Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

£5,000 Loan – Borrow 5000 Pounds – Bad Credit Accepted

Sometimes the loan you want to apply for isn’t so little. Despite our name, Little Loans helps people to apply for loans of as much as £5,000 from a panel of trusted and reputable direct lenders.

How to apply for a £5,000 loan

As a leading broker of short-term loans, we have partnered with a range of UK lenders that offer loans of between £100 and £5,000. For larger loans, our lenders can offer repayment terms of up to 36 months to ensure that your loan can be both affordable and realistic in light of your circumstances.

If you’re looking for a £5,000 you can apply from our website. Our fast and free-to-use eligibility checker will provide you with an instant indication of your chances of being approved for a loan, without the need for a credit check. You are then free to choose whether to continue to our streamlined application form, after . This means that until you begin a full application with a lender from our panel, neither completing the eligibility check or our simple application will influence your credit score.

Will I qualify for a £5,000 loan with bad credit?

If you’re looking for a £5,000 loan with bad credit, the chances are you already know that your options may be limited. Many traditional lenders will use your credit history as a key factor in deciding whether they would be willing to approve your loan application. When applying for a larger sum of money, your financial history may be subject to even greater scrutiny and so it can prove to be incredibly difficult for those with a bad credit history to get approved for a loan.

Fortunately, there are options available to you when searching for a bad credit £5,000 loan. We work with a trusted panel of lenders who provide flexible loans that are specifically designed to cater for people with a poor credit history. Many of our lenders look not only at your credit score but also at your personal circumstances today and so how much you earn and spend on a monthly basis can be more important than any financial mistakes you made in the past.

Whilst of course all loans are subject to status, we will do the very best we can to help people with bad credit to find a lender that suits their needs.

How long does it take to receive the money?

Once we’ve introduced you to the most appropriate lender from our panel, you’ll need to submit a few final details to enable to them to complete their checks. At this stage the lender will conduct a full credit check and this may influence your credit score. 

If you are approved for a £5,000 loan, the money may be paid into your account within just minutes. Please note however that with larger loans it may take slightly longer for your cash to reach you. The time it takes for money to arrive in your account is also dependent on your bank’s own policies and procedures, which unfortunately are outside of our control.

What can I use a £5,000 loan for?

£5,000 can go a long way but if you fall behind with repayments, a loan of this size could easily become problematic. That’s why it’s important to consider why you’re applying for a loan and not to borrow more than you can afford to repay. There are lots of reasons why our customers apply to lenders for £5,000 loans but we’ve outlined some of more common uses for the money below.

£5,000 Car Loans

If your car is running out of steam or you’re simply looking to upgrade, purchasing a new vehicle can be expensive. There are lots of options available if you’re looking to buy a car, but a short-term loan could turn out to be cheaper than applying for the longer-term financing options that are commonly offered by dealerships.

Beware, however, as the road to recovery from debt can be a long one. You should always consider how much you can realistically afford to borrow and have a sensible repayment plan.

£5,000 Home Improvement Loans

For many people, their home will be their most expensive possession. It makes sense, then, that 98% of homeowners have shelled out on home improvements* since 2013. Even those who rent their home may from time to time be faced with an expensive repair job or need to replace an item of furniture. Whether you’re refitting the kitchen or patching up a damaged roof, a short-term £5,000 loan can provide you with the extra cash to get the job done properly.

£5,000 Debt Consolidation Loans

For people with several existing loans, having to make multiple monthly repayments each on different terms can be an overwhelming experience. If this sounds like you then it may be useful to consider consolidating your current debts under a single loan to make managing those repayments easier. In some cases, merging your debts into just one loan can result in a lower rate of interest.

As ever, all loans are dependent on your personal circumstances and whilst a debt consolidation loan might make sense for one borrower it could result in higher repayments for another.

Why use a broker to get a £5,000 loan?

We know that it can be difficult to find and apply for a loan that’s right for you. That’s why we work with a range of leading UK lenders who provide loans to people from an array of backgrounds. Whether you’re on benefits, have a low income or struggle with a bad credit history, we could help you to identify a lender with terms that suit your situation.

In addition, Little Loans is authorised and regulated by the Financial Conduct Authority (FCA), so you rest assured that we are a reputable and trustworthy credit broker. We are not a lender and will never charge you for our services.

I need advice on my debts. Who can I speak to?

If you have a low credit rating and are struggling financially, it is important to consider how taking out further loans may impact you. If you are concerned about coping with increasing levels of debt and financial commitments the organisations listed below can provide you with free and impartial advice.

moneyadviceservice.org.uk

stepchange.org

nationaldebtline.org

*Figures according to propertyinvestortoday.co.uk (April 2018)

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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. We’re a fully regulated and authorised credit broker and not a lender