5KFunds 2022 Review
5KFunds is a 100% free personal loan comparison service that connects you with the best matching lender in their marketplace of 100+ authorized and vetted lenders. Their loan aggregation service is unique in the fact that there is no minimum credit score requirement to apply.
5KFunds' quick and easy application process is done 100% completely online. There is no initial credit check requirement and you only have to fill out a few fields of basic financial information. From there, pre-approval for loans takes as little as 90 seconds.
To apply for a loan from the 5KFunds marketplace, you must meet the following criteria:
- You must be at least 18 years of age.
- You must be a US citizen.
- You must have a steady stream of income.
- You must also have a bank account, preferably one with direct deposit.
Once you pre-qualify, you are contacted by your lender to complete the process and negotiate your terms and conditions with them directly. Some lenders may perform a hard credit check at this time, which could lower your credit score.
Depending on your income and loan needs, you may qualify for either a short-term loan or installment loan. APRs start at 5.99% and go as high as 35.99%. Loan amounts from 5KFunds partners range between $1,000 and $35,000 with loan terms from 61 days up to 72 months.
5K Funds provides friendly US-based customer service that can be reached by phone or email.
Address: 5Kfunds Corp. 11041 S Eastern Ave Henderson, NV 89052
- Simple and 100% free application process: 5KFunds has a quick and secure application process which allows you to see the loans you pre-qualify for in minutes.
- No credit check required: The initial 5KFunds application process does not require a credit check (will not affect your credit score).
- Get your cash quickly: You can receive your funds via direct deposit quickly -- as soon as the next business day.
- Complete loan transparency: 5KFunds provides upfront and transparent information (loan terms and interest rates) about each potential loan to the customer.
- Reputable and vetted lending partners: Each lender in the 5KFunds marketplace is a reputable lender that meets responsible lending practices.
- Quality customer support: Customer reviews positively mention 5KFunds' customer service and stated that their representatives were knowledgeable and answered questions thoroughly.
- Free financial education resources: 5KFunds provides an informative and educational loans FAQ section on their website.
- No collateral needed: 5KFunds only offers unsecured personal loans, which means you don't have to put up any collateral like your car or house.
- Information on the specific available lenders on the 5KFunds marketplace is difficult to find on their website.
- Currently, there is no live chat function for clients who have concerns that need to be addressed quickly.
How does 5KFunds work?
5KFunds is a website that lets you apply for personal loans quickly and easily online. You can borrow up to $35,000 through the site.
The site does not offer loans directly. Instead, it works with partner lenders and refers applicants to lenders who are likely to approve them. That means that working with 5KFunds gives you a good chance of qualifying for a loan because you’re really applying for a loan with many different lenders.
5KFunds focuses on just one type of loan product: personal loans. These are unsecured loans that you can use for almost any purpose, from covering an unexpected expense to consolidating existing debt.
Because 5KFunds connects you with lenders that offer very small loans, some of the personal loans it refers to may act more like short-term payday loans.
The 5KFunds application process is quite in-depth. It asks for a large amount of information and can take time to fill out. However, once you apply you’ll get connected with multiple different lenders so there’s a good chance that you’ll save time by working with 5KFunds.
During the application, you’ll have to provide the following information:
- How much you want to borrow
- Personal identifying info
- Employment information
- Social Security number
- Bank information
One thing to keep in mind is that applying for a loan through 5KFunds involves a hard pull on your credit. That means that applying will drop your credit score by a few points.
Terms & Requirements
Because 5KFunds work with a network of more than 100 lenders, it’s hard to give exact minimums, requirements, and terms for the loans you can receive. Each lender will set its own rules and offer loans with different terms.
One good thing for borrowers is that there is no minimum credit score required to apply. The site tries to match applicants to the lenders most likely to approve them.
Though terms can vary from lender to lender, the loans offer generally have these terms:
- 5KFunds partners with a network of 100+ authorized lenders that provide online personal loans from $1,000 to $35,000.
- You can receive your funds as soon as the next business day.
- Loan amounts range from $1,000 to $35,000
- Repayment terms range from 2 to 72 months
5K Funds Pricing
- APRs range from 5.99% to 35.99%.
- Loan repayment terms range from 2 to 72 months.
- 5KFunds services are completely free of charge, although partner lenders will charge fees and/or interest that is clearly disclosed in the loan terms for your approval.
- There are no hidden fees or prepayment penalties.
- Be sure to contact your lender directly if you have any worries about paying on time.
For Whom 5KFunds is Good?
The loans that are available 5KFunds tend to be somewhat expensive. However, the site doesn’t require any specific minimum credit score.
That means that the people who will get the greatest benefit from 5KFunds are those who have less than ideal credit and who may have struggled to qualify for loans from other lenders.
If you’re not sure whether 5KFunds is the right way for you to get a loan, consider these alternatives:
- LoansUnder36. As its name implies, LoansUnder36 connects borrowers with personal loans with APRs under 36%. If you need to borrow money, this could be a good site to use.
- Fiona. Fiona, like 5KFunds connects borrowers with potential lenders. However, it focuses on borrowers with good credit. If you’re eligible, a loan through Fiona is likely to be cheaper than 5KFunds.
5KFunds provides a 100% free online marketplace with a variety of vetted and trusted lenders serving every type of credit profile.
Their lenders can provide funds up to $35,000 and you can receive your money via direct deposit as soon as the next business day.
Frequently Asked Questions
What makes 5KFunds unique as a loan comparison service?
5KFunds is partnered with over 100 unique lenders, who can offer up to $35,000 in personal loans. Their lending process allows for borrowers with all credit types the opportunity to receive cash quickly, by having it directly deposited into their bank accounts as soon as the next business day.
Is the personal information I submit for an application through 5KFunds safe and secure?
5KFunds takes your privacy and security seriously; any personal information you enter is encrypted and protected to the highest possible standard (256-bit bank-level SSL is used).
How much will a loan from 5KFunds cost me?
5KFunds' marketplace services are 100% free, although your selected lender may charge you other fees in addition to your interest rates. However, your lender will let you know these costs before you sign up.
Can I use my 5KFunds personal loan for any purpose?
Yes, you can use a personal loan from 5K Funds for any reason.
What happens if I miss a payment?
If you have difficulty making your loan payments, make sure to contact your lender directly and as soon as possible to see if it can be rescheduled. Most lenders will charge an additional fee for a late payment.
What is the maximum amount I can borrow from a lender through 5KFunds?
Some lenders on the platform offer loans as high as $35,000.
**Is 5KFunds legit? **
Yes, 5KFunds is a legitimate website. It connects you with legitimate lenders, though it’s important to make sure the terms and fees of any loan you agree to are reasonable.
Reviews for 5KFunds
Why leave a review about the service here?
Your reviews are a valuable source of insight for us to improve our service as well as improve the offerings. All pros and cons submitted here are evaluated and are responded. We also share these insights with our partners so that they could improve their offerings as well.
4.5 out of 5 stars(2 Reviews)
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Our Personal Loans Partners
5KFunds, AmOne, BadCreditLoans.com, Credible Personal Loans, EVEN Financial, Fiona, LendingTree Personal Loans, LightStream, LoansUnder36, Monevo, PersonalLoans.com, Prosper, Upgrade
|Credit Score Required||None|
|Minimum Loan Amount||$500|
|Max Loan Amount||$35,000|
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