5KFunds Personal Loans Review

5KFunds specializes in providing personal loan borrowers with fast access to as much as $35,000 in funding proceeds. It is one of the best-established online loan marketplaces operating in the United States and features a quick and easy application process along with very competitive terms and rates. Best of all, borrowers are guaranteed to find loans with annual percentage rates (APRs) of no more than 35.99%, making it a great option for credit-challenged customers.

Let’s take a closer look at how 5KFunds works, what you can expect to find as a customer, and how the network stacks up against its competitors.

5KFunds: How It Works

Getting a personal loan from 5KFunds is straightforward and easy: you simply visit their website, fill out your application, and submit it. During the application process, you will need to provide the following information:

5KFunds safeguards your personal information with the fintech industry’s most advanced and secure encryption and data protection technologies. You can rest assured that sensitive details will be handled with the utmost confidentiality.

After you submit your application, 5KFunds will route it through its proprietary system and match your request with lenders offering loans that meet your specifications. You will then receive loan offers from various financial institutions.

Since 5KFunds maintains an extensive network that includes more than 100 partner lenders, you will benefit from access to the market’s most competitive rates and terms. Lenders know that they will be directly competing against one another for your business, and the loan offers you receive will reflect that.

Features of 5KFunds Personal Loans

As of August 2020, here’s what you will find on offer at 5KFunds:

One important thing to note: 5KFunds does not actually issue or administer any loans you source through the site. It functions as a marketplace, not a lender. Its partner financial institutions manage loans you receive, and their terms and conditions vary individually.

Thus, the terms of your loan offers may differ with respect to features like origination fees, prepayment penalties, and late payment penalties. Be sure to take these factors into account when you are evaluating your options, as they can significantly impact the lifetime cost of your loan. For its part, 5KFunds does not charge users any up-front fees to access quotes and offers from partner lenders.

Does 5KFunds Do a “Hard Inquiry” into Applicants’ Credit Scores?

Your initial application to 5KFunds results in a “soft pull” and will not impact your score. However, some of the site’s lending partners require deeper, more thorough credit checks as part of their internal approval processes. Thus, you may be subject to a “hard pull” that will temporarily reduce your credit score, depending on which lender you end up choosing.

If you would prefer to avoid a score-reducing hard inquiry, you can contact the 5KFunds customer support network. A representative may be able to match you with a lender that will not perform a “hard pull” of your credit file.

Who Qualifies as a Borrower with 5KFunds?

Like many other online loan marketplaces, 5KFunds works with borrowers of all backgrounds and profiles. The site does not impose any firm credit score or income requirements. That said, you should keep in mind that your query may not return any loan offers if your credit is badly damaged, or if you cannot back up your income level claims with reliable documentation.

As of August 2020, the only firm eligibility criteria include the following:

Note that unlike some online marketplaces, documented permanent residents of the United States do not appear to qualify for loans through 5KFunds. If you are a long-term visa holder, you may need to search for loans elsewhere as legal restrictions may prevent 5KFunds from offering you funding.

Customer Service Profile and Features

5KFunds offers customer service via email and snail mail. If you email the company during regular business hours, you will receive a prompt response.

Pros and Cons of 5KFunds

Like all loan marketplaces, 5KFunds shows certain strengths and weaknesses. Here’s what reviewers and customers like about the service:

People also had the following general criticisms:

The Bottom Line

If you need a loan of up to $35,000 and you don’t have a lot of time to wait, 5KFunds is a strong option. The service is ideal for time-challenged borrowers with credit scores at the high end and the low end of eligible ranges.