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 | 7.80% - 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
Lower personal loan rates may be on the horizon in 2024 after the Fed made progress curbing inflation at the end of 2023. That progress came after four more Federal Reserve rate hikes in 2023.
Will personal loan rates go down in 2024? ›
Lower personal loan rates may be on the horizon in 2024 after the Fed made progress curbing inflation at the end of 2023. That progress came after four more Federal Reserve rate hikes in 2023.
What is the current interest rate on a $5000 loan? ›
The interest rate on a $5,000 loan from a major lender is usually around 7.8% to 35.99%.
Are interest rates going down in 2024? ›
The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. Here's where mortgage interest rates are headed for the rest of the year and how that will impact the housing market as a whole.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
Also, mortgage rates are still much higher than we've been used to in recent years. In May 2024, the average 2 year fixed rate is 4.74%. While this is a significant drop from its July 2023 peak of 6.86%, it's still much higher than December 2021 when was 2.34%. Find out more in our guide to the Best mortgage rates.
Is now a good time for a personal loan? ›
You might get a better deal in 2024
While interest rates are up right now, things could start to change in 2024 if the Fed decides to cut rates. So next year might be a better time to put a personal loan in place. Let's say you're looking to borrow $10,000 and pay it back over a five-year period.
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.
What is a good interest rate on a loan right now? ›
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.37%. |
| Good | 690-719. | 14.87%. |
| Fair | 630-689. | 18.40%. |
| Bad | 300-629. | 21.93%. |
May 14, 2024
Current mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|
| 30-Year Fixed Rate | 7.04% | 7.09% |
| 20-Year Fixed Rate | 6.65% | 6.71% |
| 15-Year Fixed Rate | 6.47% | 6.55% |
| 10-Year Fixed Rate | 6.36% | 6.45% |
5 more rowsAs of May 24, 2024, the average 30-year fixed mortgage rate is 7.03%, 20-year fixed mortgage rate is 6.70%, 15-year fixed mortgage rate is 6.20%, and 10-year fixed mortgage rate is 5.97%. Average rates for other loan types include 6.91% for an FHA 30-year fixed mortgage and 7.17% for a jumbo 30-year fixed mortgage.
What will interest be in 2026? ›
The nation's top economists say the Fed is most likely to keep interest rates higher than 2.5 percent — often considered the “goldilocks,” not-too-tight, not-too-loose level for its benchmark federal funds rate — until the end of 2026, Bankrate's quarterly economists' poll found.
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 is the payment on a $10,000 loan for 5 years? ›
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
Monthly payments for a $6,000 personal loan
| Loan duration | Average monthly payments ($6,000 loan) | |
|---|
| Poor credit | Good credit |
|---|
| 13–24 months | $326.41 | $287.46 |
| 25–36 months | $240.17 | $210.61 |
| 37–48 months | $210.41 | $172.24 |
1 more rowMar 7, 2024
The lowest personal loan rates start around 7% and go to borrowers with strong credit histories, high incomes and low existing debt. Compare interest rates on. 35+ personal loans reviewed and rated by our team of experts.
Will interest rates go down again in 2025? ›
While waiting to buy a home could mean a lower interest rate, there's no guarantee that rate drop will happen. If you have the budget to buy a home now, another option is to purchase today, but refinance later once rates drop further. The MBA projects a 5.5% rate by the end of 2025.
Have personal loan rates come down? ›
Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly. During the week of May 6, 2024: Average personal loan rates* on 3-year loans were at 14.43%, down from 15.10% last week and up from 14.16% a year ago.
Is 10% interest rate high for a personal loan? ›
At this time, 10% is a good interest rate for a personal loan for a borrower with good credit. Anything below the national average personal loan interest rate, set by the Federal Reserve, is considered a good personal interest rate. Borrowers with poor credit scores will likely be offered a higher interest rate.
