5KFunds Overview
5KFunds is a 100% free personal loan comparison service that connects you with the best matching lender in their marketplace of 100+ authorized and vetted lenders. Their loan aggregation service is unique in the fact that there is no minimum credit score requirement to apply.
5KFunds' quick and easy application processis done 100% completely online. There is no initial credit check requirement and you only have to fill out a few fields of basic financial information. From there, pre-approval for loans takes as little as 90 seconds.
Toapply for a loan from the 5KFunds marketplace, you must meet the following criteria:
- You must be at least 18 years of age.
- You must be a US citizen.
- You must have a steady stream of income.
- You must also have a bank account, preferably one with direct deposit.
Once you pre-qualify, you are contacted by your lender to complete the process and negotiate your terms and conditions with them directly. Some lenders may perform a hard credit check at this time, which could lower your credit score.
Depending on your income and loan needs, you may qualify for either a short-term loan or installment loan. APRs start at 5.99% and go as high as 35.99%. Loan amounts from 5KFunds' lending partners range between $1,000 and $35,000 with loan terms from 61 days up to 72 months.
5K Funds provides friendly US-based customer service that can be reached by phone or email.
Contact 5KFunds
Address: 5Kfunds Corp.11041 S Eastern Ave Henderson, NV 89052
5KFunds Pros
- Simple and 100% free application process:5KFunds has a quick and secure application processwhich allows you to see the loans you pre-qualify for in minutes.
- No credit check required:The initial5KFunds application processdoes not require a credit check (will not affect your credit score).
- Get your cash quickly:You can receive your funds via direct deposit quickly -- as soon as the next business day.
- Complete loan transparency:5KFunds provides upfront and transparent information (loan terms and interest rates) about each potential loan to the customer.
- Reputable and vetted lending partners:Each lender in the 5KFunds marketplace is a reputable lender that meets responsible lending practices.
- Quality customer support:Customer reviews positively mention 5KFunds' customer service and stated that their representatives were knowledgeable and answered questions thoroughly.
- Free financial education resources:5KFunds provides an informative and educational loans FAQ section on their website.
- No collateral needed:5KFunds only offers unsecured personal loans, which means you don't have to put up any collateral like your car or house.
5KFunds Cons
- Information on the specific available lenders on the 5KFunds marketplace is difficult to find on their website.
- Currently, there is no live chat function for clients who have concerns that need to be addressed quickly.
How does 5KFunds work?
5KFunds is a website that lets you apply for personal loans quickly and easily online. You can borrow up to $35,000 through the site.
The site does not offer loans directly. Instead, it works with partner lenders and refers applicants to lenders who are likely to approve them. That means that working with 5KFunds gives you a good chance of qualifying for a loan because you’re really applying for a loan with many different lenders.
Products Offered
5KFunds focuses on just one type of loan product: personal loans. These are unsecured loans that you can use for almost any purpose, from covering an unexpected expense to consolidating existing debt.
Because 5KFunds connects you with lenders that offer very small loans, some of the personal loans it refers to may act more like short-term payday loans.
Application Process
The 5KFunds application process is quite in-depth. It asks for a large amount of information and can take time to fill out. However, once you apply you’ll get connected with multiple different lenders so there’s a good chance that you’ll save time by working with 5KFunds.
During the application, you’ll have to provide the following information:
- How much you want to borrow
- Personal identifying info
- Employment information
- Social Security number
- Bank information
One thing to keep in mind is that applying for a loan through 5KFunds involves a hard pull on your credit. That means that applying will drop your credit score by a few points.
Terms & Requirements
Because 5KFunds works with a network of more than 100 lenders, it’s hard to give exact minimums, requirements, and terms for the loans you can receive. Each lender will set its own rules and offer loans with different terms.
One good thing for borrowers is that there is no minimum credit score required to apply. The site tries to match applicants to the lenders most likely to approve them.
Though terms can vary from lender to lender, the loans offer generally have these terms:
- 5KFunds partners with a network of 100+ authorized lendersthat provide online personal loans from $1,000 to $35,000.
- You can receive your funds as soon as the next business day.
- Loan amounts range from $1,000 to $35,000
- Repayment terms range from 2 to 72 months
5K Funds Pricing
- APRs range from 5.99% to 35.99%.
- Loan repayment terms range from 2 to 72 months.
- 5KFunds services are completely free of charge, although partner lenders will charge fees and/or interest that is clearly disclosed in the loan terms for your approval.
- There are no hidden fees or prepayment penalties.
- Be sure to contact your lender directly if you have any worries about paying on time.
For Whom 5KFunds is Good?
The loans that are available 5KFunds tend to be somewhat expensive. However, the site doesn’t require any specific minimum credit score.
That means that the people who will get the greatest benefit from 5KFunds are those who have less than ideal credit and who may have struggled to qualify for loans from other lenders.
Alternatives
If you’re not sure whether 5KFunds is the right way for you to get a loan, consider these alternatives:
- LoansUnder36. As its name implies, LoansUnder36 connects borrowers with personal loans with APRs under 36%. If you need to borrow money, this could be a good site to use.
- Fiona. Fiona, like 5KFunds connects borrowers with potential lenders. However, it focuses on borrowers with good credit. If you’re eligible, a loan through Fiona is likely to be cheaper than 5KFunds.
Step by Step on How to Apply on 5kFunds
5KFunds is a marketplace that helps you compare loans from different lenders. To do this, you'll need to fill out a form online. But be aware, this might affect your credit score.
What You Need to Fill Out
- How much money you want to borrow
- Basic info: your name, where you live, phone number
- Job details: where you work, how long you've worked there, how much you make
- Your bank details
- Your Social Security Number and driver’s license
Steps to Apply
- Fill out the form. After you send it, you'll see lenders that might work for you and what they offer.
- Answer more questions: About credit cards, if you own a home or car, and your income. You'll also share more personal details than usual for loan applications.
- Share about your job and income. Then, give your driver’s license or State ID. Most loan sites don't ask for this.
- Give your Social Security Number. Share your credit score estimate, why you need the loan, and where you want the loan money sent in your bank.
- After you're done, you'll see loan options. Choose one you like. But, you might need to fill out some information again with the lender you choose.
Some people feel 5K Funds asks too many personal questions and takes longer than other loan sites.
Things You Need to Qualify
- Credit score: Varies by lender
- Income details: Varies by lender
- You must be a U.S. citizen or permanent resident
- You must be 18 years or older
- Job details: Varies by lender
- Bank details: You need to prove you have a bank account
Information 5K Funds Asks For
- Name, address, birth date
- Social Security Number and driver’s license
- Phone number and email
- Income details and proof
- Where you work and for how long
- Your bank account
- Where you live
Next Steps
5K Funds is like a middle-man. The next steps depend on the lender you choose, so it's hard to give exact steps or how long it'll take.
5kFunds Customer Reviews
Overall from our analysis of sources on the web such as TrustPilot, the BBB, and ConsumerAffairs, we found that AmOne excels at:
Quick Loan Processing: Multiple reviewers praised the company for its fast loan approval and processing, with funds being deposited into accounts within the same day or within hours of application.
Effective Solution for Immediate Needs: Reviewers highlighted the benefits of the loan service in addressing urgent financial needs, such as car repairs, kitchen renovations, and timely credit card payments.
General Satisfaction: The concise praises like "Good job company" and "Excellent service" indicate a general satisfaction with the company's services.
However we found that consumers had the following types of complaints:
Questionable Data Practices: Multiple reviewers express concerns about being asked for personal and banking information upfront, even before seeing loan terms or offers. Many feel this is indicative of a scam or, at the very least, a lack of transparency in the loan process.
Unwanted Contact: Several reviewers mention experiencing a flood of spam calls, texts, emails, and even predatory offers shortly after submitting their information. This suggests the company may be selling or sharing user data with other entities.
Trust and Reputation Concerns: Many users regret not reading reviews before submitting their information and express feelings of being tricked or taken advantage of. Others cite external websites that had previously vouched for the company's legitimacy, suggesting a potential misalignment between user experiences and online endorsem*nts.
Ultimately, the choice is yours. These platforms have a proven track record of offering a variety of personal loans and financial solutions. Whether you have excellent credit or poor credit, they’ll be able to help you find what you’re looking for.
Summary
5KFunds provides a 100% free online marketplace with a variety of vetted and trusted lenders serving every type of credit profile.
Their lenders can provide funds up to $35,000 and you can receive your money via direct deposit as soon as the next business day.
