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
What is the monthly payment 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 rowsRepresentative 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 rowRequirements 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 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.
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
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.
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 to get a 5k loan immediately? ›
Documents Required For ₹5000 Personal Loan
- Mandatory Documents. Zype only requires your PAN and Aadhaar card numbers along with a few other details such as mobile number to complete your KYC.
- ID Proof. You will need a selfie-based verification once your Zype loan is approved.
- Proof of Income (Optional)
Qualifications for a $5,000 Loan
"These insights help to determine qualifications for a personal loan." In most cases, personal loans are unsecured, so you won't need to provide any collateral, says money coach, educator and certified financial planner Ohan Kayikchyan.
What is the easiest loan to get approved for? ›
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.
You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.
Is it hard to get loan approval? ›
You can typically get approved via FHA with a credit score as low as 580. To get a conventional conforming loan, you generally need a credit score of 620 or higher.
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
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
The specific credit score you need to qualify for a $1,000 loan can vary quite a bit among lenders. Most lenders look for good to excellent credit scores (670 or higher), but there are some that are willing to work with people who have less-than-perfect credit.
Which bank has the lowest interest rate for a personal loan? ›
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592. Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans.
