5K Funds
Personal loans provide a financial solution for customers who need access to credit to finance a large purchase but do not want to utilize a revolving credit line such as credit cards. Customers can use personal loans to help build an addition to their house, finance a wedding, or consolidate high-interest debts into a simple monthly payment. Finding a personal loan that matches your exact financial needs can be time-consuming and difficult, which is why online marketplaces such as 5K Funds help to aggregate different lenders so you can choose a loan that works for you. However, make sure that you are careful with your personal information because 5K Funds do not offer much customer service assistance. They do not provide transparency information from their lenders until you complete an application.
- Many different types of loans available
- Useful online mortgage calculators
Pros
- Easy online application
- Quick comparison tool based on how much you need to borrow
Cons
- The initial application requires a social security number and bank account information
5K Overview
5K Funds is a Marketplace lender that matches applicants with a variety of different lenders so they can choose rates and terms that work for them.
The 5K Funds homepage has a list of different loan balances that customers can choose from to begin their online lending application.
How Does 5K Work?
5K Funds does not lend Funds directly. Instead, they share your financial profile with their own network of lenders until they find potential matches for your lending needs.
Utilizing an online Marketplace lender such as 5K Funds can save time for customers who want to know there are options but may not have time to fill out applications on many different lenders’ websites.
Another benefit of using an online comparison tool is that the borrower will have a clearer picture of the rates and terms they qualify for to choose a loan that fits their needs and budget.
Back to top ↑5K Personal Loans Features
5K Funds connects applicants with lenders who offer loans ranging from $500 up to $35,000 with Sprint payment terms starting at three months and going up to 72 months.
While interest rates vary From lender to lender, the average APR for loans sourced from 5K Funds ranges from 5.99% to 2 35.99%.
Back to top ↑5K Personal Loans Requirements
Since 5K Funds works with different lenders which all have their own unique requirements for loan approval; 5K Funds utilizes a standardized application process that helps to make the customer experience simple and straightforward.
Some initial details required by 5K Funds for their loan application include:
- Personal information such as name, phone number, and address.
- Employer information can include the name of your employer, gross income, and length of employment.
- Social security number.
- Driver’s license number.
- Bank account information
As you can see, 5K Funds require more personal information than most other online lenders and Marketplace lenders for an initial screening, So make sure you are comfortable divulging this information.
Back to top ↑Reliability and Customer Experience
While the 5K Funds application is straightforward, and they advertise 256-bit encryption, Some consumers are wary of working with 5K Funds due to the lack of customer service representation and availability.
Additionally, they received an F rating from the Better Business Bureau, and they do not list a phone number on their website.
Back to top ↑Final Thoughts
Personal loans can be a powerful Financial tool for financing large purchases at an affordable interest rate. Marketplace lenders like 5K Funds enable potential borrowers to compare a variety of loans and rates so they can choose the best one for their needs and lifestyle.
However, before you complete the application for 5K Funds, be aware of the intense personal information requirements and lack of customer service availability.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
