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Is 5k Funds Legit?

Home » Guides & Tips » Is 5k Funds Legit?

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Is 5kFunds legit? Personal loans can be a great way to fund home projects, consolidate debt, and make other life changes, but you need to be careful to ensure you’re getting the financial products you expect and protect yourself against being taken advantage of. The good news is that there are several companies and websites that provide guidance, and information about both good and bad ones.

5kFunds lands somewhere between the good and bad ones. It works with a range of lenders to provide borrowers with a choice of rates and terms. Additionally, 5kFunds offers a network of around 100 lenders with a range of loan products, and borrowers can receive up to $35,000 delivered directly to their bank accounts.

While it is a legitimate business, 5kFunds’ website does not show on the first page of Google results, and the company’s customer service reviews leave much to be desired. Additionally, the company’s website does not offer detailed information on the products available, and the application process requires full social security and banking information before 5kFunds discloses any substantive information about the products on offer. The application process is a primary driver of 5kFunds’ negative online reviews, with many potential applicants stating that they felt the process could lead to a scam or identity theft.

What Is 5kFunds?

It’s important to note that 5kFunds is not a lender. The company is a marketplace that aggregates loan offers based on a borrower’s credit profile. It receives a commission for every loan it sells, and while it provides services free to customers, the lenders are the ones setting rates and determining the fee structure for each applicant. Loan amounts range from $500 to $35,000, but not all lenders are able to provide the maximum loan. While that process might seem daunting for some borrowers, the company’s range of lenders makes it more likely that an applicant with a lower credit score can receive a loan.

That said, 5kFunds’ up-front application requirements feel invasive, including the step that asks for full banking and social security numbers before the company offers loan information. Interest rates range from 5.99% to 35.99%, which is illegal in some states and considered predatory lending.

5kFunds Features

5kFunds offers a quick online application that makes obtaining loan offers easy and relatively painless. If approved, borrowers can receive between $500 and $35,000 with a range of interest rates available. The company’s lending partners offer a variety of repayment options, though none offer repayment programs if you fall into financial trouble during the loan term. Since it can present so many loan options, it’s best for borrowers to complete thorough research before moving forward with a loan application from one of 5kFunds’ lending partners.

  • Upwards of 100 lenders available
  • Easy online application
  • Up to $35,000 loans available

5kFunds Pros and Cons

5kFunds’ loans can be a great way to fund any number of projects and life changes, but there are some ups and downs you need to consider before applying.


  • 5kFunds works with dozens of lenders
  • Loans may be available to borrowers with lower credit scores
  • The online application process is quick and relatively painless


  • Company requires a wealth of personal information to get started
  • 5kFunds’ website is seriously lacking information and educational resources
  • The company’s customer service appears to be nearly nonexistent

Things to Know About 5kFunds

5kFunds is a legitimate company that works with a significant number of lenders to provide loan options to borrowers. While its services can be a huge help for borrowers with less-than-perfect credit, the company’s online reputation should be enough to raise caution with potential customers. That said, the entire application process takes place online, making 5kFunds a convenient option for people not physically located near established lenders.

5kFunds Reviews

5kFunds’ online reviews are overwhelmingly negative, with 89 percent of reviewers leaving a one-star mark. Many reviews focus on the application process, where people are hesitant to give out so much information before seeing anything related to an actual loan. Others stated that 5kFunds’ customer service is absentee, making it nearly impossible to receive support in some situations.

Though smaller in number, 5kFunds does have five-star reviews. Many people reported applying and receiving their funds the same day. Others were impressed with the ease of the application process and the fact that their loan funds could be spent on almost anything.

Trusted Company Reviews Evaluation

While the ability to choose from dozens of lenders is a significant benefit to borrowers, 5kFunds’ information requirements and somewhat invasive application process are strong enough deterrents for us to recommend shopping around with other marketplaces or lenders. 5kFunds’ lack of customer service could present challenges if a problem arises, and individual lenders may charge higher-than-normal fees. Depending on your credit situation, you could pay as much as 35.99% interest, a punitive interest rate that would make repayment difficult for most borrowers.

Is 5kFunds Legit?

Bad reviews aside, 5kFunds is a legitimate company that works with legitimate lenders across the country. It is not accredited by the Better Business Bureau, however, and there are several other companies offering similar services with a more established online presence. Though convenient, 5kFunds’ lenders may charge more in interest and fees than others, especially for borrowers with spotty credit histories.

Is 5kFunds Worth It?

5kFunds might be a solid option for borrowers with credit issues, as it works with a range of lenders willing to offer loans for credit scores as low as 500. That said, some of the company’s lending partners charge exorbitant fees and interest rates, making the loan products extremely expensive. In those cases, a 5kFunds loan would not be worth it, even after considering the convenience and flexibility of the lenders’ credit terms.

5kFunds Alternatives

While 5kFunds’ range of lending partners is attractive for borrowers, direct lenders and the best personal loan companies may be better options Credible, Lendingtree, Upstart, Upgrade, and others offer lending options with better interest rates and larger loan amounts than 5kFunds. You may also find better rates at a local lender, such as a bank or credit union.

Frequently Asked Questions

Is 5kFunds safe?

Is 5kFunds a direct lender?

Is it hard to get approved for a loan with a 5Funds lender?

Can 5k Funds be trusted?


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About Author

Dr. Ali
After earning an MBA, Chris began writing about tech and finance as part of his work as a bank analyst and consultant. Wanting to pursue his first love in life, Chris jumped ship and turned his focus to the automotive industry, first as a freelance writer for Forbes, J.D. Power, The Drive, and U.S. News & World Report, before starting and the America on the Road Radio Show. Chris brings more than ten years of experience in product reviews, in-depth analyses, and news, and has been recognized as a significant contributor in building the future of the automotive media field.
Dr. Ali

Chris Teague

Last Updated: June 21, 2024

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