5K Funds Personal Loans Review
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 amount||$500 – $35,000|
|Repayment terms||3 months – 72 months|
|APR||5.99% to 35.99%|
|Minimum credit score||Depends on the lender|
|Lender type||Marketplace Lender|
|Good for:||Quick comparisons|
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 is available until you’re pre-qualified
- Poor customer service
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.Get my rate
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.
- 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.
- 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 term is between 3 months 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.
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.
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.
7050 West Palmetto Park Road #15-345
Boca Raton, FL 33433Get my rate
5kFunds Disclaimer: 5kFunds.com (the “website”) is not an offer or solicitation to lend. The website only provides a service and is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions. The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $1,000 and $35,000 but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. If you have any questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers. By submitting your request, you acknowledge, agree, and authorize that (a) your information may be sent to lenders and/or third-party partners on your behalf, and (b) such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax to evaluate your creditworthiness. Loan Example: If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR. If you borrowed $5,000 over a 48 month period and the loan had an 8% origination fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR. APR INFORMATION: Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a nominal yearly rate. It relates to the amount and timing of value received by the consumer to the amount and timing of payments made. 5kFunds cannot guarantee any APR since we are not a lender ourselves. An APR can generally run between 5.99% up to 35.99%. Loan products general have a 3 months minimum repayment term and a 72-month maximum repayment term. Before accepting a loan from a lender within our network, please read the loan agreement carefully as the APR and repayment terms may differ from what is listed on this site.