£5,000 loans
- Get a decision online
- Know your rate before you apply
- Comparing won't affect your credit score
How to apply for a £5,000 loan
Fill out our simple form to check your eligibility
Get online approval in seconds
Complete application and receive funds
Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 59.9% APR Representative (fixed).
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 11.0% APRC Representative.
How £5,000 loans work with Ocean
We’ll compare 100s of loans from more than 25 trusted UK lenders to find your best fit. You can leave the hard work to us.
Once approved, you'll receive a lump sum of cash straight into your bank account. Then you can repay your £5,000 loan with manageable monthly repayments, typically spread over 1 to 5 years.
If you decide to borrow more, you could spread the loan over a longer term. This can mean lower monthly repayments, but you may end up paying more interest in total.
A loan for every purpose
Here’s just a few ways you could use your loan:
- Debt consolidation
- Home improvements
- Other large purchases
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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Types of £5,000 loans
Types of £5,000 loans
We'll explore all the loan options available to you, to find the right one for your needs.
Personal loans
A personal loan (or unsecured loan) is a one-off cash payment that doesn’t require any collateral, like a house or car.
Debt consolidation loans
This lets you combine some or all your existing debts into a single loan, which could make budgeting easier.
If you want a different loan amount, you could borrow between £1k-£500k through us.
Homeowner loans
A homeowner loan (or secured loan) is specifically designed for homeowners as it's tied to your property. These range between £10k-£500k.
Can I get a £5k loan with bad credit?
Yes, you may be able to get a £5,000 loan with a bad credit history. We could help even if you’ve been refused elsewhere.
Bad credit doesn’t last forever, and making your monthly loan repayments on time could gradually help to improve your credit rating.
You can use our eligibility checker to see how likely you are to be accepted, before you apply.
4 tips to boost your eligibility
4 tips to boost your eligibility
- Register to vote
- Pay bills on time, every time
- Fix errors on your credit file
- Keep credit card spending low
Need help with debt?
Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:
Got Questions?
To apply for a £5,000 loan through us, you need to:
- Be aged 18 years or older
- Have been a resident in the UK for at least three years.
Your eligibility also depends on things like your:
- Credit score and credit history
- Employment status
- Income and outgoings
- Credit utilisation (the percentage of available credit that you’re using)
You can get a quote in minutes online.
How quickly you receive your loan depends on a few factors, such as:
- The lender
- The type of loan
- Whether the lender asks to see your documents.
For exact timescales, check with the lender. In most cases, once approved, your personal loan will arrive in your bank account on the same day. Secured loans are typically funded within 2 or 3 days after your loan offer has been issued by the lender.
You can use our loan calculator to estimate your monthly repayments, before you apply.
The amount you pay each month on a £5,000 loan will depend on how long you take the loan out for and the interest rate.
Make sure you can afford the repayments, so you don’t overstretch yourself. Although a longer loan term may mean lower monthly repayments, you could end up paying more in total, due to interest.
If your financial situation improves in the future, you may wish to pay off your loan early. You should be able to do so, but look out for any early repayment charges.
£5,000 loans are typically unsecured (i.e., not tied to an asset). Secured loans generally start from £10k.
We can search for both types of loan, depending on your individual circumstances. Remember, you must be a homeowner to get a secured loan.
Yes, you can get a loan without a guarantor (someone who agrees to cover any missed payments) - as long as you meet the lender’s eligibility criteria.
If you have bad credit, don’t worry, we can search our panel of lenders to find a bad credit loan, without the need for a guarantor.
If you’re not eligible for a £5,000 loan or you can’t make the repayments, you could consider applying for a smaller loan.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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