There are several types of £5,000 loans with some better suited to good and bad credit histories. When choosing the right loan, consider how long you wish to borrow for, since personal and unsecured loans can be repaid over 5 or 10 years, but something like a payday loan is usually paid back over 1 to 2 years maximum.
Aimed at those with bad credit histories, as it enables applicants to apply for a loan that is secured by a guarantor. It is extremely important that the guarantor is aware of the fact that they are legally obliged to make repayments on your behalf if you default on them. Your loan can be repaid over 1 to 5 years in monthly instalments. See guarantor loans for more information.
This type of loan does not require you to secure valuable assets to receive funds, meaning you do not risk potentially losing high-value items if you default on loan repayments. You can borrow up to £5,000 or higher, depending on your income and credit rating, and it can be repaid over 5 or 10 years.
This is a loan that is for one person, and used for personal reasons such as paying off debts, car payments, holidays and more. You can borrow up to £25,000 or £50,000 over 5 or 10 years, or longer. See personal loans to apply.