The best way to borrow $5,000 with no credit check is to apply for a personal loan from a lender that will not do a hard inquiry into your credit history, like Upstart or OneMain Financial. To determine if you can repay the loan, the lender will look into other things like your income and employment status.
Unfortunately, few reputable lenders will offer loans of $5,000 with no credit check, so there isn't much of a selection. Although some alternatives are available, Upstart personal loans are a good option because they offer high loan amounts with low APRs.
Other Places to Get a $5,000 Loan With No Credit Check
- Friends and family: There's no limit on the amount you can borrow from friends and family, as long as they're willing to lend it. Just be sure to have a solid repayment plan so you don't ruin your relationship.
- Pawnshops: Pawnshops typically offer 25% - 60% of an item's value, and they hold onto that item while you repay the money with interest. The interest is expensive, though, and if you don't pay on time the pawnshop will sell the item rather than return it to you.
- Auto title lenders: You can get a loan of around 25% to 50% of the value of your car, to be repaid in 15 to 30 days. But if you can’t pay it back – with interest as high as 25% of what you borrow – you could lose your car.
This answer was first published on 05/24/21 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
$5,000 loans are available, and while you don't need a good credit score to qualify, you should have one for an increased chance of getting offers. Whether you have good credit or bad credit you can check $5,000 personal loan offers at Acorn Finance, though having bad credit does reduce your chance of seeing offers.
What credit score do I need 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.
What is the easiest loan to get immediately? ›
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 to get a loan when no one will approve you? ›
If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.
How much is the monthly payment on a $5000 dollar 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.
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.
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.
What is a hardship loan? ›
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
Which type of loan does not require a credit check? ›
No-credit-check loan options of last resort
Three of the most common borrowing options are: Payday loans (also known as payday cash advances) Pawn loans. Car title loans.
Is there a loan app that doesn't check credit? ›
Possible: No-credit-check, high-interest loans
Possible Finance is an app that provides small loans to consumers with poor or no credit. The app reviews applicants' bank account transactions to qualify loan applicants.
Fortunately, emergency lending options are available if you're running low on money and need funds right away. These include personal loans, credit card cash advances and credit card purchases. One word of caution: Try to avoid high-interest payday and car title loans when you're scraping together some quick cash.
How big of a loan can I get with no credit? ›
Just keep in mind that if you are approved for the loan with a lower (or no) credit score, you may be subject to a higher interest rate. You can apply for loan amounts as low as $1,000 and as much as $50,000.
Can you get a personal loan with a 0 credit score? ›
If you need to borrow money but have little or no credit history, it can be hard to find a willing lender. But if you know where to look, there are a few personal loan lenders that offer no-credit-history loans with other qualifying criteria.
