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Credit scores of 580 or under are considered poor. A low credit score can significantly limit your chances of getting approved for a $5,000 loan. Most lenders require a minimum score around 670, which is considered a fair score.
Advertising Disclosures Loan AmountLoan Term (Years)Estimated Fixed Monthly Payment* $5,000 3 $153.77 $5,000 5 $101.92 $10,000 3 $311.02 $10,000 5 $205.3613 more rows Mar 17, 2025
How long should I take to repay a 5,000 loan? Loan termAPRTotal cost of loan 5,000 loan over 2 years 10.9% 5,559.05 5,000 loan over 3 years 10.9% 5,841.16 5,000 loan over 5 years 10.9% 6,431.92
Current Personal Loan Interest Rates 2025 Name of LenderInterest Rates HDFC Bank 10.90%-24.00% p.a. Axis Bank 11.25% p.a. onwards ICICI Bank 10.85%-16.65% p.a. Kotak Mahindra Bank 10.99%-16.99% p.a.16 more rows Mar 18, 2025
In-person applications require meeting with a loan officer at a bank or credit union and the process can take longer. Before applying for a loan online or in person, be sure to compare interest rates from multiple lenders and make sure you are not using a predatory lender.
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4 common personal loan requirements Credit score and history. Your credit score is one of the most important factors lenders consider when determining your eligibility for a personal loan. Income. Debt-to-income ratio. Collateral.

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