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
Mortgage rate predictions 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.
What will personal loan rates be in 2024? ›
APR ranges for online lenders
| Lender | APR range |
|---|
| Universal Credit | 11.69% - 35.99%. |
| Upgrade | 8.49% - 35.99%. |
| Upstart | 7.80% - 35.99%. |
| Zable | 12.95% - 35.99%. |
15 more rowsApr 9, 2024
Mortgage rate predictions 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.
What is a good interest rate for a $5000 loan? ›
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.
How much would monthly payments be on 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 rowsOn March 20, 2024, the FOMC decided to hold steady on interest rates. The benchmark rate remains at 5.25-5.5 percent. Most personal loans have fixed rates, so current borrowers do not need to worry about their interest rates changing.
Will loan rates go down in 2024? ›
“The early 2024 expectations for sharp Fed rate cuts are now highly unlikely to happen,” says Selma Hepp, chief economist at CoreLogic. “As the economy continues to grow, we expect the Fed to keep rates higher for longer.
Will interest rates still be high in 2024? ›
Mortgage rates may continue to rise in 2024. High inflation, a strong housing market, and policy changes by the Federal Reserve have all pushed rates higher in 2022 and 2023. However, if the U.S. does indeed enter a recession, mortgage rates could come down.
What will interest rates look like in 2025? ›
The 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%. Meanwhile, Wells Fargo's model expects 5.8%, and the Mortgage Bankers Association estimates 5.5%.
What is the interest rate today? ›
Today's national mortgage interest rate trends
For today, Thursday, May 02, 2024, the current average interest rate for the benchmark 30-year fixed mortgage is 7.37%, rising 7 basis points over the last seven days.
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.
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 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 can I borrow with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Which bank's personal loan interest rate is low? ›
Top 5 banks charge the lowest interest rates:
ICICI Bank: ICICI Bank charges anywhere between 10.65 to 16 percent per annum on loans. The loan processing charges of loan are up to 2.50 percent of loan amount plus applicable taxes. State Bank of India (SBI): SBI charges interest rate that starts from 11.15 percent.
Will interest rates stay high in 2024? ›
Despite mortgage rates remaining stubbornly high, most housing market experts expect them to recede over 2024, assuming the Federal Reserve acts on its signaled interest rate cuts. However, whether mortgage rates fade enough to create a meaningful shift in home affordability remains uncertain.
What is the going interest rate for personal loans? ›
Average personal loan interest rates by credit score
| Credit score | Average loan interest rate |
|---|
| 720–850 | 10.73%-12.50% |
| 690–719 | 13.50%-15.50% |
| 630–689 | 17.80%-19.90% |
| 300–629 | 28.50%-32.00% |
Apr 24, 2024
Experts have predicted an average rate of 7% for five-year new car loans by the end of 2024. This is a decrease from current rates, but still a significant increase from what has been seen in previous years.
