Loans for 5000 Pounds
Got a big project planned? On the hunt for a new car? Or even looking to consolidate your debts? Whatever it is, you have probably been thinking about borrowing £5000 for a considerable amount of time now - it’s not a light decision.
As exciting as it may seem, there are still some precautions you need to take and some factors to consider.
A loan is one way to fund things like developing your career prospects or improving your home but not for funding a spending spree or a night out . Before you apply for a loan, ask yourself do you really need to borrow and are there cheaper alternatives?
If you’re looking for a loan to pay off existing debt, try to consider other ways you can rectify the situation, such as managing your spending. Use our budget planner to see where you can make cut backs.
Loans for 5000 Pounds - What can I expect?
For loans of £5000 or more, loan terms are usually an absolute minimum of 12 months with the maximum stretching to around seven years (some may stretch to up to 10 years) so work out the best term for you. Take your monthly cash flow into consideration and how much you can afford to spend on repayments alone.
Lenders’ requirements will vary from lender to lender but as a minimum you will have to be a UK resident and over the age of 18, sometimes over the age of 21 or 23, depending on where you’re applying. You will also be required to have a UK bank account, so the money for repayments can be taken.
£5000 Loan with Bad Credit
As you’ve probably experienced, finding a loan of any size with bad credit can be a serious mission...if you’re unprepared. If you’ve not got any assets or property to secure your loan against, it can be tough.
If you feel your affordability stacks up, some lenders will be happy to help you out. However, if the loan can wait, you might want to thinking about delaying your application until your financial situation has improved, especially if your credit score needs some work.
If you’ve got bad credit, your chances of borrowing £5000 are increased somewhat if you can find an appropriate guarantor, which is why we’ve included some guarantor loans in the table above.
£5000 can be considered a small fortune and how you spend it could be priceless. Don’t get carried away with the excitement and make sure you do your research and look for a loan with monthly payments you can afford over the shortest term possible. Stay savvy and Choose Wisely.