The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502. But if you take out a $5,000 loan for seven years with an APR of 4%, your monthly payment will be $68.
Below are the monthly payments that you can expect on a $5,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments 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 |
| 5 years | 15% | $119 |
| 6 years | 15% | $106 |
| 7 years | 15% | $96 |
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
This answer was first published on 08/31/21 and it was last updated on 03/06/24. 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
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 rowsRequirements for a $5,000 Personal Loan
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.
How long does it take to get approved for a $5000 loan? ›
Fortunately, getting approved for one and receiving the funds is typically a quick process. You could get money the same day you apply for a personal loan or within two five business days — depending on the lender and how long it takes to approve your application.
Is a 5000 dollar loan a lot? ›
A $5,000 loan can be hard to get if you don't have a lot of income or if your credit score is on the lower end. Those with an average income and a good credit score can look forward to a handful of loan options for $5,000.
How much is a $4000 loan a month? ›
Example Monthly Payments on a $4,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $361 |
| 24 months | 15% | $194 |
| 36 months | 15% | $139 |
| 48 months | 15% | $111 |
3 more rowsSep 10, 2021
Monthly payments for a $7,000 personal loan
| Loan duration | Average monthly payments ($7,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $826.51 | $646.88 |
| 13–24 months | $367.03 | $318.62 |
| 25–36 months | $264.41 | $221.24 |
1 more rowMar 7, 2024
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
Do personal loans hurt your credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How likely are you to get approved for a personal loan? ›
You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.
Yes, you can easily get a ₹5000 personal loan without any collateral.
Can I borrow money from my social security benefits? ›
Social Security will not give you a loan or let you borrow against your future benefits. You can't, for example, ask to borrow $5,000 and then simply have Social Security deduct that sum from your benefits once you start collecting them.
How much do you pay a month on a $5000 loan? ›
The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
What would the monthly repayments be on a $5000 loan? ›
Representative example
| Loan amount £5,000 | Monthly repayments £154.32 | Length of agreement 36 months |
| Total amount repayable £5,555.52 | Representative 7.2% APR | Fixed Annual Rate of Interest (nominal) 6.9728% |
1 more rowPersonal Loan Calculator
| $5,000 | $6,000 |
|---|
| 24 mos. | $267 | $320 |
| 36 mos. | $199 | $239 |
| 48 mos. | $166 | $199 |
| 60 mos. | $147 | $176 |
£400 per month
| Term | 2.5% | 4% |
|---|
| 15 years | £55,000 | £50,000 |
| 20 years | £65,000 | £57,000 |
| 30 years | £79,000 | £67,000 |
Apr 17, 2024
Here's the monthly payment if you borrow $10,000
| Interest Rate | 2-Year Repayment Timeline | 5-Year Repayment Timeline |
|---|
| 11.48% | $468 per month, $1,239.44 in total interest | $220 per month, $3,189.54 in total interest |
| 15.00% | $485 per month, $1,636.80 in total interest | $238 per month, $4,273.96 in total interest |
1 more rowAug 22, 2023
The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.
How much income do I need for a 20k loan? ›
Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.
