If you are looking to borrow £5,000, All Purpose Loans can help you find all the best lenders in one place and get the most competitive quote possible. We operate as a whole of market broker and use our eligibility checker to match your requirements to the lenders most likely to accept you and offer you the best terms.
Customers can apply to borrow £5,000 with options to repay over 1 to 7 years in equal monthly instalments. Our online application will ask a few basic details about you and how much you would like to borrow, and if approved, customers can usually receive funds on the same day or within 24 to 48 hours.
When looking for £5,000 loans, there are a lot of lenders out there and it can be difficult to find the best rates or one that is going to accept you.
The last thing you need is the burden of visiting multiple websites in search of a loan and having numerous credit checks that could affect your credit history.
Our simple soft search checker will not impact your credit score and gives us enough information to provide you with a list of potential quotes.
At All Purpose Loans, we are passionate about helping you find the best loans possible and aim to save you time and effort by comparing 50 lenders in one place. Plus, you receive a list of instant results based on your loan requirements and can proceed with the terms you like the most.
The cash injection of a £5,000 loan can be very useful to help pay off any pressing bills or emergencies whether it is a home repairs, car repairs or paying off some debts.
The amount of £5,000 can also be used for important lifestyle purchases including buying a new car, paying for a wedding or starting a business (see business loans).
One of the main advantages of loans from All Purpose Loans is that you have the flexibility to choose your ideal repayment terms – so you can have extra breathing space if you want to pay off your loan after 3, 5 or 7 years.
Also, if you find that you are in a position to repay your loan early, you can speak to your lender directly to clear your repayments in full. You will usually save money on the overall loan for doing so because you are accruing less interest.
To borrow £5,000 is also usually classified as a personal loan because it is for an individual and used for personal expenses or purchases, unlike a property loan.
Loans for £5,000 are typically unsecured loans, so you are not required to put down anything as collateral or risk losing a valuable asset such as your car or home. Instead, the success of your application will be based on your credit status, income and affordability, with the best candidates able to access rates as low as 3.3% APR.
If you are searching for a £5,000 loan with bad credit, you may be eligible for an unsecured loan if you meet the eligibility requirements. Otherwise, you may have to add some extra security to your application by adding a guarantor or using some form of collateral to be eligible.
If you have a bad credit score, you may pay slightly more interest for your loan to reflect the added risk. However, if you have valuable security, the cost of your loan could be reduced.
All Purpose Loans is designed to accept applications of all credit histories. We can provide a list of safe and effective loan options for you, even if you have a poor credit history.
Our entire application is completed online and there are no costs for applying. You can choose which loan offer you would like to proceed with and if successful, you can usually receive up to £5,000 on the same day or within a few days of applying.