5k Loans Review

5k Loans

In this post, you’ll learn about 5k Funds, eligibility criteria, the application process, and 5k Funds relationships with authorized lenders.

Getting a loan is not always an option. If you need a quick, cheap loan with fast and easy online approval, an online lending service might be what you need.

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What is 5kFunds?

5K Funds, an online lending marketplace based in Florida, has been operating since 2012. They do not issue loans directly. Instead, 5K Funds offers a comparison service and connects borrowers with an extensive network of potential verified lenders. Lenders on this platform offer competitive rates and payment terms ranging from 2 to 72 months for amounts ranging from $1,000-$35,000 at an APR between 5.99% to 35.99%.

Thanks to its flexible borrower terms, the easy application process, and complete cost transparency, borrowers can access different types of personal loans. And the best part, they won’t charge you for the comparison service. You’ll only be required to commit after reviewing a lender‘s terms and conditions. After which the money does not take more than a day to arrive.

Check out our 5k Funds review to determine whether this service is a good fit for you.

Types of Financing Offered

5kFunds offers the following products:

  • Personal loans
  • Debt consolidation

Are you looking for a secured or unsecured loan? 5kFunds is committed to providing options regardless of credit score. Research reveals, however, that even though 5K Funds is flexible regarding credit scores, many lenders on its network are more strict. They have the final word when it comes to awarding the loans. There are no guarantees.

How 5kFunds compare to other lenders?

5kFundsFionaGuide to Lenders
APR Range5.99% – 35.99%4.99% to 35.99%3.99% to 35.99%
Min. Credit ScoreN/A580N/A

Eligibility Requirements

Let’s discuss the 5K Funds terms of eligibility – or lack thereof.

  • Age: Be at least 18 years old.
  • Citizenship: U.S. citizen only.
  • Bank account: Have an active account that accepts direct deposits.
  • Income threshold: No minimum threshold. However, you do need to have a regular stream of income.
  • Credit score: None specified by the vendor. Some lenders may require one, even if it’s low.

Unlike a traditional loan, you can get the loan without restrictions on how to spend it—no need to demonstrate that it is for a lender-approved purpose.

The most common reasons people apply for these personal loans include:

  • Personal purchases
  • Emergency medical expenses
  • Repaying debts
  • Budget constraints
  • Home renovation and repairs
  • Functions and events

How to Apply for a Personal Loan With 5k Funds?

To put in an application, you need to follow the following steps:

Step 1

Go to www.5kFunds.com

Step 2

Select the loan amount you’d wish to apply for.

Step 3

Enter the required personal details: full name, address, email, and phone number

Step 4

Confirm the loan amount requested and terms, and indicate whether or not you’re an active-duty military member.

Step 5

Enter employment information: your employer’s name, employment duration, gross monthly income, payment frequency, and pay date

Step 6

Enter identity and bank information.

Step 7

Submit the online application and wait for 5kFunds to verify your information and loan availability.

A few minutes later, they’ll present you with options that you pre-qualify for. Review them and select the one that’s best for you based on their terms, rates, and fees. Then go ahead and complete a full application with the lender. Be sure to research late payment and possible penalty fees before you commit to an agreement.

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Kindly note that even though you’re not required to submit any documents in the early stages, ensure you have them on hand for easy reference, including your:

  • Bank account details
  • SSN
  • Employment information
  • State ID number
  • Driver’s license

Upon approval, expect funds in your bank account in less than 24 hours. If you sign your loan agreement on a weekend, your transaction will be processed on Monday.

Loan Amount and APR details

The terms offered by 5kFunds lending partners will depend on the information you provide in your application, such as your income, employment history, credit score, and credit history. These are some of the options provided by members of the 5kFunds network:

  • Amount: $1,000 – $35,000
  • APR: 5.99% to 35.99%
  • Term: 60 days to 72 months
  • Fees: Vary from lender to lender
  • Collateral: Depends on the lender
  • Repayment options: Every two weeks or monthly

Before accepting a loan, always double-check the offer for additional charges such as late fees, origination fees, closing costs, and prepayment penalties.

Privacy & Security

All the personal data provided to 5kFunds is encrypted and protected using industry-standard security measures. The company is also transparent with what they do with the information they collect and how it is stored, used, and shared. Note that since this is a loan marketplace, your data is shared with the members of their network to find the best loans.

Repayment Terms

The repayment terms offered by the lenders on the 5kFunds network range from 60 days to 72 months. Payments on these personal loans depend on the lender‘s policy and your preferences. It could be monthly or bi-weekly.

You can choose between automatic or manual payments from your bank account within a schedule. Missed or late payments come with financial consequences such as fees and a negative effect on your credit score. However, paying your loan on time may improve your chances of getting better deals on future loans.


If you need an unsecured loan or debt consolidation, you will appreciate the fast and convenient application process of the 5kFunds loan marketplace. Even though some find its range of loan amounts to be limited, It is a great choice for most people looking for alternative finance sources.

If you are looking for a quick way to fund almost any personal project, you’ll appreciate the flexible eligibility requirements and the transparent and effective matchmaking services offered by 5kFunds.

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