Borrowing $5,000: payments and total cost
A $5,000 loan repaid over 12 months at 35.99% APR, the highest rate Northlight works with, costs $502.29 a month and $6,027.48 in total. A shorter term or a lower rate brings the cost down.
A $5,000 loan, priced
- Monthly payment
- $502.29
- Total repaid
- $6,027.48
- Cost of credit
- $1,027.48
12 monthly payments at 35.99% APR, the highest rate Northlight works with. Your lender sets the rate you are offered.
Open the full calculatorKey points
- At 35.99% APR over 12 months: $502.29 a month and $1,027.48 in cost of credit.
- Over 6 months the cost falls to $537.76, with a payment of $922.96.
- For this amount a credit union or bank loan is usually the cheapest option.
On this page
What a $5,000 loan costs
The table shows a $5,000 loan at 35.99% APR, the highest rate a loan may carry to meet the Northlight standard. Payments are equal every month.
| Term | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 6 months | $922.96 | $5,537.76 | $537.76 |
| 12 months | $502.29 | $6,027.48 | $1,027.48 |
| 24 months | $295.21 | $7,085.04 | $2,085.04 |
| 36 months | $228.99 | $8,243.64 | $3,243.64 |
A shorter term means a higher payment and a lower total: $537.76 in cost over 6 months against $3,243.64 over 36.
The same $5,000 at a lower rate
Your rate depends on the lender, your state and your credit. Over 12 months:
| APR | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|
| 9.99% | $439.56 | $5,274.72 | $274.72 |
| 19.99% | $463.15 | $5,557.80 | $557.80 |
| 28.00% | $482.53 | $5,790.36 | $790.36 |
| 35.99% | $502.29 | $6,027.48 | $1,027.48 |
Ways to borrow $5,000
- Credit union or bank personal loan: usually the lowest rate available if you are a member or a customer.
- Installment loan from a licensed lender: equal monthly payments; within our standard the APR is 35.99% or less.
- A secured loan or a co-signer: either can lower the rate on a larger amount.
Compare the total you would repay, not only the speed. Our guide to borrowing money fast ranks the options from cheapest to most expensive.
Before you borrow $5,000
- Ask for the APR and the total of payments in writing.
- Check that the lender is licensed in your state.
- Make sure the payment fits after rent and bills: at 35.99% that is $502.29 a month for 12 months.
- If it does not fit, look at payday loan alternatives before you borrow.
Common questions
How much does it cost to borrow $5,000?
At 35.99% APR, the highest rate we work with, $5,000 over 12 months costs $1,027.48: 12 payments of $502.29. A lower rate or a shorter term costs less.
What is the monthly payment on a $5,000 loan?
It depends on the term and the rate. At 35.99% APR it is $922.96 over 6 months and $228.99 over 36 months.
Can I borrow $5,000 with bad credit?
Possibly. Lenders look at your income, your existing debts and your bank account as well as your score. A lower score usually means a higher rate, and no lender can tell you the outcome before reviewing an application.
How fast can I get $5,000?
Many lenders fund the next business day. Faster funding depends on the lender and on your bank’s cut-off times, so do not count on a specific hour.
Is Northlight a lender?
No. Northlight shows what a loan costs and what the law allows. We do not make loans or credit decisions.
See the payment before you apply
Pick an amount and a term. The calculator shows the monthly payment, the total and the cost of credit at the highest APR we allow.
Sources
Keep reading
- $600 loanWhat a $600 loan costs at up to 35.99% APR: monthly payments for 3 to 24 months, the total you repay and cheaper ways to borrow $600.
- $500 loanWhat a $500 loan costs at up to 35.99% APR: monthly payments for 3 to 24 months, the total you repay and cheaper ways to borrow $500.
- $100 loanWhat a $100 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $100.
- $400 loanWhat a $400 loan costs at up to 35.99% APR: monthly payments for 3 to 12 months, the total you repay and cheaper ways to borrow $400.
- $1,000 loanWhat a $1,000 loan costs at up to 35.99% APR: monthly payments for 3 to 24 months, the total you repay and cheaper ways to borrow $1,000.
- $3,000 loanWhat a $3,000 loan costs at up to 35.99% APR: monthly payments for 6 to 36 months, the total you repay and cheaper ways to borrow $3,000.