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A £5,000 loan is a common way to cover medium-sized expenses. This is how they work:
Usually the fastest option. Compare features such as interest rates and repayment terms to find the best loan deal for you.
Whether it’s for a new car, home improvements or a holiday, the funds are yours to spend as needed.
You’ll pay back the loan in fixed monthly instalments. Some lenders let you repay early, but be sure to check for any early repayment charges.
Find out what monthly repayments would be, how much you'll pay overall and how much you could borrow.
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Total amount
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Based on the information you supplied, you would be borrowing XXX and repaying the loan in XXX monthly instalments of . The total sum to repay, subject to XXX% APR over the full loan term would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.
Total amount
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Based on the information you supplied, you could borrow XXX at a monthly repayment rate of to be paid over XXX monthly instalments. Over the full loan term at XXX% APR, the total amount repayable would be XXX. This assumes there are no extra fees and that your payments are made on time and in full.
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If you need a larger amount, consider a secured loan, which will allow you to borrow more but uses your home as collateral. Be aware that lenders can sell your house if you fail to keep up with repayments.
A flexible way to borrow without needing to secure the loan against any assets – usually repaid in monthly instalments over one to five years.
An option if you’ve got a limited or poor credit history – a trusted friend or family member agrees to back you up by guaranteeing your repayments.
Community-based lenders may offer competitive rates, especially if you’ve been a member for a while. Approval often considers your savings and local ties.
MoneySuperMarket data from May 2025 indicates that the average APR for someone taking out a loan between £5,000 and £7,500 is 19.9%, with a typical loan term of 5 years. Here’s what that would cost:
Loan details | Amount |
|---|---|
Loan amount | £5,000 |
APR | 19.9% |
Monthly payment | £128 |
Total interest paid | £2,665 |
Total repayment amount | £7,665 |
A £5,000 loan can be a useful way to cover unexpected expenses or make essential purchases. Here are six common uses:
Pay for key wedding costs like the venue deposit, dress, or honeymoon. A wedding loan helps spread the cost over manageable monthly repayments.
Clear a credit card balance or overdraft with one fixed repayment plan that keeps things predictable
Get help buying a used car or covering upfront costs like insurance or repairs. A fixed-rate car loan can offer clarity and control.
Tackle home upgrades – like a new bathroom, flooring or repainting – without dipping into your savings.
From urgent dental treatment to fixing the boiler, a personal loan can help when you don’t have savings to fall back on
Book that long-overdue break or family trip, and pay it off in stages with a holiday loan that fits your budget.
Before you take out a £5,000 loan, think about the following advantages and disadvantages:
Ideal for to quickly complete home projects or save money through debt consolidation
Interest rates can often be more competitive than with smaller loans
Longer terms up to and sometimes over 5 years can make repayments affordable
Affordability checks are more rigorous as loan values increase
Interest can add several hundred pounds to the total amount you’ll repay
Penalties may apply for early repayment
A £5,000 loan is classed as a mid-size personal loan, and while eligibility is accessible for many, lenders will still assess your finances carefully. To qualify, you’ll typically need to:
Be 18+ and permanently UK-based
Have a UK current account
Show regular income
Pass a credit check
A lower credit score can limit your options and may lead to higher interest rates. Checking your credit report first can help you prepare.
If you’ve had debt problems in the past and you’ve got a poor credit rating your choice of loans may be limited. But this doesn’t mean there aren’t options available.
Specialist lenders can offer bad credit loans. They’re aimed at those with a poor or limited credit history, so they’re easier to qualify for. But they usually have higher interest rates and lower borrowing limits – meaning they are more expensive.
Taking steps to improve your credit score and comparing with MoneySuperMarket could mean bigger savings in interest by finding a great deal.
Smaller loans like £5,000 are easier to access, but still worth comparing:
Shorter loans can carry high APRs depending on your credit
You’ll pay less interest in total over a shorter period, but it needs to be affordable each month
Eligibility tools help you find lenders without harming your credit
Some smaller loans include set-up fees alongside late payment charges
It’s usually more cost-effective to stick to regulated lenders offering clear and fair terms
A £5,000 loan can improve your credit score over time if you handle repayments responsibly each month. This shows future lenders you’re trustworthy.
However, late or missed payments will be flagged on your credit report, damaging your score and possibly increasing the cost of future loans.
Seeing if you’re pre-qualified with MoneySuperMarket’s eligibility checker lets you see which products match your credit profile before officially applying.
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Planning to take out a £5,000 loan? The most recent base rate cut to 4.25% in May could lead to cheaper borrowing, which is great news if you're thinking about a personal loan.
Just bear in mind that not every lender will reduce rates immediately – and some may not lower them at all. Check your options carefully and compare offers to make sure you’re getting good value.
Before lenders offer loans, they consider your personal circumstances, like your outgoings, income, and previous borrowing history. For a successful loan application, consider the following:
Lenders often require you to:
Be over 18
A UK resident
If you don't meet this criteria, lenders are very unlikely to enter a loan agreement with you.
Every time you apply online for a form of lending, like credit cards, mortgages, or loans, the lender will perform a 'hard credit check' which shows up on your credit file.
If you have multiple hard checks over a short period of time, this is a red flag to lenders and may reject your application.
We recommend using a loan eligibility checker to perform a soft search and find lenders where you have a higher chance of being approved.
Lenders will check your credit file, so before you start making applications you should review your report and address any errors before applying, including:
Existing credit agreements
Your financial links with other people (including ex-partners)
Missed payments
Beyond errors, check you're registered on the electoral roll and take steps to improve your credit score - it could make a big difference to your monthly repayments and wider loan eligiblity.
It's easy to find the right loan with us - and it won't hurt your credit score.
You just need to tell us a bit about you and the loan you're after. Once you've found the right loan, you can click through to the provider and complete your application within minutes.
We have a wide range of leading lenders for you to compare loans from. When searching with us, you can order loans by likelihood of you being accepted to ease any fears of rejection.
Good news: when you compare loans with MoneySuperMarket, you don't have to worry about hurting your credit score as we'll only carry out a soft search.
Whatever you need a £5,000 loan for, from paying for car repairs to funding home improvements, there are lots of options to choose from. It’s a competitive market and that’s why you should never pick the first offer you’re given. It’s also important to look at all the costs involved, including the total amount you’ll pay in interest and any other charges, such as early repayment fees, if you are able to clear the debt sooner.
Kara Gammell Personal finance expert at MoneySuperMarket
We’re here to help find the right loan for you, so we’ll tell you which rates you’re guaranteed to get.
Tell us a little about yourself, your finances and the loan you want
We’ll search through loans from a wide range of lenders on the market
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted
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It is up to you to choose a guarantor, but it should be someone who you trust – such as a close friend or family member. In order to qualify as a guarantor, they’ll need to meet the following criteria:
They must be at least 18 – or in some cases 21
They must be in full-time employment
You won’t be able to use your spouse or someone with whom you’re financially linked – for example, anyone with whom you have a joint bank account or mortgage.
A soft-search or soft-application is a way of finding out where you stand in terms of getting a loan without leaving a mark on your credit report. It’s a useful way of finding a loan you’ll be eligible for without harming your chances of being accepted.
A repayment holiday is when you don’t have to make any loan repayments for a certain period of time that you’ve agreed with your lender. They’re generally good for when you’ve had a temporary change of circumstances, such as unemployment, maternity, or unexpected expenditures.
You’ll normally be able to pay off all or part of your loan early, though some lenders may have an early payment charge.
You can typically get a £5,000 loan without a guarantor if you have a good credit score.
Borrowers who have struggled with debts in the past and have a low credit score, and those who have never borrowed before and have no credit history may struggle to get a £5,000 loan – or a loan at a competitive interest rate. This is where sometimes a guarantor loan may be a better option.
Always research the different borrowing options and consider the pros and cons of a loan. If you borrow on a loan and get into difficulties with your repayments you could further damage your credit score.
If you’re struggling with your finances and you think you might not be able to make your repayments, you should call your lender as soon as possible – they may be able to help you work out an easier repayment plan or a repayment holiday. Not letting your bank know could mean you’ll be penalised for missing any payments.
Once you’ve been approved for a loan, depending on your lender, you could receive the funds into your bank account very quickly – this could be the next day, for example, or within the next week or two. If you’ve applied by phone or post it may take slightly longer. Things can also take a bit longer if your application or your financial circumstances are more complicated.
Lenders don’t have to offer the representative APR to everyone. With a £5,000 loan, what you’re actually offered could be based on how reliable you appear as a borrower. This includes your credit history and existing financial commitments.
You could repay this over 12 to 60 months depending on the lender. Lower monthly repayments over longer periods increase the total paid back. Most providers let you settle early, but look out for fees.
Before you take out a £5,000 loan, consider the following:
Do I really need to borrow the funds? If it’s a short-term expense, could you use savings or pay it off over time without a loan?
How can I make sure I am getting the best deal? Even for smaller loans, it pays to compare lenders – some may offer special rates for different amounts.
Can I afford to meet repayments? Check your budget and make sure you can keep up with repayments over the loan term.
What happens if I miss a monthly payment? It could lead to added charges and affect your credit rating.
What happens if I want to pay the loan off early? Many providers let you pay early, but always confirm any fees first.
£5,000 is a big commitment – so ask if you really need to borrow or if you could delay the expense and save.
A good credit score may get you better rates, while a poor one could mean higher costs or rejection.
Think about whether your income could still cover repayments if things change. Always borrow with long-term affordability in mind.
There are a few options to consider before committing to a personal loan.
0% credit card Some cards come with high enough limits for larger purchases, letting you spread costs without interest. However, you’ll need a good credit rating and a plan to pay it off.
Family or friend loan Interest-free borrowing from friends or family may be possible through someone you trust. But it’s important to agree repayment terms and treat it like any other loan.
Offset against savings Some lenders offer lower interest if you have savings with them. Your money may be locked away while the loan is active.
Postpone and save Delaying your plans and building savings avoids taking on debt. But it may not be practical if the purchase is time-sensitive or essential.
You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.
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Accurate as of 18 July 2025.
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