The interest rate on a $5,000 loan from a major lender is usually around 7.8% 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% | 36 - 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 | 7.8% - 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 last updated on 01/24/24 and it was first published on 07/08/22. 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
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 will loan interest rates be in 2024? ›
Fannie Mae, MBA, Wells Fargo
| 2024 Forecast | 2025 Forecast |
|---|
| Mortgage Bankers Association | 6.5%* | 5.9%* |
| National Association of Home Builders | 6.8% | 6.14% |
| Realtor.com | 6.7% (6.3%*) | — |
| Wells Fargo | 6.6% | 5.93% |
2 more rowsThe 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 is the interest prediction for 2024? ›
Following the August base rate cut, mortgage rates on fixed rate mortgages have been falling as lenders slashed rates. Many experts are predicting one further base rate cut in 2024 and for interest rates to fall to around 4% by the end of next year.
What is a good interest rate for a $5000 loan? ›
$5,000 Loans
| Loan Amount | Interest Rate (APR) |
|---|
| SoFi | $5k to $100k | 8.99% to 29.49% |
| PenFed | $600 to $50k | 7.99% to 17.99% |
| Discover | $2.5k to $40k | 7.99% to 24.99% |
| Upstart | $1k to $50k | 7.80% to 35.99% |
4 more rowsAug 26, 2024
Lawrence Yun, chief economist at the National Association of Realtors, even told CNBC last year that he doesn't think mortgage rates will reach the 3% range again in his lifetime.
Where will interest rates be in 2026? ›
For the end of 2026, the median dot now shows a target range of 3% to 3.25%, versus 2.75% to 3% three months ago. And officials' median longer-run estimate was for a target range of 2.5% to 2.75%, also a quarter of a percentage point higher than in December.
What are the odds of rate cuts in 2024? ›
The odds of at least three rate cuts of 25 basis points each by the end of 2024 was at nearly 50% on July 11, up from about 15% a month earlier, according to the CME FedWatch Tool, which measures investor sentiment in the fed funds futures market.
What is the interest prediction for next 5 years? ›
There are no sources for officially projected interest rates in five years, but the Mortgage Bankers Association and Fannie Mae both predict rates on 30-year fixed-rate mortgages will drop to 5.9% by the end of 2025.
Will interest rates be in 2025? ›
"The Fed will continue to cut the short-term Federal funds rate in 2025, but we are in a new era where a 6% rate on a 30-year fixed rate mortgage is going to be the norm."
Summary. If you take out a loan of £5,000 over 5 years with an APR of 12.5%, your monthly repayment would be approximately £115.70.
What credit score is needed for a $5000 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 hard is it to get a $5000 loan from a bank? ›
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a substantial income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you already have considerable debt.
What is the long-term outlook for interest rates? ›
In July 2023, overnight interest rate climbed to 5%, the highest since 2001. We expect the overnight interest rate to decline between 1.5% to 2% from its peak by the end of 2026. The long-term trend of declining yields has ended and we are unlikely ever to see low rates like those of 2020-2021 or the 2009-2010 again.
Will HELOC rates go down in 2024? ›
The general consensus is that home equity rates on both home equity loans and HELOCs are going to drop in fall 2024, as are mortgage rates across the board. Ultimately, though, it comes down to the Fed's plans for rate cuts.
Should I lock my mortgage rate today? ›
While mortgage rates could fall in 2024, it's not a given. If you're risk-averse and want to avoid any chance of your mortgage rate increasing, locking in your mortgage rate today may be the best option. But if you think rates will drop before you make an offer, choosing not to have a rate lock could make more sense.
Will auto loan rates go down? ›
For most borrowers, buying a car is still an expensive proposition. Auto loan rates are expected to stop rising and possibly start descending in 2024, but they'll likely remain elevated in comparison to recent years (alongside the broader interest rates environment).
