Check your Approval Odds for a $5,500 loan
Image: 5500Where to get a $5,500 loan
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If you’re planning to take out a $5,500 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $5,500 personal loan
| Loan duration | Average monthly payments ($5,500 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $532.05 | $530.90 | $499.88 | $467.59 |
| 13–24 months | $323.27 | $291.71 | $267.43 | $250.60 |
| 25–36 months | $240.35 | $197.17 | $192.48 | $169.58 |
| 37–48 months | $189.39 | $176.41 | $163.47 | $141.41 |
The best $5,500 personal loans
Wells Fargo
You won’t be charged an origination fee or prepayment penalty. And setting up autopay will qualify you for an interest rate discount. But you must already be a Wells Fargo customer to apply for a loan. And while Wells Fargo offers a rate-estimate calculator, it doesn’t provide the option to prequalify, so your only application option comes with a hard credit check.
Prosper
Prosper’s rates can be high compared to competitors, but it allows co-borrowers on applications and doesn’t list a minimum income requirement. You’ll have to pay an origination fee on the loan and face other fees for late payments, insufficient funds and check processing.
Omni Military Loans
Omni can be a solid choice if you’re active-duty military or a retired career service member with at least 20 years of service. To qualify for Omni’s best rates, you’ll need to have excellent credit, but the lender says it works with applicants with bad credit as well. If you’re not part of the military community or want to check your potential terms via prequalification, it’s a good idea to look elsewhere.
Fifth Third Bank
Fifth Third offers personal loans with a wide range of loan amounts and loan term options — and they don’t come with any closing costs or prepayment penalties. But only current Fifth Third customers are eligible to apply online.
Discover
Discover’s loans come with no origination fees, and there are a wide variety of loan terms to choose from. If you want to consolidate debt with a personal loan, Discover will pay your creditors directly. But take note: You won’t be able to apply with a co-signer.
How to get a $5,500 loan
Before you take out a loan, you’ll want to consider what you want to finance with the money.
For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.
It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.
There are some basic pieces of information you’ll want to have available before you apply, including …
- Paystubs
- W-2s
- Driver’s license/Social Security number/identification
- Monthly expenses, such as housing or other debts
- How much you want to borrow
- Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)
Depending on your lender and bank, you may be able to receive your money within a few days of approval.
FAQs about $5,500 loans
With emergency loans you can potentially get funds transferred to your bank account on the same day you’re approved, but the exact timing depends on the lender and your bank. If you need fast funding, it’s best to contact lenders directly to get a clear idea of how (and how quickly) they might send your funds. Keep in mind that speed can come at the cost of high interest rates and fees.
$5,500 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.