It can be stressful when you’re short on cash before payday – payday seems like miles away, particularly if you have unexpected expenses. But don’t worry, here’s where a short-term 5000 pound loan could come in handy.
A short-term loan can be accessed directly through a UK lender, or, you can use a broker like us. Our service is 100% free, we exist to help you locate the best loan providers on the market.
Just so you know, you can even apply for a 5000 pound loan with bad credit.
Top Tip: You should only apply for a 5000 pound loan if you’ve already exhausted all other funding options such as asking friends and family, or selling unused items. We’ve written about 10 ways you can make cash fast. So we urge you to check out these tips before applying for a loan.
What is a 5000 pound loan?
A 5000 pound loan is a short-term loan for £5000 that needs to be repaid to the UK lender, with interest. You can usually repay the loan amount in one lump sum, or in manageable monthly instalments.
And because these short-term loans are designed for unexpected or emergency use, it won’t be long until the money is in your account and ready to use.
What can I use a £5000 loan for?
As we’ve mentioned already, a 5000 pound loan should only be used in emergencies. But what constitutes an emergency? Maybe need a new set of windows because you’ve been broken into, or your car repairs are expensive, or maybe your house has flooded. This loan should not be used to purchase anything deemed non-essential i.e. holidays, shopping, parties etc.
If you’re struggling with debt, don’t suffer in silence. You can access free, impartial debt and money advice from the Money Advice Service.
Am I eligible to borrow £5000?
Yes, you might be eligible to borrow £5000 if you meet the following criteria for a direct lender:
- You’re over 18
- You’re a UK resident with a permanent address
- You’re employed and have a regular income
- Have a UK bank account with a debit card
- Your wages are paid into your UK bank account
- You are NOT currently bankrupt
£5000 loan FAQs
How do I get a £5000 loan direct from a lender?
You can apply for a 5000 pound loan directly from a UK lender by simply visiting the lender’s website and filling out an application form. Or, you can use a broker, like us, to help locate the best short-term loan lenders for you. We can give you an instant decision and we’ll match you with the best-fit lender for your needs.
Remember: ThisLender, and the lenders on our panel, are authorised and regulated by the Financial Conduct Authority (FCA).
Am I guaranteed a 5000 pound loan?
No, you’re not guaranteed a 5000 pound loan. No one is ever guaranteed they’ll get accepted for any loan product. Whether a UK lender will accept your application will depend on whether you meet the criteria above and what your current circumstances are.
Can I apply for a £5000 loan with bad credit?
Yes, you can. At ThisLender, we work alongside many different UK lenders, with many of those willing to lend to those with a poor credit history or bad credit. Loan products these lenders could offer you include a bad credit loan or a guarantor loan.
If your credit score is low and could be improved, you should take positive steps to improve it. A good credit score means you’re more likely to get accepted for loan products. Improving your credit score doesn’t have to be difficult, read through these tips from Experian about how to improve your credit score.
Can I get a £5000 loan with no credit checks?
No, you will be credit checked when you apply for a loan with a UK lender. It’s part of their lender application process; they need to protect their money.
Remember: ThisLender will not perform a credit check; lenders will complete a soft search during the application process. If you accept a lender’s loan offer, they will perform a hard credit search.
Will I require a guarantor on a £5000 loan?
Most of the time, you may not need a guarantor on a £5000 loan, but this will depend on your credit history and the lender you choose. However, you may need to seek a guarantor loan as an alternative option if you have poor or bad credit history.
Can I borrow a £5000 loan over 3-5 years?
There are lenders out there who can offer £5000 loans over 3-5 years. Currently, ThisLender only works with direct lenders who offer loans over 3 months up to a maximum of 2 years.
What can I use the £5000 loan for?
It’s up to you how you spend it, but you must use it responsibly. You can use a £5000 personal loan on many things, some of the most common examples include:
- Emergencies
- Vet bills
- Fix broken boiler
- Car repairs
- House maintenance
- Cover unexpected bills
What are the monthly payments on a £5000 loan?
The monthly payments on a £5000 loan will vary depending on the lender's assessment of your financial circumstances. Many factors can change the amount you pay, such as affordability, the length of term, and the interest rate you receive.
Do I have to repay the £5000 loan on my next payday?
All lenders expect all borrowers to make regular loan repayments in line with the loan repayment terms and conditions. Most short-term loan periods are from three months to two years; you can select your preferred repayment period. The longer your repayment period, the more interest you will pay.
Also remember, that when you accept the terms of a loan, you need to ensure you have the funds available in your bank account so they can make the repayments as agreed on a specific date.
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Representative 97% APR (fixed)
Representative example: Borrow £1000 for 24 months at 24 equal instalments of £77.48. Total amount to repay £1,859.52. Interest £859.52. Annual interest rate 70% (fixed). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
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