With Proper Finance, you could borrow £5,000 on a range of different loan types. When in need of financial support, it can be hard to know where to turn. We work with some of the best lenders in the country, helping to ensure that when applying through Proper Finance, you will only be offered loans from the most trustworthy of lenders.
You can apply to borrow a loan of £5,000 by clicking the “Find a loan” button below. Our application process is all online, and only takes 5 minutes to complete.
It’s important that you have weighed up and evaluated all of your borrowing options before deciding that this means of borrowing is the best for your current financial situation.
What Can I Use a £5,000 Loan For?
You can use a £5,000 loan in many different ways – some people use it to make home improvements, others use it to help purchase a car, fund a wedding, or pay monthly bills. Proper Finance works with many different lenders, all offering a variety of different loans to suit your borrowing needs.
Below is a list of the main types of loans you can find through Proper Finance that allow you to borrow £5,000 or more:
- Homeowner loan – (£5,000 to £2,500,000)
- Personal loan – (£1,000 to £35,000)
- Peer to peer loan – (£1,000 to £35,000)
- Unsecured loan – (£50 to £25,000)
- Guarantor loan – (£500 to £10,000)
These loans all operate differently, some of them requiring a good credit rating, whilst others may need a guarantor, or a valuable asset to secure against the loan.
To find out more on the different types of loans you can find through our site, please visit our knowledge hub.
What Are the Benefits If I Borrow £5,000?
There are many benefits to be had from borrowing £5,000. Applying for a £5,000 loan through Proper Finance can help get you the financial support you need with reputable, trustworthy lenders. Some of the main reasons to compare with us include the following:
- The application process is all online, and you will receive an instant decision from us upon completion. This can be more time and cost effective than applying for a loan with your local bank branch.
- There are no upfront charges for filling in an application with us.
- You can receive funds within the same day, and in some cases in under an hour, after your application has been accepted.
- You can adjust the amount of money you would like to borrow and the period of time in which you would like to borrow this for.
What Is the Criteria to Borrow £5,000?
The criteria of borrowing a £5,000 loan will depend entirely on the type of loan you wish to take out. For example, if applying for guarantor loans, you will typically require a guarantor with a good credit score, however this is not usually required of the main borrower.
Whilst criteria may vary, some of the main requirements most applicants will have to have in order to be eligible include the following:
- You must be over 18 years old
- You must be a UK resident
- You must have a working debit account
- You must have a working phone number and email address
Other conditions will apply, dependant on both the lender and the loan type. It’s therefore important to understand all of the terms and conditions for your loan before applying.
Could I Apply for a £5,000 Loan If I Have Bad Credit?
If you have bad credit you could still be eligible to apply for a loan. Proper Finance works with a range of lenders across the country who have a wide variety of different specialisms. As such, there are many different options available, even if you have poor credit.
For those with bad credit, a secured loan may be a better option and you are more likely to be approved. Securing your loan means putting up a form of collateral which acts as a guarantee of your loan repayment. This could be your car, your property or another item of value. Putting up collateral makes the loan less risky for the lender and consequently means they are more likely to approve your loan.
Additionally, bad credit can mean that you are subject to higher interest rates making your loan more expensive to pay back in the long run. If you are concerned about your credit score, it might be worth pursuing other options before taking out a loan or looking into ways to positively build your credit before making an application.
How Can I Repay My Loan?
Proper Finance will match you to a lender who understands your financial needs and can offer you the most suitable loan. You will work together with your lender to agree on a repayment plan that works for both parties. Most typically, this is a repayment plan of equal monthly repayments over a fixed period of time. These payment instalments will include the principal amount of the loan (£5,000) and additional interest. You could also repay your loan earlier if you discuss this with your lender.
Applying to Borrow £5,000 With Proper Finance
You can apply for a loan through Proper Finance simply by clicking the button below. Our online application takes only 5 minutes to complete, after which you will receive an instant decision. When filling in our online form, you’ll have to provide us with a few personal details, including those listed below:
- Your name
- Your date of birth
- Your home address
- Contact details
- How long you want the loan period to be
- How much you wish to apply for
Clicking on the button below will take you to our online application form, where you will have to fill in some personal details. These details will allow us to check your eligibility, and find the loans that would best suit your particular situation.
We value your privacy, and will handle all of your personal details with the utmost of care and respect. To read our privacy policy, please visit this page.