A wise guide to…

£5000 loans.

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. Use Choose Wisely to compare your options.

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Representative 99.9% APR. Representative Example: If you borrow £3,000 over 24 months at a Representative rate of 99.9% APR and an annual interest rate of 71.3% (fixed), you would repay 24 monthly payments of £238 per month. The total charge for credit will be £2,706 and the total amount payable would be £5,706.

Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

How to get a 5000 loan in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

If approved, the cash can be in your account in as little as 15 minutes.[†]

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Written by Andrew Freelander

Read time: ~5 mins

Published: 16th July 2018 Updated: 9th September 2020

When applying to borrow £5000, 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 or budgeting to save money in advance of needing to spend.

Can I get a loan for £5000 with no guarantor to support my application?

There are a number of direct lenders in the UK that provide loans for £5000, that do not require you to have a guarantor. However, the key factor on whether a no guarantor loan is a viable option is your credit history. If you have a poor credit history it is likely that the only way to borrow a larger amount of cash is if you either find a guarantor to support your application or secure the loan against something of value eg. your house. Both of which come with the obvious risks that you should be aware of before you apply.

Will UK direct lenders offer me £5000 with bad credit?

If you have missed or defaulted on repayments in the past or have a CCJ recorded on your credit file it’s likely that lenders will consider you to have bad credit. If this is the case, it’s not the end of the world there are £5000 bad credit loan options, however your cheapest option and greatest chance of acceptance is likely to be if you can find a guarantor to support your application.

How long will I have to repay a £5000 personal loan?

This will vary from customer to customer. When you finalise a loan with a direct lender you will have an agreement in place that outlines how much you are expected to repay. Typically a £5000 loan would be repaid over at least 24 months but are available over shorter periods. Take your monthly cash flow into consideration and how much you can afford to spend on repayments allowing yourself plenty of extra cash to cover your essential household expenditure.

FAQs

What can I use a £5000 personal loan for?

Although you may see loans advertised for home improvements or weddings, most loans can be used for anything you like (within reason). The reason lenders ask for your loan purpose is that it allows them to build a picture of why and what you plan to do with the money which helps in deciding whether or not lending to you is a responsible thing to do.

What are the minimum requirements for borrowing £5000?

Each lenders requirements will vary 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, where the cash can be deposited if you are approved.

Written by

Andrew Freelander

Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.

See full bio

Important Information.

All of the information in this guide is correct at the time of writing.

Rates shown are quotes based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to moneyadviceservice.org.uk.

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.

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