If you need a loan for £5,000, have less than perfect credit and can’t get the necessary funds from your bank, then 118 118 Money could help.
We offer unsecured personal loans from £1,000 to £5,000 with fixed monthly repayments of 12, 18, 24, 30 or 36 months even if your credit score is flawed. What’s more, we’ll keep your offer valid for up to 5 days so you can shop around to find the best deal for you.
Reasons to take out a £5,000 loan
Whilst there are many different reasons for needing to take out a loan for £5,000, the most common that we see here at 118 118 Money are for:
- Consolidating existing debts – to help you manage debts more effectively
- Buying a used car
- Necessary home improvements – to add value to your home
- Investing in a business – buying stock, office rental or marketing
It should be remembered that repaying borrowing over a longer term may increase overall interest charges, so if you are consolidating and extending the term of your borrowing, consider this.
When you apply for a loan with us, we’ll need to know what your reasoning is in order to get a better understanding of your application – and get the best possible deal for you.
Will I be accepted, even if I had a bad credit score?
If you can demonstrate to us that you can afford the fixed monthly repayments, we’ll be more likely to accept your application and offer you the loan. We look beyond your credit score, as we know if can be really tough to find credit if you have a poor, or less than perfect credit score.
In order to be accepted, you’ll need to be between the ages of 18 -70, have a monthly income of more than £700 and hold a current UK bank account.
You can find out if you’re eligible to apply for a loan by using our Quick Check. Our Quick Check won’t affect your credit score and once you find out your eligibility, you can simply proceed to apply for a loan with us.
A guide to your £5000 unsecured loan
Unlike a secured loan where the money is borrowed against collateral such as your car or house, an unsecured personal loan is not. It means that if you miss the monthly repayments, it can affect your credit rating and chances of obtaining credit in the future, but you won’t be at risk of losing your house or car as you would with a secured loan. Missed or late repayments on a 118 118 personal loan will incur a £12 charge.
Our unsecured personal loans for £5000 can be borrowed and paid back over 12, 18, 24, 30 or 36 months with fixed monthly repayments meaning you’ll know exactly how much you’ll repay each month.
It’s important to spend time researching prospective loans before making an application, because each time you apply for a loan, your credit history is checked and this could in turn lower your credit score.
If you are worried about the impact a rejection may have on your credit rating or you have been rejected in the past, try Quick Check –it won’t affect your credit rating.
What to know about applying for a £5,000 loan
Before committing to receiving and paying back a loan of £5,000 over 1 to 3 years, it’s really important to fully understand your financial situation. You should ask yourself the following questions:
- Will I be able to afford the fixed monthly repayments?
- What are the repayment periods
- What is the APR?
- What is the total cost of the loan?
If you need any help answering these questions, you can take a look at our handy budget planner and loans calculator. Our friendly team are also on hand 24/7 on our live chat feature if you have any other questions about our loans and terms.
I’m ready to apply, what now?
If you’ve completed our Quick Check, you can proceed to apply for a loan. You will need to provide your contact details, address history for the past three years and income and outgoings.
If your loan application is successful and we do not require any additional information to finalise our decision, you could have £5,000 in your bank account within just 24 hours. We’ll also set up a direct debit mandate, so that we can collect your monthly repayments.