(Edited)
UpsidesIf you're in search of a reliable and efficient lending partner, 5K Funds is the bridge to financial ease. Thumbs up from me.
DownsidesNone.
5KFunds Review October 2024
5KFunds is a well-established lending marketplace, offering free loan comparisons from over 100 approved lenders, all in one location.
With 5KFunds you can get a loan in as little as one business day and choose repayment periods of up to 72 months. With APRs starting at 5.99%, a 5KFunds loan can be a great option if you’re looking for fast funding.
Founded in December 2015, they operate under Sincerely, LLC. Their business address is located in Boca Raton, Florida.
Note: 5KFunds loans are available in most U.S. states except New York, Connecticut, Vermont, West Virginia, Alaska, and Georgia.
How We Rate 5KFunds
At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate 5KFunds:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend 5KFunds?
Yes, we recommend 5KFunds as a reliable lender marketplace. Skip to our full review below and see how we rate 5KFunds.Here’s what we’ll cover in this review:
Want to skip the details? Jump to our final verdict here.
5KFunds Overview
5KFunds offers loans from $500 to $35,000 and APRs from 5.99%. They have flexible payment options and there are no minimum credit score requirements.
Borrowers have up to 72 months to pay and the approval process is very fast.
Here’s a quick summary of 5KFunds:
| Overview | Features |
|---|---|
| Loan type: | Personal loans |
| Loan amount: | $500 – $35,000 |
| Loan term: | Up to 72 months |
| APR: | From 5.99% |
| Min. credit score: | None |
| Monthly fees: | None |
| Payout time: | One business day |
| Weekend payout: | No |
| Requirements: | At least 18 years old U.S. citizen Active bank account Regular income Valid phone number and email |
5KFunds is committed to providing loan options regardless of credit score – one of the many advantages of using 5KFunds.
5KFunds also offers lines of credit to customers who are typically underserved at traditional financial institutions.
Want to find out more about the full range of offerings? Read our 5KFunds review below or view 5KFunds reviews from customers.
5KFunds Pros and Cons
Here are some of the pros and cons of 5KFunds as a lender:
Pros
- A top lending marketplace in the U.S.
- All credit types are acceptable.
- No collateral required as 5KFunds only offers unsecured personal loans.
- A streamlined and straightforward application process.
- Simple and 100% free application process with a quick turnaround.
- Qualify within minutes and receive your funds the next business day.
- No credit check is required and the initial 5KFunds application won’t affect your credit score.
5KFunds is seen as one of the top lending marketplaces for U.S. borrowers as it has an extensive range of approved lenders onboard.
With the 5KFunds platform, borrowers can get fast payouts as soon as the next day on approved loans. This means you can complete the entire process online without having to visit a lender’s office in person.
One of the best features of 5KFunds is their 100% free application process which also offers a fast turnaround time, making it ideal to apply for a loan online.
Borrowers with bad credit can also apply as there are no minimum credit score requirements, making 5KFunds a good option for people with lower credit scores.
As 5KFunds specializes in unsecured loans, you don’t need collateral to apply.
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Not available in NY, CT, VT, WV, AK, and GA.
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No online chat feature.
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No toll-free helpline for assistance.
Cons
The only real drawback of 5KFunds is that they don’t operate in all U.S. states. This means that if you live in the states listed above, you won’t be able to apply.
However, if you’re looking for custom loan offers in these states, we list a range of verified lenders that offer personal loans online.
There is unfortunately no live chat option, so customers need to send an email to customer support with their inquiry. They do offer a fast turnaround time, though.
Compared to other U.S. lenders, there is no toll-free helpline available, which might be a dealbreaker for some potential borrowers.
Who Is 5KFunds For?
5KFunds are for borrowers looking for a fast online loan without requiring a high credit score. By comparing multiple lenders, 5KFunds can give you personalized loan offers from leading U.S. lenders and there are no application fees.
If you’re looking for the best loan rates and you have an excellent credit score, you may want to consider other lenders that can offer you competitive rates.
Eligibility Requirements
Here are the loan requirements when applying for a 5KFunds loan:
- Be at least 18 years old.
- Be a U.S. citizen.
- Have an active bank account that accepts direct deposits.
- Have a regular stream of income.
- Have a valid contact number and an active email address.
- No minimum credit score is required.
Who It’s For
5KFunds is for you if:
- You have a less-than-perfect credit history
- Need funds fast
- Want to get multiple loan offers
- Don’t have collateral
- Want to complete an online application
Who It’s Not For
5KFunds may not be a good option for you if:
- You want the lowest APR rates
- Need a loan of more than $35,000
- Want to take out a secure loan
- Live in these states: NY, CT, VT, WV, AK, or GA
How To Apply for a 5KFunds Loan
Applying for a 5KFunds loan is fast and easy. Here are the steps:
Step 1
Step 2
Submit Your Details
Submit your details, such as the loan amount required, the repayment term, your employment details, and your banking details.
Step 3
Verify Your Identity
Once you click on Continue, you’ll need to verify your identity by entering the last four digits of your Social Security Number (SSN).
Step 4
Receive Offers
A list of loan offers that best suit your needs will appear, making it easy to compare multiple offers in one place, within minutes.
Once a loan is approved, customers must communicate directly with their individual lenders to get personalized information.
Loan amounts range from $500 to $35,000 depending on the lender.
Each loan contract contains different requirements. It is essential that you thoroughly read your agreement before committing.
Chosen 80,153 times- Check Rates without Credit Impact
- No Minimum Credit Score
- Large Network of Lenders
Min Loan Amount500
Max Loan Amount35000
Lowest APR5.99
Highest APR35.99
Min Loan Term6 Months
Max Loan Term5 Years
Accepts bad credit:Yes.
Minimum Age18
What To Consider Before Applying
- Before you apply for a personal loan, confirm that you reside in one of the states where 5KFunds operates in.
- To make sure you understand the costs involved in a 5KFunds loan, always research the offers from lenders and look for origination fees, prepayment penalties, late fees, and more.
- We suggest you always double-check any policies and terms before agreeing to a loan from a lender as 5kFunds just operates the marketplace and does not guarantee terms.
- Although there is no minimum credit score required based on our 5kFunds review, keep in mind that the lender might do a hard credit check to determine your eligibility when you complete your loan application.
5KFunds Fees
- APRs differ between lenders ranging from 5.99% – 35.99%. There are NO fees associated with using the 5KFunds site itself, though many lenders may have their own fees. Fees are dependent on the lender, not 5KFunds.
- There are no prepayment penalties or hidden fees. Contact your lender directly If you are unsure whether you’ll be able to afford the repayments.
5KFunds Payment Terms
The repayment terms range from a 61-day minimum to a 72-month maximum. 5KFunds does not determine the rates and terms, as these are decided by the lending partners.
Some lenders allow payments to be debited automatically from your account to help you avoid late or missed payments. Payment schedules and late payments are worked out directly with the lender.
Be sure to read the terms of your loan offer before you agree and accept.
Chosen 80,153 times- Check Rates without Credit Impact
- No Minimum Credit Score
- Large Network of Lenders
Min Loan Amount500
Max Loan Amount35000
Lowest APR5.99
Highest APR35.99
Min Loan Term6 Months
Max Loan Term5 Years
Accepts bad credit:Yes.
Minimum Age18
How Financer.com Rates 5KFunds
Is 5Kfunds legit? Yes, at Financer.com we recommend 5KFunds.
At Financer.com, all lenders go through a thorough research and review process. We don’t make recommendations lightly.
All loan applications are done through their easy-to-navigate website with a simple process that takes less than five minutes to complete. There are NO fees and many lending partners in one location.
5kFunds.com is your guide to over 100 validated lenders, enter your details and let 5KFunds prepare options that best suit your personal needs.
Application Process
The application process with 5KFunds is very quick and easy. It takes only a few minutes to complete the steps and get your loan offers.
Costs
5KFunds don’t charge any fees. But some lenders may charge fees and interest.
Similar to many other short-term lenders in the U.S., the lenders’ APRs start at 5.99% and are capped at 35.99%. This is much lower than payday loans.
We feel that these rates are quite attractive given that many U.S. lenders start with 10.99% APR.
There are no application fees either, making 5KFunds a good option for borrowers.
Payments
You have up to 72 months to repay a loan from 5KFunds. This is very similar to most other short-term U.S. lenders and gives you the freedom to have lower monthly payments over a longer period.
Customer Service
5KFunds provides customer service via email and phone from Mondays to Fridays, 9 am to 6 pm.
We tested out 5KFunds’ customer service by requesting information via email. Although we did receive confirmation of our inquiry, we only received a formal reply a few days later, making their email support mediocre.
Privacy and Security
5KFunds takes privacy seriously by encrypting and protecting all information according to the legal requirements and 256-bit encryption.
Similar to other loan marketplaces and online lenders, 5KFunds collects and shares user information with partners in their network.
5KFunds FAQs
How much can I borrow with a 5K Funds loan?
You can borrow up to $35,000.
What is the cost to use 5KFund?
5KFunds does NOT charge any fee, however individual lenders may have their own origination and application fees.
Is my personal information secure?
5KFunds takes your privacy seriously, and the personal information you enter protected with 256-bit bank-level SSL encryption.
Who do I contact about late payments?
Contact the lender directly if you have any issues repaying your loan. Late Payment penalties differ from lender to lender. Some lenders may automatically add a fee if it is in their agreement.
Why is 5KFunds a unique loan comparison service?
5KFunds partners with over 100 unique lenders and offers unsecured of up to $35,000. Once approved, money is directly deposited into the borrower’s bank account as soon as the next business day.
How much does a 5KFunds loan cost?
The 5KFunds marketplace is 100% free to use. However, the APRs from lenders vary from 5.99% to 35.99%.
What can I use the loan for?
You can use your 5KFunds personal loan for anything you want.
When do I repay my loan?
Loan repayment terms differ by lender but repayment periods vary from 61 days to 72 months.
What can I use a personal loan for?
You can use your personal loan from 5KFunds for almost anything – home improvements, a holiday, medical expenses, shopping, or more.
Is 5KFunds legitimate?
Yes, 5KFunds is a legitimate lender marketplace that connects borrowers with lenders across the US.
How easy is it to get a 5K loan?
This depends on the lender; most lenders offering 5k loans allow for repayments of up to 5 years or more, with APRs between 5.99% and 35.99%. Many lenders also accept borrowers with bad credit.
Is lending for bad credit real?
There are many lenders that offer loans to borrowers with bad credit. Getting a bad credit loan is possible, however keep in mind that this may come with higher interest rates and fees.
5KFunds Alternatives
Here’s a list of alternatives to 5KFunds and how they compare:
| Lender | Reviews | Loan Amount | APR | Max. Loan Term | Bad Credit? |
|---|---|---|---|---|---|
| PersonalLoans.com | View | $500 – $35,000 | 5.99-35.99% | Up to 6 years | Yes |
| BadCreditLoans | View | $500 – $5,000 | 5.99-35.99% | Up to 2 years | Yes |
| CashUSA.com | View | $500 – $10,000 | 5.99-35.99% | Up to 6 years | Yes |
| Fast5KLoans | View | $500 – $35,000 | 5.99-35.99% | Up to 5 years | Yes |
Should you take a loan with 5KFunds?
5KFunds has been around for quite a while and has proven to be a leading U.S. lending platform where borrowers can get personalized loan offers.
One of the best reasons for applying for a loan with 5KFunds is that interest rates from participating lenders are listed transparently.
Their customer service is responsive and they have a good feedback rating from past customers.
Read more 5KFunds reviews from customers below or add your own.
More 5KFunds Personal Loan Reviews
What Users On the Web Are Saying
5KFunds gets 1.6 out of 5 stars on Trustpilot, with users showing mixed feelings:
Some users were unhappy about their personal information being shared, while others felt the service was fast and easy.
On Quora, 5KFunds generally gets positive reviews from users:
More User Reviews – Add Your Rating
Read more reviews on Financer.com from verified users below.
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