$5,000 Loans

Need a $5,000 personal loan? Mozo compares some of the top personal loans available in Australia, helping you find the right loan that suits your financial circumstance.

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Fact Checked

I need a $5,000 personal loan, where can I get one?

There are plenty of lenders, you can apply for a $5,000 personal loan at a bank, credit union or independant financial lenders.

How do I compare personal loans?

It might seem daunting to work out which loan is right for you. Our personal loan comparison tool does all the hard work for you by comparing interest rates, fees and features all in the one place!

Where do I apply for a $5,000 online personal loan?

That’s easy, you can do it right here! Once you’ve found the right loan for you using our comparison tool, just click the ‘go to site’ button. This will take you to the provider’s site where you can start your application.

$5,000 personal loan comparisons on Mozo - last updated 5 August 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    No fees. No limited time, no exceptions, no worries. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.

    Compare
    Go to site
    Details
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    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 8.48% p.a.
    6.07% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.

    OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Mozo Experts Choice 2021
    Personal Loan

    Unsecured, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 19.99% p.a.
    5.45% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,340.57 including fees.

    Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.

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    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.49% p.a.
    6.39% p.a.to 8.19% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 8.49% p.a.
    5.95% p.a.to 14.01% p.a.based on $10,000
    over 3 years

    Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.

    Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes

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    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 24.79% p.a.
    6.14% p.a.to 25.74% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.

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    Go to site
    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.to 19.95% p.a.
    6.76% p.a.to 20.26% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $64,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

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    Details
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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    9.39% p.a.
    9.64% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.

    Borrow from $5,000 to $50,000. No account keeping fees. Free extra repayments and redraw facility. Apply online for fast approval (usually within 24 hours). Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021.

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    Go to site
    Details
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    Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 18.99% p.a.
    7.91% p.a.to 19.83% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.

    Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.

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    Details

^See information about the Mozo Experts Choice Personal loans Awards

*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Personal loan lenders we compare at Mozo

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FAQ

Finding a top $5,000 personal loan

Whether it’s to go on an exotic getaway or kit out your flat with some brand new furniture, a personal loan can be a great option. So to help you pick out the perfect loan, we’ve compiled a list of the most commonly asked questions that come with finding the best $5,000 personal loan for your spending goals.

What type of $5,000 personal loans are available?

When you start searching for personal loans, you’ll find there are two main types, secured and unsecured. It’s important that you don’t just pick the first one you see, as there are big differences between the two and you’ll need to choose the one that best suits your needs.

For example, secured personal loans may come with a lower interest rate, but it will also require you to use an asset as security against the loan. So if you ever default on your loan, the lender has the right to repossess the asset. On the other hand, an unsecured personal loan won’t require any security, but there’s usually a higher interest rate.

How much interest will I pay on a $5,000 personal loan?

The amount of interest you’ll pay will depend on a number of factors, like the loan term and the interest rate.

What should I compare in a $5,000 personal loan?

So you know you need a $5,000 personal loan, but do you know what features and fees you should be looking for? So before you start your search for the perfect loan, here are some of the things to keep an eye out for:

The interest rate

This is possibly the first thing you’ll consider when looking for a personal loan and can have a big influence on which loan you apply for.

To give you an idea of how much interest you could be paying over different loan terms, we took our personal loan repayments calculator for a spin. Say for instance you took out a $5,000 personal loan at a rate of 7.99%, over 5 years you’d pay $1,081, while the same loan over three years would only see you pay $640 - a difference of $441.

The comparison rate

You might notice that rates for personal loans often come in twos, the regular interest rate and the comparison rate. The comparison rate factors in not only the interest rate, but fees and other costs you’ll have to pay over your loan. While this can give you an idea of what your loan might actually cost, you should still take it with a grain of salt, as it is still an advertised rate. Your comparison rate will depend on your loan amount and borrowing capacity.

Loan fees

Regardless of if you’re after a $10,000 or $5,000 loan, you’ll likely have to pay a few fees. Two of the most common fees you’ll find with a personal loan are upfront and ongoing fees.

An upfront or application fee is charged at the start of your loan and is usually a one-off payment. These can reach up to $600, so you’ll need to make sure the benefits of the loan outweigh this cost.

Ongoing fees kind of a maintenance fee and are usually either charged on a monthly or annual basis. Other fees you may notice are late payment or discharge fees.

Repayment features

For some added flexibility in your loan, you may also have access to some handy repayment features. Having an extra repayments option attached to your loan can help you cut down on interest and pay off your loan faster. Just keep in mind that lenders may set a limit to how much you can repay and could charge a fee.

Your loan may also come with a redraw facility, where you can redraw your extra repayments to pay for unexpected bills or expenses.

Repayment flexibility

A final thing to mention is that once you start paying your loan off, you’ll often be able to make your repayments on a schedule that suits you best, either on a weekly, fortnightly or monthly basis.

Why should I avoid applying for a $5,000 personal loan with poor credit?

Although a personal loan can be handy, applying with bad credit isn’t always a good idea. Bad credit loans tend to have super high interest rates, that can go up to 48% and charges hefty fees. Plus, not only does your application have a higher chance of rejection, if you are rejected, it will go onto your credit history.

Want to know how much your repayments might be? Check out our personal loan repayments calculator.

How can I repair my credit history so I can apply for a personal loan?

Having a poor credit history does not mean you’ve hit a dead end, as you are able to repair it. Some of the ways you can work towards improving your bad credit history before applying for a $5,000 loan include:

  • Minimise unnecessary spending so you have more money in your in savings for unexpected bills and expenses. That way, you’re less likely to resort to credit when you shouldn’t.
  • Set up a direct debit for bills, like insurance or your phone bill so you never miss a payment
  • Pay any outstanding bills and fines as soon as you can. The more you delay paying these, the higher your debt will climb and the worse your credit rating will become.
  • And while we’re on the subject, avoid using your credit card to pay for these outstanding bills, this has the potential to put you into more debt.
  • Close any unused credit accounts. Lenders will look at the amount of credit available to you as potential debt.
  • Avoid starting any new credit applications until your history is looking healthier, because if you are rejected, this will worsen your credit score. Even if you decided to withdraw the application, it can still be recorded on your credit file.

Can I get a $5,000 personal loan with no credit check?

Yes, there are some options. If you do apply for a no credit check personal loan, it means that your lender will not request your credit report from any credit bureau to check your borrowing capacity. The lender will check your bank statements and will look at your income and expenses. This is to determine if you can afford to repay the loan.

But just like applying with bad credit, this is highly risky to do because of the high interest rates and fees involved and remember, your application will appear on your credit file, regardless of if you are approved or rejected.

Are there any eligibility requirements with a $5,000 personal loan?

If you are thinking of applying for a $5,000 personal loan, depending on the lender, you may find that there are some eligibility requirements, like:

  • Having a stable income - Although you may only be borrowing a small amount, many lenders will only approve your loan if you are employed or have a steady income.
  • Clean credit history - Many banks or credit unions may not issue loans to borrowers with a poor credit history. If this is you, you may still be able to apply for a $5,000 personal loan with bad credit. However, you might be better off repairing your credit history first, before applying for a loan.

What do I need to apply for a $5,000 personal loan?

When you find the right loan and are ready to apply, you’ll need to provide your lender with some info and a few documents in your application to determine your reliability as a borrower and borrowing capacity, including:

  • Your employment status/income - Many lenders may not approve you for a loan if you are unemployed or don’t have a steady income.
  • Your current debt - Lenders will want to see any other liabilities you currently have, which may impact your ability to meet repayments, like existing credit card debt or your mortgage.
  • Any savings you might have - It’s important to have at least 3 months worth of savings to prove that you can be responsible with money.

If you are looking for a loan of a different amount, check out $10000 personal loans or even $50000 personal loans.

Personal Loan Reviews

Great Southern Bank Unsecured Personal Loan (Fixed)
Overall 1/10
Avoid at all costs!

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Read full review

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Price
6/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Richard, Victoria, reviewed 10 days ago
ING Unsecured Personal Loan
Overall 1/10
Very very bad new look rate check

Very bad service with new look I don’t like. Different credit score

Read full review

Very bad service with new look I don’t like. Different credit score

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Vidya, New South Wales, reviewed 17 days ago
ING Personal Loan
Overall 1/10
Too bad this new credit score based personal loan.

Too bad this new credit score based personal loan. I am getting different score than with actual score. Too bad I should get 8.99 interest rate but I am getting 10.99. Very very bad.

Read full review

Too bad this new credit score based personal loan. I am getting different score than with actual score. Too bad I should get 8.99 interest rate but I am getting 10.99. Very very bad.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Vidya, New South Wales, reviewed 17 days ago

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