Compare great deals on £5,000 loans
If you’re looking to make home improvements, purchase a car or pay for wedding costs, then a £5,000 loan could be a great option. Borrowing the money upfront and paying it back in instalments can help you to budget and pay off the cost over a longer time frame.
When you search for a £5,000 loan online with MoneySuperMarket we compare deals from leading UK loan providers across the market.
It’s quick and simple and we’ll also show you your chances of being accepted for each loan so you can apply in confidence. Searching won’t affect your credit score.
We do the heavy lifting, so you don't have to. We work with leading providers to help you borrow the money you need.
The overall cost of your £5,000 loan will depend on the following:
How long you’re borrowing for – you can specify this in your application
How much interest you’re paying – this will be set by your lender based on your individual circumstances and credit score
Longer terms usually have lower monthly repayments, but you’ll end up paying more interest overall – so it’s more expensive. Our loan calculator can help with number crunching, and here are some worked loan examples:
Example of costs of a £5k loan |
|---|
| 3.5% APR over three years | 3.5% APR over five years | 5% APR over five years | |
|---|---|---|---|
| Monthly repayments | £146.39 | £90.84 | £94.10 |
| Total cost of loan and credit | £5,270 | £5,450 | £5,646 |
These rates were chosen for illustration purposes and are not based on any products available with MoneySuperMarket. Calculations were made using MoneySuperMarket’s loan calculator. Data compiled by MoneySuperMarket for the period Nov 2020 to Nov 2021 and correct as of November 2021.
When you apply for a loan, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a loan, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.
When you’re pre-approved, the
loan amount, duration and interest
rate are all confirmed
When you know what you’ll be able to
borrow and how much it will cost, you
can choose a loan that’s right for you
This helps protect your credit score as
you’re less likely to be rejected when
you apply
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 – so they can be more expensive. Taking steps to improve your credit score and comparing with MoneySuperMarket could mean bigger savings in interest by finding a great deal.
Representative 29.9% APR
There are different types of loans available depending on your needs. Which loan you can get will depend on your financial situation and your credit score…
You don’t need to put any assets down as security, but you may need a good credit score to be eligible
You’ll be required to put up a valuable asset – usually your home – as security to get the loan
You’ll need a friend or family member to be jointly liable for your loan. Can be an option if your credit rating is low
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
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:
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.
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.
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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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