$5,000 Loans Australia
WHAT IS A $5,000 LOAN?
A $5,000 loan from Sure Cash Finance is a Personal Loan, which is legally called a Medium Amount Credit Contract (MACC). This is a regulated loan in the range of $2,001–$5,000, with repayment terms from 16 days to 24 months. An MACC is different from an SACC (Small Amount Credit Contract) loan, which ranges from $300 to $2,000 and has terms from 16 days to 12 months. These $5,000 loans (MACCs) have an establishment fee plus interest (rather than a monthly fee), and fees are capped by law.
As a licensed Australian credit provider (ACL 390591), Sure Cash Finance individually assesses each application for a $5,000 personal loan. Approval is never automatic or guaranteed.
WHO CAN APPLY FOR A $5,000 LOAN?
Any Australian aged 18 or over, with a regular income, may apply for a $5,000 loan. Income can come from wages (full-time, part-time or casual employment), self-employment, or eligible government payments such as Centrelink recipients (including JobSeeker, Disability Support Pension, Single Parent, Carer, and Parenting payments).
Past credit history is assessed as part of the application, and all credit histories are considered. The assessment considers your overall financial picture, including your income, living expenses and existing debts. Repayments on $5,000 are larger, so they must fit your budget. If your application to borrow $5,000 is assessed as unsuitable, you may be offered a smaller amount or the application may be declined. Approval is never automatic or guaranteed.
FAST
LOAN APPROVALS
We understand our customers need funds quickly, so we provide fast approvals for our customers to help them receive the funds as soon as possible.
FLEXIBLE
PAYMENT TERMS
We offer flexible payment terms to suit our customer’s needs. There are no early payout fees if you choose to payout your loan sooner.
Fast Cash Loans
$300 – $5000
RELIABLE
SERVICE
Our trained staff provide a high standard of customer service. We help our customers find a financial solution to suit their needs.
$5,000 LOAN TERMS, REPAYMENTS AND SECURITY
Repayment terms can range from 16 days to a maximum of 24 months (with the average term tending to be around 52 weeks). You can schedule your repayments to be weekly or fortnightly to align with your payday. There are no hidden fees and no early repayment penalties. Repaying early reduces the interest you pay. Whether security is needed on a Personal Loan is assessed case by case, depending on your circumstances and whether you have an asset such as a car.
Use our online loan calculator to enter the amount you’d like to borrow and how long you’d like to take to pay it off. The calculator will then show your repayment schedule and the total amount payable before you apply.
WHAT DOES A $5,000 LOAN COST?
The fees for a $5,000 personal loan under a Medium Amount Credit Contract (MACC) consist of a $400 establishment fee plus an interest rate of 48% per annum.
As an example, to borrow $5,000 over a 12-month term would cost:
$400 establishment fee
$1,318.15 total interest (at a 48% p.a. interest rate)
Total repayable = $6,718.15
Weekly payment of approx. $129.20
Comparison rate: ~61.4%PA
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
The repayment amounts and total cost given in this example are estimates based on a first repayment made seven days after settlement. If your first repayment date is later, interest will accrue for longer, and your repayments may be slightly higher. Your exact repayments will be set out in your loan contract.
HOW TO APPLY FOR A $5,000 LOAN
The application process for $5,000 loans consists of the following steps:
- Enter the amount ($5,000) into the online calculator, plus the amount of time to pay the loan off. The calculator will then show your repayment schedule (weekly and fortnightly) and the total amount payable.
- Apply online or phone our friendly team on 1300 SURECASH (1300 787 322). Applications can only be made online or by phone.
- Provide your income, expenses and personal details, along with proof of identity, and tell us the purpose of your loan.
- Once you submit your application, the Sure Cash team will assess it against responsible lending guidelines and contact you with the outcome. If approved, you review and sign the contract. Once your contract is signed, funds are transferred to your account. While our team will act promptly, please bear in mind that your financial institution’s processing times may vary.
ALTERNATIVES TO CONSIDER FIRST
Before applying for a Medium Amount Credit Contract (MACC) loan, there are other options to consider that may suit your situation better.
Here are some alternatives:
- If you have a strong credit history, a personal loan from a bank or credit union may offer a lower interest rate. You can compare by using the comparison rate.
- The No Interest Loan Scheme (NILS) offers zero-interest, no-fee loans up to $2,000 for eligible low-income Australians. NILS requires you to submit your quote with your application and, if approved, they pay it directly to the supplier/vendor. NILS loans are granted for essentials such as appliances or furniture, medical costs, car repairs, etc. They cannot be used for cash, bills, debts or rent.
- Ask the business you owe money to about a payment plan.
- Free, confidential financial counselling. You can access the National Debt Helpline on 1800 007 007 to discuss your debt problems and solutions. You can also visit the government’s MoneySmart website for budgeting guidance.
WHY SURE CASH FINANCE?
Why choose us for a $5,000 loan? Sure Cash Finance is a family-owned Australian lender, licensed under Australian Credit Licence (ACL) 390591 and a member of the Australian Financial Complaints Authority (AFCA, member 43334). We have been in business since 2001. Applications are made online and by phone only.
Our friendly, trained staff assess each customer’s situation individually and provide support for our clients. We approach every interaction with a high level of care and understanding. That’s why our Google rating is 4.8 stars, based on over 454 customer reviews.
$5,000 LOANS – BEFORE YOU BORROW
WARNING: Do you really need a loan today? It can be expensive to borrow small amounts of money and borrowing may not solve your money problems. Check your options at: moneysmart.gov.au
Borrowing is not always the right choice for everyone. For one thing, it costs money, and there might be other options that are better suited to your individual situation. A government service for anyone seeking financial guidance or to make better-informed decisions is the Moneysmart website.
You can also access the National Debt Helpline on 1800 007 007.
If you are struggling with repayments, Sure Cash Finance has a hardship policy. If you require hardship assistance, contact our team to discuss your situation.
FREQUENTLY ASKED QUESTIONS
Do I need security for a $5,000 loan?
This depends upon the results of your assessment. Some applicants are approved for a $5k loan without security, while others are asked for security based on their financial circumstances.
Can I get a $5,000 loan on Centrelink?
Centrelink income is considered during your assessment for a $5,000 loan, which looks at your full financial picture. This includes your income, living expenses and existing debts. In accordance with responsible lending guidelines, repayments must be affordable. Approval is never automatic or guaranteed.
Can I repay my $5,000 loan early?
Yes. There are no hidden fees and no early repayment penalties.
What happens if I cannot make a repayment?
If you can’t make a repayment, contact our financial hardship team immediately. Provide details about the situation and how long it is expected to last. You could also reach out to the National Debt Helpline or consult resources such as the government’s Moneysmart website.
