Credit Score Needed for a $5,000 Personal Loan (2024)

You need a credit score of 580 or higher to qualify for a $5,000 personal loan in most cases. Other common requirements for a $5,000 loan include being at least 18 years old, having enough income to afford the monthly payments, and owning a valid bank account. If you don't have a credit score of at least 580 but you meet the other requirements, you could consider applying for a $5,000 personal loan with a co-signer.

Credit Score Required by Lenders That Offer $5,000 Personal Loans


Loan Range

Credit Score Required


$1,000 - $40,000



$5,000 - $40,000



$1,000 - $50,000



$500 - $50,000



$2,000 - $50,000



$1,000 - $50,000


Universal Credit

$1,000 - $50,000


Some lenders will consider people with bad credit for a $5,000 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.

The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.

This answer was first published on 10/15/21 and it was last updated on 03/12/24. 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.

Credit Score Needed for a $5,000 Personal Loan (2024)
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