is ideal if you need a personal loan but have a few blemishes on your credit history. Many lenders specialize in consumers with bad credit, so that $5,000 isn’t out of reach. Compare your options on PockBox with no commitment and find out what you’re eligible for. 

Use the Lenme app for a $5,000 loan

Woman's hand holding a phone advertising Lenme personal loans

Lenme is a unique app that lets you borrow up to $5,000, not from big banks, but from individual people or smaller businesses. Instead of a strict credit check, Lenme focuses more on your recent banking activities and your repayment ability. This approach makes it a potential option for those who might not have perfect credit. If you decide to get a loan through Lenme, there are costs to be aware of. The interest rates can vary widely, depending on who decides to lend you the money. Plus, Lenme takes a 1% fee from the loan amount right from the start.

While many users appreciate the app’s innovative approach, there have been concerns. Some borrowers have faced delays in receiving their funds, and the app itself has had occasional technical glitches. It’s also worth noting that if you don’t repay the loan on time, Lenme will report it, which can harm your credit score. Lastly, if you ever run into issues or have questions, reaching out to their customer service might not always yield quick or satisfactory responses.

Read our Lenme app review.

BONUS: Building your credit score (and why it matters more than you think)

Trying to secure a $5,000 loan with a bad credit score can be extremely expensive (if it’s even possible).

A poor credit score can mean you miss out on certain offers and rates. This leaves you to pay more than someone with a higher credit score. You can avoid paying exorbitant rates and sky-high fees by making a few changes.

And improving your credit score is easier than you think.

Check out our library of resources. We create them exclusively to help Americans boost their credit score and pay less in unnecessary fees and rates.

???? Overdraft Apps Tip: You don’t have to change your life to change your credit score. Innovative credit building apps like Grow Credit help you boost your score by watching Netflix, ordering food on UberEats, listening to Spotify and through dozens of your favorite streaming and on-demand services. Find out more about Grow Credit here.

Let’s recap the top tips for securing a $5,000 loan with bad credit

Need a larger sum of cash? A personal loan may be a better option than putting everything on a credit card. Although credit cards are convenient, credit cards generally carry higher interest rates – meaning you lose in the long run.

The personal loan options in this guide can help you secure $5,000 on terms that work for you. Even if you’re struggling with a poor credit score, tools like Fiona and PockBox help you find lenders who can help. An estimated 22 million Americans have a personal loan – making this a popular and trusted option… if you know what to look for. 

Remember, you’ll want to look out for the following features in a loan: 

  • Loan amounts of $5,000 (or more)
  • Affordable interest rate and APR
  • Fast funding so you’re not left waiting
  • Upfront and transparent fees (the less, the better)
  • Loan repayment terms that suit your budget and lifestyle

Keep these features in mind and you’ll be able to find a $5,000 personal loan that’s right for you.


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Alexander Porter
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