5KFunds takes a transparent approach. You can track all the agreements with the marketplace and you will receive all the details directly from 5KFunds after the loan is finalized.
APR
5.99% - 35.99%
Loan Amount
$500 - $35,000
Term
2-72 months
Min score
Varies based on lender
5KFunds takes a transparent approach. You can track all the agreements with the marketplace and you will receive all the details directly from 5KFunds after the loan is finalized.
APR
5.99% - 35.99%
Loan Amount
$500 - $35,000
Term
2-72 months
Min score
Varies based on lender
5KFunds is an online marketplace with a large network of lenders. The platform is based in Florida and aims to make it quicker and easier to get rates from multiple lenders.
The company has been operating since 2015 and can help borrowers access personal loans even if they have a poor credit score.
There are no fees for using this service and you can access up to $35,000. 5KFunds takes a transparent approach. You can track all the agreements with the marketplace and you will receive all the details directly from 5KFunds after the loan is finalized.
- 100% Free Application Process
- Loan Transparency
- Quick Access to Funds
- No Collateral Necessary
- Financial Resources
- Poor BBB Rating
- Hard Credit Check
- Additional Fees
- No Info Until Pre-qualified
In this Review..
How Does 5K Funds Work?
To apply for a loan using the 5KFunds marketplace, you need to meet the following criteria:
- At least 18 years of age
- US citizen
- Have a bank account, preferable an account with direct deposit
- Have a steady income stream
If you meet this criteria, you can start the quick and easy way to compare loan deals. You’ll need to complete an online form with some basic personal information, your employer details, bank information and a social security number.
However, unlike many marketplace platforms, 5KFunds may perform a hard credit check to search for appropriate deals.
After you submit your application, 5KFunds will immediately match you with available lenders where you will pre qualify.
You can then view the terms and rates that lenders are offering based on the details you provide.
After you pre-qualify, lenders will contact you to complete the process. Depending on your income and loan requirements, you may qualify for an installment or short term loan. The loans range from $1,000 to $35,000 with a term of 61 days to 72 months.
5KFunds Pros & Cons
As with any financial product or platform, there are both pros and cons associated with 5KFunds. It is important to be aware of both sides, before deciding to use this service. The benefits and drawbacks of 5KFunds include:
- 100% Free Application Process
5KFunds is a quick and secure platform allowing you to see pre-qualified loan options in a matter of minutes with no hidden fees.
- Loan Transparency
5KFunds is upfront and transparent about the loan terms and rates for each potential loan option. Each lender is reputable and meets the responsible lending practices, so you don’t need to worry about connecting with dodgy companies.
- Quick Access to Funds
Once your loan is processed, you will receive your funds as quickly as the next business day, via direct deposit.
- No Collateral Necessary
5KFunds only offers access to unsecured personal loans. So, you don’t need to arrange any collateral or security, such as a home or car.
- Financial Resources
5KFunds also provides a great deal of educational resources on its website. There is an extensive FAQ section and solid customer support if you have any further queries.
- Poor BBB Rating
While 5KFunds has an average 2.9 out of 5 rating on Trustpilot, it has an F rating with the Better Business Bureau. Additionally, the platform is not BBB accredited.
- Hard Credit Check
The initial application process may involve a hard credit check which could impact your credit score, particularly if you already have a low score.
- Additional Fees
Some lenders may have prepayment penalties and origination fees, so you will need to check the offers carefully before proceeding.
- No Info Until Pre-qualified
There is no available information about specific lenders or loan deals until you pre-qualify.
Application Process
- 1.
The process of getting a quote with 5KFunds is simple and easy. When you visit the website, you’ll immediately see a loan amount selection to start the process.
- 2.
After you select an amount, you will need to specify a loan term.
- 3.
You will then need to provide your home address, full name, phone number and email address. At this point, you will need to click that you agree to the 5KFunds terms and conditions, along with the privacy policy.
Once you click continue, you’ll see a prompt to enter the last four digits of your social security number to access your loan options.
- 4.
Pick your loan
You will then see a list of loan options. This provides a summary of the loan deal, the lender and an option to view additional details.
From this point, you can review the loan options and proceed with a lender.
Bottom Line
Marketplaces like 5KFunds can be a great tool to quickly connect with multiple lenders and make easy comparisons with just one application.
5KFunds has a quick application process that you can complete in less than five minutes, yet immediately allows you to view terms and rates that you pre-qualify for.
The main drawback is that when you apply, you are giving consent for lenders to run a hard credit check. This may cause damage to your credit score. Many online marketplaces do not perform a hard check for just a preliminary application.
Another consideration is that 5KFunds has low review scores. With an average on Trustpilot and poor on BBB, it does raise some red flags. However, it is common with these types of platforms that you may start to receive unsolicited calls and emails, which can fuel complaints and poor reviews.
So, if you are looking to quickly explore your loan options, 5KFunds may provide a good solution. But, if you’re wary of hard credit searches, you may prefer to look elsewhere.Â
5K Funds FAQs
Is 5k Funds Trustworthy?
5K Funds is a free personal loan comparison service that can connect you with a marketplace of over 100 authorized, vetted lenders. Each lender must meet 5K’s responsible lending practices to remain an authorized lender.
5K Funds also has an excellent reputation for taking security and privacy seriously. Any personal details you supply are encrypted and protected to 256 bit bank level SSL security standards.
Does 5K Funds affect credit score?
In addition to having no minimum credit score to use the 5k Funds loan aggregation service, the online application does not trigger an initial credit check. You can gain pre-approval in 90 seconds by supplying some basic financial information. Â
However, there are some cases where 5K Funds will pull a hard credit check, which could impact an already low credit score.
Is 5K better than Credible?
Credible has a solid reputation, particularly on Trustpilot that is more positive than 5KÂ Funds. This company also offers different types of loans and finance, rather than just the personal loans on offer with 5K. You can source personal loans, student loans, student loan refinancing, home loans and mortgages, which makes it more flexible than 5KÂ Funds.
Both platforms use bank level encryption to protect your data and like 5KÂ Funds, in most cases, Credible will not perform a hard credit check to allow you to compare loan deals.
Is 5K better than Monevo?
5K Funds aim for lower credit score borrowers compared to Monevo. Basically, Monevo provides better rates depending on the lender and your circumstances. Like 5KÂ Funds, Monevo does not charge fees for its services, but you can access unsecured and secured loan products.
However, one key difference between the two services is that while 5K has a poor BBB rating, Monevo is a BBB accredited business. This provides consumers with the reassurance that they can access arbitration services should they encounter a problem.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 6.99% – 35.99%
| 4.99% – %35.99
| 5.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 6-84 months | 3-72 months |
Loan Amount | $600 – $200,000 | $1,000 – $100,000 | $1,000 – $35,000 |
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