$5,000 Loans

Need a $5,000 personal loan? Mozo compares some of the top personal loans available in Australia. Compare loans bleow!

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5000 personal loans

$5,000 personal loan comparisons on Mozo - last updated 17 April 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    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 could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

    Compare
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $5,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 24-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

    Compare
    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

    Compare
    Details
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^See information about the Mozo Experts Choice Personal loans Awards

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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.

Hey, before you continue…

Lenders on our site have strict lending criteria. We want you to find the right loan so before proceeding with a loan application, be sure that at a minimum you:

If you don’t know your credit rating, try using our rate matcher tool, where we run a free credit check to help you find a loan you may qualify for.

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Finding a top $5,000 personal loan

A $5,000 personal loan can be used to fund all sorts of things, from holidays to weddings or small home renovation projects. The possibilities are practically endless! And so are the different loan and lender options.

With so many options around, finding the right personal loan for you can be difficult if you don’t know what to look for. 

Personal loan interest rates:

One important place to start when comparing $5k personal loans is with the interest rate. The lower the interest rate, the less you’ll pay in the long run. 

Don’t just stop at the main headline rate, though. To get a better idea of the true cost of the loan, you’ll want to check the comparison rate. The comparison rate factors in both the main interest rate plus any additional fees that come with the loan.

Here are some of the lowest personal loan interest rates in the Mozo database right now (as of 18 December 2023):

  • Lowest fixed rate, unsecured loan: Harmoney’s Unsecured Personal Loan from 5.76% p.a. (6.55% p.a. comparison rate*).

  • Lowest variable rate, unsecured loan: Community First Bank’s Home Improvement Loan - rates from 5.54% p.a. (6.53% p.a. comparison rate*) for home renovations. 

  • Lowest fixed rate, secured loan: Commonwealth Bank Secured Personal Loan from 5.99% p.a. (7.41% p.a. comparison rate*).

  • Lowest variable rate, secured loan: Illawarra Credit Union’s Online Personal Loan Package from 6.00% p.a. (6.64% p.a. comparison rate*).

  • Lowest rate green loan: Community First Bank’s Green Loan from 5.54% p.a. (6.53% p.a. comparison rate*) and Bendigo Bank’s Green Personal Loan from 5.49% p.a. (5.84% p.a. comparison rate*).

To see some of our Mozo Experts Choice Award-winning and editor’s choice personal loans, check out our best personal loans page. Otherwise, you can head to our personal loan interest rates page to find out more about personal loan interest rates right now. 

What type of $5000 loans are there?

There are several different types of personal loans, and the type of loan you choose will depend on your current financial situation. Let’s break down some of the different loan types to help you determine which one could fit you best. 

Secured personal loans:

With a secured loan, you’ll need to put up an asset, like a car or house, against the loan as collateral. This gives the lender assurance that you’ll make your regular repayments - or your assets could be repossessed. 

Since they carry less risk, secured personal loans tend to have lower interest rates than their unsecured counterparts.

Unsecured personal loans:

An unsecured loan, on the other hand, does not require you to use an asset as collateral against the loan. Instead, you are assessed solely on your credit score and other criteria. 

As unsecured loans are considered more risky for the lender, interest rates on unsecured loans tend to be higher. However, not requiring a collateral asset could be a suitable trade-off for a higher interest rate, depending on your financial needs and circumstances.

It’s worth noting that in recent years, many personal loan providers have adopted risk-based pricing, so if you have a good to excellent credit score, you might qualify for a loan with a lower interest rate than someone who doesn’t.   

Payday loans

A ‘payday loan’, or ‘small amount loan’, is a smaller loan that people use a bit like an advancement on their pay. Payday loans tend to range from $200 to $2,000, but there are $5,000 payday loans out there. 

There is a catch to these loans, though. Payday loans generally need to be paid off quite quickly (usually within 16 days to 1 year) and tend to have super high interest rates.

Before taking out a payday loan, Mozo’s money experts recommend that you contact the National Debt Helpline to discuss your situation.

Pros & Cons of $5,000 loans

If you’re looking to apply for a $5,000 loan but are still on the fence, here are some of the pros and cons:

Pros of a $5,000 loan:

  • Cash boost you might need: Whether it’s for debt consolidation or a holiday, the one obvious advantage of taking out a personal loan is having some extra cash on hand to fund an upcoming expense.

  • Lower interest rates for better borrowers: If you have a good to excellent credit score, you might qualify for a lower interest rate on your personal loan. The lower your interest rate, the less you’ll pay on your loan over time.

  • Fast application process: If you have all the required paperwork ready, applying for a personal loan can be a relatively quick process (particularly when done online). Some lenders even offer same-day application decisions, and you could receive your loan in as little as 24 hours.

  • Build up your credit score: Taking out a loan and making on-time repayments over the course of your loan can help build up a positive credit profile, which could come in handy if you need a larger loan in the future, like a home loan

Cons of a $5,000 loan:

  • Additional bill: While the extra cash might be nice, you’ll eventually have to pay it off. Taking out a personal loan means committing to repaying it off over a set term. With a solid budget, this can be manageable – however, it does create an additional financial responsibility. 

  • Higher interest rates for less credit-worthy borrowers: While you might see a loan being advertised with low interest rates, keep in mind that lower rates may only be available to borrowers with a good credit score. If you apply for a loan and your credit score isn’t up to scratch, you could find yourself being offered a higher interest rate than anticipated, making the loan more expensive over the long term. Only commit to a loan if you’re certain you’ll be able to make the repayments.

  • Potential credit damage: Every time you miss a payment or even just apply for a loan, this is all recorded on your credit report, which could impact your credit score. Keeping a clean credit history is essential if you want to borrow in the future. So, before you apply for a personal loan, first, make sure you crunch the numbers and have a solid budget and plan in place for how you’ll make your repayments.

Alternatives to $5000 loans

Not sure whether a personal loan is the right finance option for you? Here are some other alternatives to taking out a $5,000 loan that might be better suited to you:

Taking out a credit card

Like a personal loan, a credit card allows you to make a purchase now and pay it back later (plus interest). While credit cards generally come with much higher interest rates than personal loans, they can also have additional perks like points and interest-free days. 

If you want to learn more, read our personal loan versus credit card guide.

Buy Now Pay Later (BNPL)

Buy Now Pay Later (BNPL) services operate quite similarly to a credit card, but instead of paying off a general balance, you pay off individual purchases in a specific number of instalments, usually interest-free. BNPL credit limits, however, tend to be lower than credit card credit limits, usually around the $200 – $2,000 mark.

FAQ about finding a top $5,000 personal loan

To help you find the right personal loan for you, here are some answers to some commonly asked questions about finding the best $5,000 personal loan for your spending goals.

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

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

Secured loans typically have lower interest rates but require an asset as collateral, whereas unsecured loans usually have higher interest rates but don’t require collateral as security. The loan type you choose will depend on your own financial needs and circumstances.

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

Commonwealth Bank Personal Loan
Overall 6/10
Easy service but not the best fees

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Read full review

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Price
5/10
Customer service
6/10
Convenience
9/10
Trust
7/10
Less
Joshua, Victoria, reviewed 15 days ago
ING Personal Loan
Overall 7/10
Simple, no stress personal loan

It was east to obtain, good customer service and fast processing. No issues throughout loan term and can pay down as quick as you like with no hidden fees or charges.

Read full review

It was east to obtain, good customer service and fast processing. No issues throughout loan term and can pay down as quick as you like with no hidden fees or charges.

Price
7/10
Features
6/10
Customer service
6/10
Convenience
9/10
Trust
9/10
Less
Jen, Queensland, reviewed 15 days ago
ANZ Unsecured Personal Loan
Overall 10/10
Anz Personal loan

I decided to go with another bank for a unsecured personal loan as the commonwealth bank had some good perks being offered. I will never ever do this again not only was it extremely frustrating gathering all the correct documents again and again and again being conditionally approved to being rejected after alot effort and things were looking fine on my end. To get that rejection after all the stress and also making me feel like it's definitely going through to end up being rejected. I went onto to go back to my bank which I should have done fro. The beginning everything was smooth sailing quick and completed with all ticks in a matter of days. I love everything about anz it's always efficient and easy to navigate

Read full review

I decided to go with another bank for a unsecured personal loan as the commonwealth bank had some good perks being offered. I will never ever do this again not only was it extremely frustrating gathering all the correct documents again and again and again being conditionally approved to being rejected after alot effort and things were looking fine on my end. To get that rejection after all the stress and also making me feel like it's definitely going through to end up being rejected. I went onto to go back to my bank which I should have done fro. The beginning everything was smooth sailing quick and completed with all ticks in a matter of days. I love everything about anz it's always efficient and easy to navigate

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Cassandra, Tasmania, reviewed 15 days ago

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