The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.
Adv Disclosure
We aim to provide valuable content and useful comparison features to our visitors through our free online resource. It's important to note that we receive advertising compensation from companies featured on our site, which influences the positioning and order in which brands (and/or their products) are displayed, as well as the assigned score. Please be aware that the inclusion of company listings on this page doesn't imply endorsement. We don't feature all providers available in the market. Any information presented on this page, including pricing, is subject to change without notice. We want to emphasize that we disclaim all representations and warranties concerning the accuracy of the information provided on this site, unless otherwise explicitly stated in our Terms of Use.
Close
5KFunds In-Depth Review
In a nutshell: 5KFunds connects borrowers with a range of loan options with flexible terms and rates.
5KFunds In-Depth Review
In a nutshell: 5KFunds connects borrowers with a range of loan options with flexible terms and rates.
5KFunds In-Depth Review

Overview

If for whatever reason you find yourself in need of some fast cash, 5kfunds can help. They are a personal loan company that provides loans between $1,000 to $35,000 through a quick and easy online process.

Backed by an extensive network of over 100 lenders available, 5kfunds connects borrowers with a range of loan options with flexible terms and rates. Lenders compete to provide the optimum rates, and applicants can shop through different loan products to choose the ideal loan product. When lenders compete over your business, you come out on top.

Requirements

Personal loans are just that - personal, and as such, they can be used for a wide variety of reasons. Whether you need cash to pay for medical bills, wedding expenses, car payments, home repairs, and more, 5kfunds has got you covered. Furthermore, many borrowers use the funds to consolidate debt, by paying off one or more loans and benefitting from a lower APR on a 5kfunds loan.

In order to actually qualify for a 5kfunds personal loan, applicants must:

  • Have a bank account
  • Be US citizen
  • Be 18 years or older
  • Have a steady source of income

Loan Process

Without even getting up from wherever you are sitting, you can submit an application through the 5kfunds website and take steps toward securing a loan of up to $35,000. To get started, you'll need to provide some personal information such as your name and address as well as the loan amount you are seeking. Later, 5kfunds will also request financial information such as bank account number, current employment, and annual income.

After submitting your application, 5kfunds will go through their network of over 100 banks and financial institutions and match you with a list of suitable lenders. Next, you can browse through the various offers before selecting the loan that suits you best. Once you accept and are approved for the loan, 5kfunds will transfer the money directly to your bank account in a quick and efficient manner.

Loan Terms

5kfunds doesn’t provide loans themselves but offers an aggregate service that connects borrowers to a network of over 100 lenders. That means that applicants can go through a range of loan options before choosing the offer with the most optimal rate and repayment terms. Rates will depend on information such as credit score, income, and employment history. Their loan repayment periods have a 61-day minimum and 72-month maximum.

Meanwhile, the loan APR range will always fall between 5.99% to 35.99%.

As an example, if someone accepts a loan of $5,000 with a 36-month repayment period and an interest rate of 12%, they will make 36 monthly payments of $166.07, and the total loan cost would amount to $5,978.58. This does not include an origination fee which can vary from lender to lender.

Customer Support

Although customers can get in touch with 5kfunds directly by email or address, their service has relatively limited contact outlets available compared to other loan services. Still, their US-based customer support promises reliable help in English during business hours. That being said, they could improve their service by adding more online resources or forums to help customers in the loan application and repayment process.

Back To Top
Pros
  • Instant online application
  • Quick funding
  • Direct bank transfer
Cons
  • Lacks online resources
  • No live chat
5KFunds at a Glance
6.8 Editorial Score
Credit impact
7.0
Standard credit check process, minor impact on credit score
Funding speed
8.0
Connects borrowers with a network of lenders, generally providing a standard funding speed that takes a few days
Loan flexiblity
6.0
Standard flexibility in loan terms and conditions, as it acts as a marketplace for various lenders
Borrower rewards
7.0
Loan aggregator, does not directly provide borrower benefits and rewards
Loan amounts
6.0
Offers standard loan amounts that meet the needs of most borrowers
FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
Back To Top