Online Loans Up to $5000

Types of Loans

When you need a sum of money of up to $5,000, you have 3 main options to choose from: personal, installment, and payday loans. Depending on how fast you need the loan, the conditions you need to qualify, the exact amount and the repayment terms,

Personal loans can be used for almost anything you need. Most people take them to pay off other debts. To qualify, a good credit history will work to your advantage. The interest rate on personal loans can range from 5% to 35% or more, depending on your credit score, your income, current debt, and other factors. Repaying a personal loan can range from 12 to 84 months.

Installment loans are taken for a very specific purpose: pay for tuition, cover for another debt, or build credit. Your credit history will play a role in the process of approval and term-setting. If your goal is to build a good credit score, an installment loan is the right choice for you. Paying off your fixed monthly installments on time will establish your credibility as a borrower. The repayment term will vary from 24 to 84 months.

Payday loans are cash advances that people take in case of emergency or when their credit score is less than perfect. Their biggest advantage is the small amounts you can take. The interest is a fixed payment of $15 to $30 for every $100 borrowed. It is normally easier to get a payday loan, sometimes in a matter of hours, but it comes at a higher APR (400% on average). Keep in mind that restrictions to payday loans availability or maximum amount apply in certain states.

Lenders

For personal or installment loans, both banks and credit unions will offer similar deals. Choosing the most convenient one is a matter of comparison. As for payday loans, instead of looking for direct lenders, consider a service that connects to direct lenders and returns the positive result if you’re accepted.

Service Recommended for APR range Term
Wells Fargo personal loans 5.74% - 24.49% 12 - 84 months
Discover personal loans 6.99% - 24.99% 36 - 84 months
Prosper personal loans 7.95% - 35.99% 36 - 60 months
Penfed installment loans 6.49% - 17.99.00% 12 - 60 months
Marcus by Goldman Sachs installment loans 6.99% - 19.99% 36 - 72 months
Avant installment loans 9.95% - 35.5% 24 - 60 months
Amscot Financial payday loans 271.14% - 365.00% 14 days

Things to Consider

When discussing loan details, ask about all the fees involved: origination fee, closing fee, as well as details on possible penalties. Carefully read the terms and conditions before signing the agreement and do some math to check if you will be able to repay the loan on time.

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