Borrowing $5,000 to $10,000: What to Know Before You Apply

You might know Fundo for smaller loans. We’ve recently added larger personal loans too, from $5,000 to $10,000. How much you’re offered depends on your application, and approval isn’t guaranteed. Our smaller loans still start from $500. You can see our current rates on our pricing page. This guide covers what factors influence how much you can borrow, how to choose between $5,000, $10,000 or somewhere in between, and what to check before you apply.

What affects how much you can borrow?

There’s no single number that applies to everyone. When you apply, we look at a few things:

• Your income and expenses. This shows what you can comfortably afford to repay.
• Your financial situation today. We look at where you are now, not just where you’ve been.
• Your history with Fundo. If you’ve borrowed with us before, how that went counts for something the next time you apply.
• The amount you ask for and the term we offer. A bigger amount over a shorter term means bigger repayments, and that affects what’s suitable for you.

As a licensed credit provider, we assess whether a loan is suitable before we offer it. That means the amount you’re offered can be lower than the amount you ask for.

Fundo’s borrowing range

Fundo’s larger personal loans are $5,000 to $10,000. Smaller loans start from $500. If you need to borrow more than $10,000, we’re not the right fit, and it’s better to know that before you apply. 

Your rate and the amount you’re offered are based on your application. For current rates, see our pricing page.

Is $5,000 or $10,000 the right amount?

A bigger loan isn’t automatically a better deal, and the top of the range isn’t a target. A few questions help you land on the right number:

• What does it need to cover? Get a quote or invoice first and borrow that amount, not a round number. Planned costs in this range often include a major car repair, dental or medical work, moving costs or home repairs.
• What repayment fits your budget? A repayment you can meet comfortably matters more than how much you borrow.
• How long do you want to take? A longer term usually means smaller repayments but more paid overall. A shorter term does the reverse.
• Could savings cover part of it? Borrowing less means paying less back. If your costs add up to less than $5,000, a smaller loan may suit you better.

How the amount and term change your repayments

Two things move your repayments the most: how much you borrow and how long you take to pay it back. Borrowing $10,000 over a longer term has smaller repayments than borrowing the same amount over a shorter one, but you’ll pay more in total because interest and fees add up over a longer term. Borrowing $5,000 over the same term has smaller repayments and a lower total cost than $10,000, because there’s less to repay and less interest and fees charged on it.

Before you apply, work out what you can afford for each repayment, then choose the amount that fits inside it.

What to check when you compare loans

The advertised rate is only part of the picture. When you’re comparing offers:

• Look at the total cost. Check fees and charges as well as interest, including any establishment fee and ongoing account fees.
• Use the comparison rate where there is one. It folds most fees and charges into one figure, so you can compare two loans side by side.
• Match the term to your plan. Work out what you can afford, then choose a term that fits.
• Know whether the rate is fixed or variable. A fixed rate keeps your repayment the same for the whole term.
• Ask about early repayment. Some lenders charge a fee if you pay a loan off early.

For a closer look at how rates are set, read How Personal Loan Interest Rates Actually Work in Australia. To see why two customers can be offered different rates, read How Is My Interest Rate Calculated?

Frequently Asked Questions

How much can I borrow with a personal loan?

With Fundo, anywhere from $500 up to $10,000, depending on your application. Our larger personal loans are $5,000 to $10,000. Some other lenders offer larger personal loans, so if you need more than $10,000, Fundo isn’t the right fit. The amount you’re offered depends on what you can afford to repay, and approval isn’t guaranteed.

Can I get a $5,000 loan?

$5,000 sits within Fundo’s range, subject to approval. Your rate and the amount offered depend on your application.

Can I borrow $10,000?

$10,000 is the top of Fundo’s range. Whether you’re approved for it depends on your application and, if you’ve borrowed with us before, how that went.

Can I borrow less than $5,000?

Yes. Fundo’s loans start from $500, so you can borrow a smaller amount if that’s all you need. Borrowing only what you need keeps your repayments lower.

How long do I have to repay?

The term depends on the loan and your application, and it’s set out in your loan agreement.For Personal Loans, our loan terms range from 9 to 24 months. You can also see our current terms on our pricing page.

Will I get the same interest rate as someone else?

Not necessarily. Rates are personalised to each application. You can read more in How Is My Interest Rate Calculated? and see current rates on our pricing page.

Is it better to borrow less?

Often, yes. Borrowing only what you need means paying back less, and a shorter term usually costs less overall than a longer one. The right amount is the one that covers what you need and fits comfortably in your budget.

The Bottom Line

With Fundo you could borrow from $5,000 to $10,000 with our larger personal loans, or less if you need it, starting from $500. The amount you’re offered depends on your own application, so it’s worth working out what you need and what you can comfortably repay before you apply.

Ready to see your own rate?

Important Information 

Credit provided by Fundo Loans Pty Ltd ACN 604 639 143 Australian Credit Licence 491418 to approved applicants only. Terms, conditions, fees, charges and eligibility criteria apply. See fundo.com.au

The information provided on this website is general in nature and for information only. It is not intended to be relied upon as advice. Before making a decision about any of our products, you should seek your own independent advice and refer to the terms and conditions to ensure that the product is appropriate for your particular objectives, financial situation and needs. See the relevant Target Market Determination before applying.