5K Funds Review
8.2
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5K Funds Reviews

8.2
Lauren Le-Hair

WRITTEN BY

Lauren Le-Hair

Quick loan comparison
Quick loan comparison
About 5K Funds

5K Funds has been operating as a free personal loan marketplace since 2015. Owned and operated Warmest Dear LLC, a company based in Santa Monica, California, 5K Funds offer the services of an extensive range of lenders for personal loans, ranging between $500 and $35,000.

Since 5K Funds are not a direct lender but a marketplace, the terms of the personal loans offered vary from lender to lender. Nonetheless, 5K Funds provides a quick way to compare personal loan terms between up to 100 lenders in the marketplace.

8.0

LS SCORE

7.0

CREDIBILITY

5.0

SUPPORT

8.0

ACCESSIBILITY

5K Funds Personal Loans Review

5K Funds has a fast-to-complete online application that allows users to compare personal loans from many providers. 5K Funds offers users who are short on time an easy way to compare personal loan terms from many different loan companies. As so many loan providers are compared, 5K Funds can cater to many personal loan needs.

5K Funds Personal Loans Highlights

LOAN AMOUNT

$500 - $35,000

LOAN REPAYMENT TERM

61 days to 6 years

MIN CREDIT SCORE

500

APR FIXED RATE

5.99% - 35.99%

FUNDING TIME

Varies no. of days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

N/a

SOFT CREDIT PULL

No

LENDER TYPE

Marketplace

Pros & Cons

  • Provides a quick comparison across many personal loan providers
  • Simple application process
  • Wide range of repayment terms, from 61 days to 72 months
  • Loans provided are unsecured
  • Hard credit pull required for initial application
  • Minimal customer service
  • More personal information required at the initial stage than with most marketplace lenders
  • No specific lender information is available until after prequalification

Personal Loans Types

  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans

Loan Purpose

  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other

5K Funds Personal Loans Terms & Requirements

As 5K Funds does not make personal loans directly, there is limited information available on its website. The specific lenders will set terms and requirements once you have passed the prequalification stage.

Loan Requirements

  • No minimum credit score is required. Individual lenders will make decisions on loan eligibility.
  • Personal information must be provided for prequalifying, including bank account details and Social Security numbers.

Loan Terms

Loan terms vary by individual loan provider, but the ranges of personal loans shown through 5K Funds are as follows:

  • APR ranges from 5.99% to 35.99%. 5.99% is a reasonable rate for a personal loan at present, whereas 35.99% is higher than other marketplaces.
  • Loans are available from between $500 and $35,000.
  • Some loan providers may have origination fees applicable.

Repayment Terms

  • Personal loan repayment terms range from 61 days to 72 months.

Prospective borrowers can take out personal loans for many uses, including major purchases, home expenses, vacations, or weddings.

How to Apply

We navigated to the homepage for 5K Funds and found a very basic-looking website to get started, asking us how much we wanted to borrow.

We then had to go through more questions about the loan, such as the term we wanted to borrow the money for, our address, full name, email address, phone number, and our contact preferences. We were then asked for more personal information, starting with our birthdate.

Step 1

Borrowing amount

We then had to detail our credit card and unsecured debt history and were asked whether we could afford a monthly payment of $250 a month. We then input details about our housing status, whether we owned a car and our income status. At this point, we were less than 50% through the prequalification questions, and it was apparent that to go through the process, we would need to input more personal details than would typically be expected of a marketplace lender.

We answered questions about income, including monthly gross amount, next payday date, and employer name and phone number. Next, we were prompted to add our State ID or driver’s license. Again, this is a very uncommon request for a personal loan prequalification.

5K Funds followed this with a request for our Social Security Number. We then entered an estimate of our credit score and had to indicate the use reason for the personal loan. Finally, we had to enter details of our bank account type, how long we’ve held the account, and the ABA routing number, account number, and check number where we wanted any loan funds to be deposited. Again, this is far beyond what we have previously seen in terms of entering personal details for a personal loan prequalification. We could then finish the form which initiates a hard credit pull.

After waiting a few minutes, the site provided a selection of personal loan lenders with whom we could check APRs and loan terms to see if we wanted to proceed. We then could find a personal loan provider with terms we were happy with.

Unfortunately, we then had to re-enter a lot of our personal information again for the direct lender, which made the process of prequalifying with 5K Funds lengthier than most. Ultimately, we found the 5K Funds application time-consuming and intrusive, asking many personal questions often not needed by other marketplace lenders.

Qualification Requirements

  • Min. credit score and credit history: Not stated; depends on the individual lender
  • Debt-to-income ratio: Not stated; depends on the individual lender
  • Citizenship: US citizens or permanent residents only
  • Age: Minimum age of 18
  • Job Status: Not stated; depends on the individual lender
  • Bank Account: Proof of bank account required during the prequalification process

Required Information

5K Funds require a large amount of information to pass its prequalification process. Information required includes:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Drivers License/State ID
  • Phone number
  • Email address
  • Monthly income details and proof of income
  • Employment history
  • Full employer details
  • Bank account details
  • Housing details

Application Steps & Time Frames

Since 5K Funds is a marketplace, the next steps depend on the lender we choose to lend from. Therefore, there are no specific time frames or steps we can elaborate on.

State Availability

Available in all states

5K Funds Debt Relief Review

5K Funds marketplace offers users the chance to compare personal loans from up to 100 providers. These loans can be used for debt consolidation purposes. Therefore, if you have multiple debts, it is worth considering whether you can get one debt consolidation loan by using 5K Funds’ marketplace. You can use this single loan to replace your multiple existing loans to make it easier to track your debt position and repayments.

5K Funds Debt Relief Highlights

LOAN AMOUNT

$500 - $35,000

LOAN REPAYMENT TERM

61 days to 6 years

MIN CREDIT SCORE

500

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

N/a

SOFT CREDIT PULL

No

LENDER TYPE

Marketplace

Pros & Cons

  • Quick way to compare debt consolidation loans across up to 100 loan providers
  • Wide range of repayment terms and APRs available
  • Debt consolidation loans provided are unsecured
  • Application has a hard credit pull which may harm your credit score
  • No visibility of specific lenders until after application process
  • Large level of personal information required at the initial application

Debt Consolidation Types

  • Debt consolidation loans

Qualification Requirements

  • Min. credit score and credit history: Not stated; depends on the individual lender
  • Debt-to-income ratio: Not stated; depends on the individual lender
  • Citizenship: US citizens or permanent residents only
  • Age: Minimum age of 18
  • Job Status: Not stated; depends on the individual lender
  • Bank Account: Proof of bank account required during the prequalification process

Required Information

5K Funds require a large amount of information to pass its prequalification process. Information required includes:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • Drivers License/State ID
  • Phone number
  • Email address
  • Monthly income details and proof of income
  • Employment history
  • Full employer details
  • Bank account details
  • Housing details

Application Steps & Time Frames

5K Funds is a marketplace, hence, the next steps depend on the lender we choose for our debt consolidation.

State Availability

Available in all states

Privacy & Security

5K Funds claim that all user data is encrypted and protected according to standards set by the law. Like other lenders and marketplaces, the company collects and shares user information with its affiliates and partners in its network.

As 5K Funds are a marketplace lender, many different loan providers could contact you via email. You also have to opt out from 5K Funds selling your information to third parties. After completing the 5K Funds application, we received several spam emails from personal loan providers.

Customer Support

Remember, 5K Funds is a marketplace lender, not a direct lender. As such, 5K Funds put you in touch with many different companies that can provide you with a personal loan.

Unlike other marketplace lenders, 5K Funds has no customer service function to speak of. The only way to contact 5K Funds is via email. You cannot contact 5K Funds by phone, and the company has no social media. Furthermore, there is no FAQ page available to answer basic questions.

In Conclusion

5K Funds offers a simple marketplace lender service, aggregating up to 100 online personal loan providers. It provides a valuable service for those who need a personal loan quickly and do not have time to compare terms from individual loan providers. However, be mindful that your personal details will be sold to many other companies who will contact you to try to market their loans. Additionally, 5K Funds have minimal customer service, and it is not easy to opt out from 5K Funds selling your personal data.

FAQ

Do I have to pay to use 5K Funds?
No, 5K Funds provides a free marketplace service for personal loans. Any fees incurred will be done through the direct lender.
What credit score do I need to get a personal loan using 5K Funds?
The minimum credit score depends on the direct lender. Loans could be available to those with poor credit ratings.
How much can I borrow as a personal loan through 5K Funds?
The largest amount available as a personal loan through 5K Funds is $35,000.

5K Funds Disclaimer

5K Funds.com (the “website”) is not an offer or solicitation to lend. The website only provides a service. It 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 not obligated to use this website or service to initiate, contact, or apply for credit or any loan product with any service provider or lender.
Loan amounts vary from $500 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 questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans provide 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 your information may be sent to lenders or third-party partners on your behalf. Also, 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.

Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

WRITTEN BY

Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.