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This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.

5K Funds Personal Loans

Jessica Cotzin Jessica Cotzin Last update:
Est. APR
5.99-35.99%
Max loan
$35,000
Term
2-72mo

5K Funds is a free online marketplace platform based in Boca Raton, Florida. They have an extensive network of lenders issuing personal loans ranging from $500 to $35,000, making it easy to get rates from multiple lenders quickly and easily.

Borrowers have the freedom to use a personal loan in a number of ways—from making home improvements or repairs to paying off medical expenses or consolidating debt. To begin comparing rates from lenders and seeing what you can get approved for, 5K Funds has a quick, simple, and secure online form.

APR can range anywhere from 5.99% to 35.99% and will vary depending on a variety of factors, such as a borrower’s credit score, credit history, and overall financial profile. Since 5K Funds doesn’t issue loans directly, fees and rates will vary according to the specific lender, so be sure to read through the terms upon approval.

5K Funds Loan Types and Terms

Loan types
  • Personal Loan
Loan amount $500 – $35,000
Repayment terms 61 days – 72 months
APR 5.99% to 35.99%
Minimum credit score Depends on the lender
Lender type Marketplace Lender
Good for: Quick comparisons
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Who 5K Funds is Good For

Personal loans with no Limits | Quick Comparisons

Their online application is fast and easy to fill out. Best of all, it allows borrowers on a time crunch to quickly compare the rates and terms offered by their extensive network of lenders all in one place.

Personal loans from 5K Funds partners have no limits, so borrowers have the freedom to use their personal loan for virtually any purpose.

5K Funds Personal Loans: Pros

  • Fast and easy online application process
  • Good for quick comparisons

5K Funds Personal Loans: Cons

  • Not BBB Accredited; F rating on BBB
  • Initial application may run a hard credit check
  • Some lenders have origination fees and prepayment penalties
  • Initial application requires some additional info other marketplaces do not, such as SSN and bank account details
  • No information or transparency about specific lenders available until you’re pre-qualified
  • Poor customer service

Application Process

5K Funds makes it quick and easy for borrowers to get started comparing loan terms from a variety of lenders, and only requires they fill out a short online form. Unlike most marketplace platforms however, this may involve a hard credit check.

Here are some details you’ll be needing to provide in your initial application:

  • Loan amount
  • Basic personal info (name, address, phone, etc)
  • Basic Employer information (name, time employed, gross income, etc)
  • Bank information
  • Social Security Number
  • Driver’s License

Once you submit your online application, you’ll be immediately matched with available lenders you pre-qualify for. At this point, you can view the rates and terms lenders are offering based on the information you provided.

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Terms & Requirements

5K Funds does not specify any requirements or qualifications to apply, but the individual lenders in their network may have their own standards and requirements.

Loan Requirements

  • There is no minimum credit score to apply. Lenders view a borrower’s entire financial profile to determine their approval, including income, debt-to-income ratio, credit history, and more.
  • Must have personal information including bank account details, employer information, and SSN.

Loan Terms

  • Terms vary depending on the lender.
  • Some lenders charge an origination fee and prepayment penalties.
  • APR ranges from 5.99% to 35.99%, which is a little higher than other marketplaces
  • A personal loan ranges from $500 to $35,000
  • Loan products offered are only personal loans

Repayment Terms

  • Repayment term is between 61 days to 72 months.

Privacy & Security

5K Funds claim that user data is encrypted and protected according to standards set by the law. Similar to other lenders and marketplaces, they collect and share user information with their affiliates and partners in their network.

Customer Support

5K Funds customer service is seriously lacking. There is no phone number available on their website or listed online. When we reached out to them via email, their address was not working.

Even though 5K Funds is not a direct lender, they should provide some means of contacting them with questions or inquiries other than simply offering a fairly basic FAQ page.

Applying for a personal loan can be a tricky process, so having quality customer support can make or break a business. No listed phone number and a non-working email address is a red flag.

Final Thoughts

Marketplace platforms like 5K Funds can be an excellent tool to quickly get connected with multiple lenders and make some quick comparisons with just one application. 5K Funds has a fairly quick application process which takes about 5 minutes and immediately allows you to review the rates and terms you pre-qualify for.

The only downside to this is that when applying, you’re giving your consent (per their Credit Authorization Agreement) to lenders to run a hard credit check, which some may or may not do and can harm your credit score. Most online marketplaces won’t conduct a hard credit check for the preliminary application.

Another factor to be concerned about regarding 5K is their F rating with the Better Business Business Bureau. Additionally, their customer support is weak. They don’t have a phone number you can find online and their email address was not working, which is a red flag.

Overall, 5K Funds doesn’t seem like the most trustworthy platform for quickly comparing lenders and there are many other platforms like Credible or Prosper that can do the job better.

Address

7050 West Palmetto Park Road #15-345

Boca Raton, FL 33433

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Disclaimer
This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.