$5,000 Personal Loan

Find and compare from a range of $5,000 personal loans through Savvy's lending partners today.

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, updated on October 4th, 2023       

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The features and benefits of $5,000 personal loans

Compare interest rates and save

Even on a $5,000 personal loan, you can secure a low rate for yourself and lock it in for the remainder of your term to potentially save money overall.

Choose your loan term

A large part of your personal loan application is settling on the length of time over which to repay, ranging from as few as one year up to four or five.

Pay less each month

Because of the lower loan amount, you won’t be required to pay as much each month, nor will you accrue as much in interest as you would on a larger loan.

Funds transferred in 24 hours

From the point of submitting your application to receiving your money directly in your account can take as little as 24 hours, with 60-second approvals beforehand.

Diverse income accepted

You can be approved for personal financing no matter whether you work full-time, part-time, casually, are self-employed or receive Centrelink benefits.

Bad credit options available

A good credit score isn’t a prerequisite for personal loan approval, either; we’re partnered with flexible lenders who can approve $5,000 to bad credit borrowers.

Types of personal loan

Why compare personal loans through Savvy?

How to save on your $5,000 personal loan

$5,000 personal loan queries answered

Which documents will I need to be approved?

As part of your personal loan application, you’ll need to submit the following documents:

  • Photo ID (passport and/or driver’s licence)
  • Your last two payslips
  • 90 days of bank statements and your employment contract may be required
  • Information on your assets and liabilities
  • Online banking details
Do I need to pay a deposit on my loan?

No – personal loans come with no obligation to pay a deposit, with 100% financing available up to your maximum borrowing capacity. If you need a loan to pay for a $5,000 medical procedure, for instance, you can be approved for the full amount provided you can comfortably afford to repay it.

Will I be required to provide an asset for security?

No – we’re partnered with online lenders who offer unsecured personal loans, which carry no such asset requirement. These enable you to be approved quickly and easily for your personal loan and come with no restrictions that a secured loan might if it were secured by the asset being purchased with the loan. You can choose to go with a secured loan instead, which comes with the advantage of a lower interest rate.

Can I be approved for a $5,000 loan if I’m unemployed?

Probably not – a qualification point for just about every personal loan is that you must be employed to be eligible. There are some instances where you might be approved without actually having a job, such as if you’re earning income through superannuation or investment property, but this isn’t the case most of the time. If you’re living on unemployment benefits, for instance, your personal loan application won’t be accepted.

Can a guarantor help me get approved?

Yes – if your borrowing profile isn’t the strongest, applying with a guarantor can be a great way to maximise your chances of approval (as well as reduce your interest rate). This is because such an arrangement involves bringing on a third party in a stronger financial position, such as your parent, to guarantee the payment of your loan no matter whether you’re able to do so on your own. If you can stay on top of your repayments, your guarantor will never be involved in the loan at all.

What can I use a $5,000 personal loan for?

Whatever you need $5,000 for, a personal loan may be suitable.  

For example, if you have an unexpected expense – like a medical bill or urgent car repairs – a loan could help. Similarly, if you are planning a holiday or home renovation, a personal loan could help pay for it. Even moving can be made easier with a $5,000 personal loan, which can be put toward buying your jewellery or engagement ring, rental bond or furniture. 

However, its’s worth noting that there are a few things that a personal loan cannot be used for. Specifically, they can’t be put toward: 

  • Investing in the stock market 
  • Settling fines or court-ordered payments 
  • Purchasing property or land 
  • Business expenses 
Should I take out a small personal loan instead?

You could – however, this depends on what you want out of your loan. Small loans are on offer for up to $5,000 over terms between 16 days and two years. Under this type of finance, you’ll be charged a $400 establishment fee and service fees each month which equal 48% of your loan amount over the course of a year. They also come without any fees relating to repaying your loan early. However, depending on your loan conditions, this may work out to be more expensive than a $5,000 personal loan.

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.