Since you know how much you want to borrow you can follow these three steps:

  1. Work out how long you need to pay the loan back

  2. Compare rates online to find the cheapest loan

  3. Make sure you meet the lender's rules before you apply

You can see which will be the cheapest and see how much you will pay each month using our loan calculator.

Decide on your loan term

Most 5,000 loans can last between one and seven years, but some lenders do offer shorter terms of just six months, or longer loans up to ten years.

Always pick the shortest loan term that comes with monthly payments you can afford.

Choosing a longer loan term makes your monthly loan payments smaller and more affordable, but it will also make the total cost of your loan more expensive.

Get the cheapest loan

The cheapest loan is one with the lowest APR (interest rate) for the term you want to borrow for.

This comparison includes all the 5,000 personal loans available in the UK today, so you can compare rates to find the best loan.

Check the rules before you apply

Every lender has a list of requirements all their borrowers have to meet before they lend to them, so it pays to check you fit the bill before you apply.

Typical requirements can include:

  • Being a UK resident

  • Earning a minimum income per year e.g. 12,000

  • Having a good credit record e.g. no history of missing loan payments

5,000 loan FAQs

Q

What does APR mean?

A

It stands for annual percentage rate, and is the interest you pay on the total value of your loan. The lower your APR, the lower your monthly payments.

Q

How much will my repayments be?

A

This depends on the interest rate and how long you take to pay back the loan. You can use our loan calculator to check what your payments could be.

Q

Is the interest rate fixed?

A

All the loans in this comparison offer fixed interest rates so the amount you will pay will stay the same.

Q

How long does it take to apply?

A

Applying online can take minutes if you have your details ready. Some secured loans take longer as the lender will need to value your property.

Q

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

A

Yes you might, the lender only has to offer their advertised interest rate to 51% of borrowers, so if you have bad credit they can charge you more.

Q

How long can I borrow the money for?

A

Most 5,000 loans can last between one and seven years. There are a few lenders that offer loans that last up to ten years.

About our loans comparison

Q

Who do we include in this comparison?

A

We include every unsecured loan you can get in the UK and peer to peer loans from our panel. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.