The interest rate on a $5,000 loan from a major lender is usually around 6.4% to 35.99%. It’s difficult to pinpoint the exact interest rate that you’ll get for a $5,000 loan since lenders take many factors into account when calculating your interest rate, such as your credit score and income. If you have a high credit score and income, you will likely get a low interest rate on a $5,000 loan.
Upstart has the lowest interest rates for a $5,000 loan, starting at 4.6%. Upstart isn’t your only option, though. Below, you can see the best $5,000 personal loans and the interest rates associated with them.
Best $5,000 Personal Loans
| Company | Loan Amounts | APRs | Loan Terms |
| Best Egg | $2,000 - $50,000 | 8.99% - 35.99% | Up to 60 months |
| SoFi | $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts | 24 - 84 months |
| LightStream | $5,000 - $100,000 | 7.49% - 25.99% | 24 - 84 months |
| Wells Fargo | $3,000 - $100,000 | 7.49% - 23.24% | 12 - 84 months |
| Upstart | $1,000 - $50,000 | 6.4% - 35.99% | 36, 60 months |
Some lenders will let you pre-qualify to see your potential rates before you apply. To pre-qualify with multiple lenders at once, check out the free pre-qualification tool on WalletHub.
Upstart disclosure: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This answer was first published on 07/08/22 and it was last updated on 01/24/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
How Much Does a $5,000 Cost Over Time?
| $5,000 Personal Loan | Monthly Payment |
|---|
| 15.99% APR for 60 months | $121.56 |
| 35.99% APR for 12 months | $502.29 |
| 35.99% APR for 36 months | $228.99 |
| 35.99% APR for 60 months | $180.63 |
5 more rowsAccording to a Bankrate study, the average personal loan interest rate is 12.22 percent as of April 24, 2024. However, the rate you receive could be higher or lower, depending on your unique financial circ*mstances. Personal loan rates vary based on creditworthiness, the lender and the borrower's financial stability.
Will interest rates go down in 2024? ›
NAR believes rates will average 7.1% this quarter and fall to 6.5% by the end of 2024. While there's some dispute on exactly how much rates will decrease, the general consensus is that mortgage rates will go down later in 2024 and end up in the mid-to-low 6% range.
How do I calculate the interest rate on a loan? ›
Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.
How much do you pay a month for a $5000 loan? ›
What is the monthly payment on a $5,000 personal loan?
| Payoff period | APR | Monthly payment |
|---|
| 1 year | 15% | $451 |
| 2 years | 15% | $242 |
| 3 years | 15% | $173 |
| 4 years | 15% | $139 |
3 more rowsApplying for a $5,000 loan can take some work, but it's worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.
Which bank has the best interest rates for personal loans? ›
Summary: Best Personal Loans From Banks
| Company | Forbes Advisor Rating | Current APR range |
|---|
| Discover | 3.5 | 7.99% to 24.99% |
| Wells Fargo | 3.5 | 7.49% to 23.24% |
| PNC Bank | 3.0 | Rates vary by zip code |
| Citibank | 3.0 | 10.49% to 19.49% |
2 more rowsApr 1, 2024
Interest rates are at 23-year highs. But with a little creativity, there are ways to get your hands on much-needed cash without breaking the bank. The high cost of borrowing is due to the Federal Reserve raising interest rates 11 times from March 2022 through July 2023.
Which bank has the best personal loan rates? ›
Summary: Best Personal Loan Interest Rates Of April 2024
| Company | Forbes Advisor Rating | APR Range |
|---|
| Discover | 3.5 | 7.99% to 24.99% |
| U.S. Bank | 3.5 | 8.74% to 24.99% |
| PenFed | 3.0 | 7.99% to 17.99% |
| Upstart | 2.5 | 7.80% to 35.99% |
3 more rowsWhile McBride had expected mortgage rates to fall to 5.75 percent by late 2024, the new economic reality means they're likely to hover in the range of 6.25 percent to 6.4 percent by the end of the year, he says.
Current mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|
| 10-Year Fixed Rate | 6.80% | 6.88% |
| 5-1 ARM | 6.55% | 7.87% |
| 10-1 ARM | 7.40% | 8.11% |
| 30-Year Fixed Rate FHA | 7.25% | 7.29% |
5 more rowsThe average 30-year fixed mortgage rate as of Thursday was 6.99%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%.
Is loan on credit card good? ›
You'll get the loan amount as a Demand Draft or directly into your bank account. Because it has lower interest rates than cash withdrawals, a credit card loan makes more financial sense. That's why many people choose it. It's also called a pre-approved or pre-qualified loan.
What is the easiest way to calculate interest rate? ›
The formula for calculating simple interest is A = P x R x T.
- A is the amount of interest you'll wind up with.
- P is the principal or initial deposit.
- R is the annual interest rate (shown in decimal format).
- T is the number of years.
For most types of debt, the rate is usually 8%. To calculate this, use the steps below: Work out the yearly interest: take the amount you're claiming and multiply it by 0.08 (which is 8%). Work out the daily interest: divide your yearly interest from step 1 by 365 (the number of days in a year).
How much is $5000 with 3% interest? ›
Compound Interest FAQ
| Year 1 | $5,000 x 3% = $150 |
|---|
| Year 2 | $5,000 x 3% = $150 |
| Year 3 | $5,000 x 3% = $150 |
| Total | $5,000 + $450 = $5,450 |
Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.
What is 5 percent interest of 5000? ›
Multiply 5 by 5000 and divide both sides by 100. Hence, 5% of 5000 is 250.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
