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£5,000 loans

If you have a low credit rating and a poor credit history, then it may be that you’ve struggled to access the money that you need with your current financial circumstances. However, help may be at hand, with a £5000 loan from Finio Loans.

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Representative 39.9% APR

Representative 39.9% APR

Representative example

Borrowing £2,000 over 24 months at Representative 39.9% APR and Interest rate 39.9% p.a. (fixed) with monthly repayments of £116.07 and a total amount payable of £2,785.68 This example is for illustration purposes only. The rate and / or term you are offered is dependent on your individual circumstances Rates from 20% APR to maximum 69.9% APR. Loan terms from 12 to 60 months.

How do £5,000 loans work?

We understand that there are a number of reasons why you may need a £5000 loan. From essential home improvements to family holidays abroad, or even a new car, there are a number of reasons why you may need to borrow £5000. If you require a quick loan for £5000, then bad credit doesn’t need to be a barrier. At Finio Loans, we may be able to help you.

Whether you’re looking for help with debt consolidation, urgent home improvement costs or unexpected personal circumstances, you can borrow £5000 even if you have bad credit. You can take out a £5000 loan over 5 years, or a £5000 loan over 3 years if you’re accepted. Applying online is also quick and simple. Check your eligibility and if you are accepted, you’ll know exactly what your monthly repayments will be, ideal for any budget planning. Plus, any application for a quote for one of our loans won’t impact your credit score.

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Ready for your personalised quote?

You don’t need to be a homeowner to apply for our £5000 loan, even with bad credit, unlike many loan providers. This is because all of the loans we offer are unsecured loans. As a result, we only need a few personal details in order to provide you with an instant response and this won't impact your credit rating. If you’re accepted, you’ll be able to see your monthly repayments and a breakdown of the interest payments.

Should you complete and send the application, you can receive the money in just a few hours.

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Frequently answered questions

Can I borrow a £5000 loan with a bad credit score?

With the ability to shop around online for different types of loans, getting rejected by your bank isn’t necessarily a problem as lenders like Finio Loans may be able to give you access to bad credit loans despite a low credit score. We understand that your financial history may not reflect your position now, so when applying for a £5,000 loan with bad credit, lenders will look at your current financial situation and other indicators to decide whether you’ll be able to afford the fixed monthly repayments on the loan.

If you’re worried about being rejected because of your bad credit history, you can check your eligibility with us without affecting your credit score . We do soft search credit checks which mean your credit history won’t be affected at this stage. We do soft search credit checks which means your credit file won’t be affected at this stage. Simply enter a loan amount and term into our online loans calculator with a few of your details to receive your personalised loan quote.

Can I get a £5000 loan without a guarantor?

Yes. We offer unsecured loans which mean you neither need to secure your loan against your assets nor need someone else to be a guarantor as part of your application.

Can I use a £5000 loan to pay off other debts?

Of course, you can use the loan for things like car finance to home improvements, and debt consolidation can often be a good choice depending on your circumstances. However, we encourage you to work out if consolidation loans financially make sense as sometimes spreading the repayments of a larger amount over a longer-term can mean you pay more interest.

What is the criteria to get a £5000 loan?

As with most loan providers, you’ll need to be over 18, a UK resident, employed and have a bank account and debit card to complete a loan application. In terms of income, you should be able to comfortably afford monthly payments from your regular income - for example, as a guide, £700 per month would be a minimum. We’ll look at your credit history and personal finances before making our decision.

How long will it take before receiving the £5000 loan?

Applying for any loan with Finio Loans is quick and simple and find out if you’re eligible within minutes. After that, once your application goes through the required checks, if you are approved you could have your money in your bank account by the next working day.

How much will a £5000 loan cost?

Your total amount repayable is dependent on how long it takes you to repay the loan and the APR you’re offered which is based on your personal circumstances, amount and repayment period. As an example, if you’re given the representative APR of 39.9% rate and repay regularly over 12 months, your total cost would be £5,970.24, while 24 months would go up to £6,964.08.

What is an APR?

APR is the annual percentage rate and important for calculating the cost of money borrowed. Interest rates, fees, how often it’s charged and all other costs contribute to the APR. Representative APR is the APR we’ll offer to at least 51% of people who are accepted - it’s not a guarantee. The remaining customers that are also accepted will be offered a different APR than the one advertised based on individual circumstances.

Please note, the APR offered is based on your personal situation and is dependent on many different factors. As such the APR offered may be different to the representative APR.

Will I pay a higher rate if I have bad credit?

Yes, you might. As a lender, we offer our representative APR of 39.9% to a minimum of 51% of customers who are accepted for a loan. If you have bad credit, you may be charged a different rate.

What repayment terms are available for £5000 loans?

For a £5,000 loan, you can borrow from 12 to 60 months.