How & Where To Get a $5000 Loan for Bad Credit

• Pros:
  • No prepayment penalty
  • Next day funding
• Cons:
  • Origination Fee
  • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

• Pros:
  • Quick, easy online application
  • Fast funding
• Cons:
  • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

• Pros:
  • Fast approval and funding
  • Low minimum credit score requirements
  • No prepayment fees
• Cons:
  • Fees
  • No Autopay discount
  • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

• Pros:
  • Secured and unsecured options
  • Poor-credit applicants considered
• Cons:
  • Origination fee
  • Extra Fees
  • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

• Pros:
  • No origination fee
  • Fast funding
  • Low APR
• Cons:
  • $2,000 minimum loan
  • Not available in every state

TD Bank offers personal loans with amounts ranging from $2,000 to $50,000.

The APR range is from 8.99% to 23.99%.

There's no origination fee, monthly fee, annual fee, or prepayment fee. The only fee is for late payments, and it's 5% of the minimum payment due or $10, whichever is less.

TD Fit Loans are available to residents of CT, NJ, DE, NY, Washington, D.C., NC, FL, PA, ME, RI, MD, SC, MA, VT, NH and VA.

• Pros:
  • No credit or income requirements
  • Joint, cosign, & secured loan options
  • Establish credit history
  • Small loan amounts
  • Pre-qualification available
• Cons:
  • Not available everywhere
  • High interest
  • Inflexible payment terms
  • Non-transparent terms
  • Reports to only two credit bureaus

Oportun® provides loans with rates between 20.05% - 35.99% APR.

Oportun® personal loans typically start at $300 and go up to $6,000 for new customers, $7,500 for returning customers, and $10,000 for secured loans. Typical loan terms are between 12 and 48 months.

Oportun® loans do not have an application or prepayment fee, but they do charge an origination fee that depends on your state and is calculated as part of your APR.

• Pros:
  • Fast payment
  • No prepayment fees
  • Flexible repayments
• Cons:
  • Late Payment Fee
  • No autopay discount
  • High APR

LendingPoint™ loans range from $2,000 to $36,500, APRs from 7.99% to 35.99%, with loan terms of 24 to 60 months.

Your loan could be subjected to an origination fee of up to 6% and a late payment fee of up to $30.

• Pros:
  • Fast funding
• Cons:
  • Available in just 11 states

Loans funded by Credit Direct® offer fixed interest rates from 4.99% APR to 29.99% APR for loan amounts from $1,000 to $40,000.

Loan repayment terms range from 12 months to 60 months. There are no administration fees.

• Pros:
  • Low, fixed rates
  • No application fees, origination fees or prepayment penalties
  • No payments for up to 45 days
• Cons:
  • No autopay discount

First Tech FCU offers personal loans of up to $50,000 with rates starting at 6.70%.

First Tech does not charge a prepayment penalty. It also has no origination or application fees.