Borrow £5,000 Loans
from 3.3% APR
If you need to borrow £5,000 for any purpose, we can help you compare rates and get funds in 24 hours. Get a free quote in less than 2 minutes.
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40 UK lenders
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What Types of £5,000 Loans Are There?
If you need to borrow £5,000, there are a number of loan options available which cater for those with good, bad and fair credit histories. Some types of loans, such as personal loans, allow you to borrow based on your income, affordability and credit status.
If you have an adverse credit history, you may need to add a guarantor to your application or apply for a secured loan which involves using your car or property as collateral.
Personal loans – This is a type of loan used for a person or individual (and not a business). Personal loans are typically unsecured, so you are not required to put down any form of valuable asset and your eligibility is based on your income and credit status.
Guarantor loans – This is used for people with poor credit or no histories and involves adding an extra person you know to be your guarantor. This could be a family member, spouse or close friend and they essentially agree to ‘guarantee’ your loan and cover any missed repayments on your behalf. The guarantor does not have to give any money upfront – they simply just need to co-sign the loan agreement and agree to cover any costs.
Secured Loans – For those with limited credit options, you can secure your loan against a valuable asset you own, such as a vehicle (car, bike, van) or your home. You are able to leverage the value of this asset to borrow the money you need and the rates are often very low as a result. It is noted that if you fail to pay your loan on time, your asset could be repossessed in an attempt for the lender to recover their funds.
What Are £5,000 Loans Used for?
Am I Eligible to Borrow £5,000?
To be eligible for a £5,000 loan, you must be:
- Over 18 years of age
- Employed and earning a monthly wage
- Full-time UK resident
- Valid UK bank account, mobile phone and email address
- Can afford to make monthly repayments
- No recent bankruptcies
- Borrow £5,000
- Rates from 3.3% APR
- Repay over 1-7 years
- Monthly repayments
- No early repayment fees
- No fees for applying
- Bad credit considered
Why Should I Borrow £5,000 Through Forces Compare?
Forces Compare has spent years providing loans and affordable finance for those in the military. During this time, we have been able to build relationships with some of the UK’s most established lenders and find the best rates too.
Now, our loans comparison is available to everyone in the UK – and we can give you access the best rates on the market.
We proudly work with over 40 lenders and will be able to help you find the best lender according to your credit status and circumstances.
Simply click on ‘check eligibility’ and you will be able to complete an online application form in less than 5 minutes.
You will be presented with a list of loan offers and rates – and you can proceed with no obligation.
Every loan decision is subject to status and affordability. Successful applications are usually completed and funded within 24 hours, although loans that require guarantors and extra security may require up to 2 weeks.