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Bad Credit Personal Loans For $5,000

Get Bad Credit Personal Loans for $5,000 in Minutes

$5,000 Bad Credit Personal Loan with Guaranteed Approval and Quick Funding

Even if your credit history is far from ideal, hitting the jackpot is not the only way to get $5,000. At 15M Finance, we provide bad credit personal loans for $5,000 with guaranteed approval and almost immediate funding.

Get a $5,000 Loan Online from 15M Finance

At 15M Finance, we offer practical solutions for your financial hardships of any size. The service is absolutely free, with no fees to pay upfront. Just fill out a loan request form on the website and get a response in a matter of minutes. The funds you need will be in your bank account in as little as one business day after you get approved.

We don’t set any restrictions on loan purposes and have no minimum credit score requirements. Our loan process is totally online and takes about 5 minutes to complete.

What Are Personal Loans for Bad Credit?

Bad credit personal loans are secured or unsecured long-term loans that people can get with any credit. While conventional personal loans have lower interest rates, bad credit options are usually more expensive. By setting higher rates, direct lenders want to offset possible risks associated with bad credit scores.

Personal loans for bad credit work similarly to traditional loans. After you get approved and accept an offer, a lender makes a lump-sum direct deposit. You can use it for any personal needs without limits. The repayment is made in fixed monthly payments within 2 to 60 months.

The exact term depends on the lender’s policy and your preference. At 15M Finance, you can take out a bad credit personal loan for up to 24 months.

personal loan of $5,000

What Does Your Credit Score Mean?

Credit score is a numeric rating on a scale from 300 to 850 that lenders use to estimate your creditworthiness. This value is displayed in a summary called a credit report. A lender can review it through major credit bureaus after you apply for a loan and give your permission to make a credit inquiry.

There are 5 common types of credit:

  1. Very poor credit (300 to 579).
  2. Fair credit (580 to 669).
  3. Good credit (670 to 739).
  4. Very good credit (740 to 799).
  5. Exceptional credit (800 to 850).

Low credit scores indicate potential problems with repayment that most traditional lenders want to avoid. On the contrary, good credit shows that a borrower is reliable and makes their credit and bill payments on schedule.

See also: How to get a 500 credit score loan?

What Credit Score Should I Have to Get a $5k Loan?

When it comes to traditional unsecured loans, there’s usually the 620 credit score minimum that you must meet. Secured options from conventional lenders typically have more relaxed requirements. If you provide a repayment guarantee, you can expect to get a $5,000 loan even with 500s credit scores.

15M Finance’s alternative lenders usually don’t set any lower bounds. This means that people with any type of credit rating can qualify for an online personal loan for $5,000.

Can I Really Get a $5,000 Personal Loan with Bad Credit?

Yes, it’s still possible to get a $5,000 personal loan with a bad credit score. However, not all lenders will approve you. Your chances will be higher if you turn to bad credit loan companies. They typically don’t perform a hard credit check and don’t consider a poor credit history a reason for denial.

What Will Be the Cost of My Bad Credit $5,000 Loan?

Bad credit loans for $5,000 usually have interest rate caps that are 36%. However, an annual percentage rate on some options can be as high as 100%. That is why you need to clearly understand your loan cost before you obtain debt.

Here are a few representative examples based on various terms and rates:

Pros And Cons of Bad Credit Personal Loans

Let’s take a look at some advantages and drawbacks of personal loans for bad credit.

Loan Amount Loan Term Interest Rate Monthly Payment Total Interest Total Cost
$5,000 12 months 12% $444.24 $330.93 $5,330.93
$5,000 24 months 12% $235.37 $648.82 $5,648.82
$5,000 12 months 20% $463.17 $558.07 $5,558.07
$5,000 24 months 20% $254.48 $1,107.5 $6,107.5

Note: the calculations above are for informational purposes only. The exact cost will depend on your approved loan rate and the number of months of your loan term.


Straightforward application process; Fast payouts; Can be used for any purpose; No collateral is required; Allowed with a bad credit history; Flexible repayment schedule.


Higher-than-average interest rates; Income verification is mandatory.

Types of Bad Credit Personal Installment Loans for $5,000

A personal installment loan for bad credit can be either backed by collateral or not. Let’s take a closer look at the difference.

  1. Unsecured Personal Loans

    Unsecured loans are debts that are not backed by any asset. Even if you face problems with repaying your loan, a lender can’t repossess your property to cover your debt. An unsecured loan is less risky for a borrower but usually comes with higher interest rates. Also, your credit history is more likely to be an important factor.

  2. Secured Personal Loans

    Secured loans are borrowing options that require collateral. You need to provide a lender with some of your valuable property that will serve as a repayment guarantee. If you default on your loan, a lender can confiscate it and use the value to cover its losses. A secured loan is typically cheaper and has more lenient credit score requirements.

See also: How a secured vs. unsecured loan works?

How to Get a Personal Loan of $5,000 with Bad Credit?

At 15M Finance, we offer a fast and convenient application process that puts our borrowers first.

How much it will take: 5 minutes.

What you’ll need: valid email, mobile phone number, ID, Social Security Number, bank account number, proof of income. You also need to be over the age of 18.

Once you have prepared all the required information and documents, it’s time to get started.

Step 1:

Fill out and submit a loan request form. We’ll review your details and link you with a direct lender that meets your needs.

Step 2:

Get feedback. The lender will check your application in minutes and send you a loan approval decision via email.

Step 3:

Read your agreement carefully. If the terms suit you, accept the offer by e-signing your loan contract.

Step 4:

Get your bad credit personal loan for $5,000. When you sign the agreement, a lender will deposit money into your bank account as soon as the next business day.

The whole process takes place online.

How Long Does It Take to Get a Bad Credit Personal Loan for $5,000?

Bad credit loans from 15M Finance are known for their fast payouts. You can borrow $5,000 within one business day or less, depending on the lender’s cut-off times. For comparison, options offered by a traditional financial institution usually require you to wait 3 to 10 business days to get the money.

How to Repay a $5,000 Loan?

The repayment is made in equal monthly installments by a certain date. Most lenders adjust the due date to a borrower’s paycheck schedule for their convenience. Some lenders offer automatic repayment, which means that they will withdraw money directly from your bank account on the agreed-upon date. You can also set an autopay for your checking account to streamline your finances and avoid late payments.

What Lenders Offer Loans for $5,000?

Personal loan options are commonly offered by banks, credit unions, and online lenders. Banks and credit unions are traditional lenders. They always pay attention to your credit score. Therefore, secured debt can be the only form of a bad credit loan they can offer to people with bad credit.

Online lenders like 15M Finance have more relaxed eligibility criteria and don’t set minimum credit score requirements. There’s no collateral required to get $5,000, even if your credit rating is far from ideal. However, their interest rates are usually higher.

How to Improve Your Chances of Getting a Personal Loan with Bad Credit?

Here are a few tips you can follow for your stress-free borrowing experience.

  1. Bring a Cosigner

    Your family member or friend with good credit can level out your questionable credit background. Ask someone with a strong rating to become your cosigner. This will help you get favorable loan terms even with bad credit.

  2. Show Your Income

    Your income affects the ability to take out a loan, along with the maximum sum you can get. The bigger the amount you need, the higher your earnings should be. Don’t forget to show the cash assistance that you receive from the government. These can be various benefits, pensions, and more. Alimony can be included too.

  3. Improve Your Credit

    Although you can find a lender that is not focused on your credit score, it still plays a role. The higher your credit score, the better loan terms you can get. Thus, try to pay your past-due accounts before applying for a new personal loan. Also, check your credit report details and fix the mistakes if it contains any.

  4. Deal with Innovative Lenders

    Innovative lenders, such as partners of 15M Finance, usually have more options to offer. They don’t make hard credit checks and provide various products that are designed specifically for people with bad credit.


How Can I Use a $5,000 Personal Loan?

You can use it however you like. At 15M Finance, we don’t ask you what your loan purpose is. Whether it’s debt consolidation, home improvements, major purchases, or daily essentials, we’re here to keep your budget up.

What Credit Score Should I Have to Get a $5k Personal Loan?

Traditional financial institutions usually require a borrower to have a credit score of at least 620. Some collateral-backed conventional options may be available to customers with credit scores of 550 or 580.

Is It Possible to Get a $5,000 Loan Online?

Sure, it is! 15M Finance offers a fully online loan process that you can complete from anywhere. Each step, from applying and attaching your documents to receiving and repaying the money, is digitalized.

Can I Get a Bad Credit Personal Loan from 15M Finance?

You’re always welcome! Our personal loan options are designed specifically for borrowers who don’t meet strict requirements set by traditional lenders. If you’re a legal US citizen over the age of 18 and have a steady source of income, consider it done.

How Fast Can I Get Approved for a $5,000 Loan from 15M Finance?

15M Finance doesn’t perform hard credit checks, so loan processing is typically very fast. It usually takes less than 1 hour to get a loan decision. Most borrowers receive their loan offers in as little as 10 to 15 minutes.

What Are My Options If I Get Rejected for a $5,000 Personal Loan?

If your personal loan application is denied, you can consider alternative ways of financing. Use a P2P platform to borrow money from other individuals bypassing a lender. Ask your family members or friends to lend you the amount you need. Also, you can pledge some of your valuable items in a pawn shop and get the money against their costs.

Kayla Harris

by Kayla Harris

Last updated on April 26, 2024