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What Types of £5,000 Loans Are There?
If you need to borrow £5,000, Forces Compare can assist with a number of available loan options which cater for those with 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. You can also borrow £5,000 with a variety of different repayment periods, with 12 month loans – 15 year loans available.
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. This is used for people with poor credit or no histories and involves adding an extra person you know to be your guarantor. You can find a £5000 loan poor credit considered, through Forces Compare.
Below is a list with some of the main loans types you can borrow £5,000 through:
|Loan Type||Description||Borrowing Amount||Borrowing Period||Other Key Features|
|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.||£2,500 – £50,000||1 – 7 years||Forces Compare helps you to find car loans with flexible terms that are cheaper than dealerships.
|Secured loans||A type of loan that is secured against one of the borrower’s valuable assets, such as property or jewellery.||£10,000 – £250,000||1 – 15 years||We can help you find secured loans that consider those with bad credit. These loans will require monthly repayments.|
|Guarantor loans||Add a family member, spouse or close friend to ‘guarantee’ your loan and cover any missed repayments. The guarantor does not have to give any money upfront – they just need to co-sign the loan agreement.||£500 – £15,000||12 – 84 months||Rates around 49.7% Rep APR. Funds can be available within 48 hours with no upfront fees.|
What Are £5,000 Loans Used for?
- Household bills.
- School fees.
- Medical bills.
- Car repairs.
- Debt consolidation.
- Home improvements.
- Moving house.
- New baby.
- New cars.
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.
Simply click on ‘Apply Now’ and you will be able to complete an online application form in less than 5 minutes.
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.
- 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.
What Information Do I Need to Borrow £5,000?
An online application takes less than 5 minutes to complete and you will be required to enter some basic details including your name, age, address, employment, monthly income, expenses and bank details so the lender knows where to send the funds to.
Your application will undergo a number of automated checks to assess your creditworthiness and affordability. Depending on the product, you may be offered an unsecured, guarantor or secured loan, in which case you may be required to show additional proof of income (via a payslip or bank statement), provide details of your guarantor (close friend or family member) or details of your security (proof of ownership of your car, bike, van or product).
Our loans are designed to be processed as quickly as possible. Unsecured loans up to £5,000 can often be completed on the same day or within 48 hours, with guarantor loans usually taking 24 to 72 hours and secured loans requiring up to 1 week, depending on how soon you can provide all the relevant information.
How is Forces Compare Different?
Because of our tie with the armed forces, we have access to the rates for the whole market and can help you get the best rates if you want to borrow £5,000, across a range of different loan products and UK lenders.
How to Apply for a £5,000 Loan With Forces Compare
Simply click on ‘Apply Now’ to be brought to our online application form. Here you will be asked you to fill in a few quick details and provide you with a loan offer on the screen.
Our entire process is online, with no paperwork, phone calls or trips to a bank or store front required.
Every loan application is completely obligation-free and there are no upfront fees for applying or any impact to your credit score.
If successful, we can help you borrow £5,000 within 24 hours or 1 week, depending on the product you have selected. Click on the link below to start your application.
Representative Example: If you borrow £550 over 6 months at a flat rate of 207.6% per annum (fixed) with a representative 1013.3% APR you will make 6 monthly payments of £186.82, repaying £1120.90 in total. Loan term lengths from 1 to 60 months.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk