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
Requirements 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 much would a $5000 personal loan cost a month? ›
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Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|
$5,000 | 3 | $153.54 |
$5,000 | 5 | $104.98 |
$10,000 | 3 | $313.32 |
$10,000 | 5 | $207.54 |
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What credit score do I need for a $5000 personal loan? ›
Requirements 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.
Is it hard to get a $5000 personal loan? ›
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.
How much would a $6,000 loan cost per month? ›
Example Monthly Payments on a $6,000 Personal Loan
Payoff period | APR | Monthly payment |
---|
12 months | 15% | $542 |
24 months | 15% | $291 |
36 months | 15% | $208 |
48 months | 15% | $167 |
3 more rowsAug 31, 2021
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 row
How long does it take to pay off a $5000 personal loan? ›
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 |
3 more rowsAug 31, 2021
What is the best way to finance $5000? ›
The Best Lenders for a $5,000 Personal Loan
- LightStream: Our top pick.
- SoFi: Best customer service.
- PenFed: Best for small loans.
- Discover: Best for low rates.
- Upstart: Best for bad credit.
- U.S. Bank: Best for bank switchers.
- Upgrade: Best discounts.
- Wells Fargo: Best for in-person service.
Does getting a small personal loan 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 most common personal loan amount? ›
In general, personal loan amounts range from $1,000 up to $50,000, though some lenders may offer loans up to $200,000. The average personal loan amount was about $11,500 as of Q2 2023, according to data from TransUnion. Below, we look at how average personal loan balances vary by generation and state.
List of Banks Offering Best Personal Loan in India
- HDFC Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
- Axis Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
- Kotak Mahindra Bank. Max. Loan Amt. Up to ₹40L. Rate of Interest. ...
- IDFC First Bank. Max. Loan Amt. Up to ₹10L. Rate of Interest. ...
- ICICI Bank. Max. Loan Amt. Up to ₹50L.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.22%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
What's the average monthly payment on a $4000 loan? ›
Monthly payments for a $4,000 personal loan
Loan duration | Average monthly payments ($4,000 loan) | |
---|
| Poor credit | Good credit |
---|
1–12 months | $390.37 | $377.98 |
13–24 months | $302.59 | $214.56 |
25–36 months | $168.83 | $141.66 |
1 more rowMar 7, 2024
How much can I borrow for $400 per month? ›
£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
How much is a $4000 loan a month? ›
Monthly payments for a $4,000 personal loan
Loan duration | Average monthly payments ($4,000 loan) | |
---|
| Poor credit | Excellent credit |
---|
1–12 months | $390.37 | $360.59 |
13–24 months | $302.59 | $189.35 |
25–36 months | $168.83 | $129.05 |
1 more rowMar 7, 2024
What is a good interest rate for a 5000 personal loan? ›
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.
How much is monthly payment on $10,000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% | 10.00% |
---|
Five-Year Repayment | $202.76/month, $2,165.84 in interest over time | $212.47/month, $2,748.23 in interest over time |
Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time | $166.01/month, $3,944.99 in interest over time |
1 more rowJan 17, 2024