Who Is 5kFunds For?
Let’s start our 5kFunds review with some basics. 5kFunds is for people who would otherwise struggle to find a loan through traditional means. It’s a way to get personal loans for bad credit, or without assets or collateral. If your credit score is not what you’d wish for, but you still need money, then 5kFunds is an excellent way to find peer-to-peer loans. Namely, it will allow you to uncover an entire network of lenders that can help you during a difficult time.
It also doesn’t take long to get the funds from a lender through 5kFunds; more often than not, you’ll have the cash within 24 hours. Another great benefit is that you don’t have to pay anything upfront — hence why 5kFunds is perfect for people who lack the necessary funds but need them ASAP.
In fact, most 5kFunds reviews highlight that these loans are indeed perfect for people who need fast cash and don’t have the means to get a traditional loan through a bank. If you’re looking for an amount between $1,000 and $35,000 with repayment terms ranging from two months to six years, look no further than 5kFunds.
What Is 5kFunds?
5kFunds is a financial portal that connects you with a range of lenders willing to offer peer-to-peer unsecured loans — in other words, these loans don’t require any collateral to secure the payment. Basically, 5kFunds offers a network of lenders for people who may not have the assets or credit score to obtain funding through traditional means.
To fully review 5kFunds, we have to mention its founding year. The company has been around since 2012 so they have plenty of experience when it comes to lending. What’s more, the company is known for offering an incredibly user-friendly application process that can be done from pretty much anywhere, as well as fair loan requirements and a network of lenders to compare all the different loan options.
It’s also worth noting that 5kFunds is completely free to use. However, the lender that you are connected with may charge you certain fees; make sure to read through every term and condition thoroughly before you accept a loan from a lender.
So, if you’re still wondering “is 5kFunds legit?”, the answer is a resounding — “Yes!”
5kFunds Application Process
The application process through 5kFunds is fast and relatively straightforward. Simply go to their website and select how much you want to borrow to get started.
Have the following info near hand before applying for a loan:
- An idea of how much money you want
- What kind of repayment terms you’re looking for
- Your income situation, whether it’s a monthly salary or weekly wage
- Monthly income
- Your full name, address, and zip code
- Details of your employment (how long you’ve been employed, etc.)
- ID or driver’s license
- Your social security number
- Your ABA number
Fill in the Initial Forms
Concerned about sharing your sensitive information? Don’t be! Many 5kFunds review articles attest to their robust safety practices. In a nutshell, the company uses industry-standard encryption and security measures, so you can rest easy knowing your personal information is safe and it will not be used by, let’s say, an online background check site.
Now, as for the forms, you must first fill in the desired loan amount. After that, you have to fill in your personal info — name, zip code, email address, state, etc.
Next, you’ll receive a form regarding your income and employment. For this, you need to be as accurate as possible. For example, if your salary is $12,988, don’t fill in that your income is $13,000. That is not proper accounting.
Lastly, you’ll receive a form that will ask for your banking information.
Also, those looking for a fast 5k loan, reviews state, have to bear in mind that this is just the first step. Namely, 5kFunds won’t go on to “approve” your loan after this step but merely connect you with lenders that will.
In addition, you have 10 minutes to submit your forms before they time out. After that, you’ll be able to see what lenders have to offer and their specific terms; note, you must first select a lender before you can negotiate with them any further.
Of course, lenders will most likely perform a credit check, which is something we want to make crystal clear in this 5kFunds review. They will also look at your income and determine your monthly repayments according to that. You should also check what the late repayment fees are, as these will be included in your final loan agreement.
Requirements for a Loan
While it is considerably easier to get a loan through one of these lenders than through traditional financial institutions, there are still specific requirements. And as our 5kFunds review points out, these are the following:
- You must be employed or have a steady income
- You need to be at least 18 years old
- You need to have a bank account
- You have to be a US citizen
Main Features of 5kFunds
If you need to get hold of someone at 5kFunds to discuss your loan application or similar issues, you can email them at [email protected]. Nevertheless, if you want to discuss the particulars of your loan, you will have to contact the lender in question; 5kFunds cannot speak to you about the details of a loan as they are not the provider.
Unfortunately, that’s about it — if you want to contact 5kFunds you are limited to email communication only. In our review of 5kFunds, we’d certainly wish to see more options, such as live chat or a phone number, to guide you through the application process.
Fees, Rates, and Terms and Conditions
We cannot list the specific fees, rates, or terms and conditions of any loans as you do not get these from 5kFunds. Rather, you will receive this information from the various lenders once you contact them. Upon submitting your forms, make sure you know what the fees, rates, and terms and conditions are when you get in touch with your chosen lender.
You may have some concerns about filling in all your personal information and bank details; it’s only natural. Most reviews of 5kFunds commend the brand for its sound security system and encryption practices. And as far as reputation goes, 5kFunds is a well-known and well-respected loan connection company.
Hence, you can rest easy at night, knowing that they won’t betray your trust and sell your vital information to third parties, which could eventually lead to someone stealing your identity. Georgia, for instance, has the highest rates of stolen identities.
5kFunds is one of the best ways to access lenders when you are struggling to get financing from traditional financial institutions. It’s quick, it’s simple, and the brand offers a wide range of options.
All in all, 5kFunds is an efficient, trustworthy, and effective way to connect with lenders peer-to-peer when you need cash fast.
Pros & Cons
- You don’t need to put up collateral
- No excellent credit score required
- You’ll be connected to a network of lenders
- All lending partners are reputable lenders
- Loans are transparent and the terms are clear
- Limited to US citizens
- All terms are up to each lender
- BBB gives 5kFunds an F rating
Is 5kFunds legitimate?
Yes, 5kFunds is a legitimate company that will connect you with multiple lenders. The website is encrypted and completely safe to use. Just make sure to check all the information you are given and pay attention to the terms and conditions once you’ve selected a specific lender.
How do I know if a loan company is legitimate?
First, you should check the Better Business Bureau. If they are legitimate, they will have a BBB rating (regardless of what it may be). Moreover, look at their website for contact information, as scams will often have faulty contact details. Another thing to check is whether or not the loan company is registered. If they are registered, they are likely legitimate.
Finally, go online and look at reliable, unbiased reviews. Namely, a 5kFunds review, such as ours, will contain all the information you need to know whether a certain brand is legitimate or not.