Looking for a $5,000 personal loan? Here’s what you need to know.
How to apply for small personal loans of $5,000Check your credit score.
Before you apply for a personal loan, it’s a good idea to check your credit. You can get a free copy of your credit report from each of the three major credit bureaus — Equifax, Experian, and Transunion — from AnnualCreditReport.com. Be sure to check for any errors, such as closed accounts that are reported as open, and dispute them with the appropriate bureau to potentially improve your score.
For a $5,000 loan with a 15% interest rate and a three-year repayment term, your monthly payments would be $173 and you’d pay $1,240 in interest for a grand total of $6,239.A small personal loan will hurt your credit if you miss payments or don’t pay them on time. But making consistent, on-time payments can help improve your credit over time..Most personal loan lenders offer loans that start from $1,000 to $5,000.
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