Compare £5,000 Unsecured Loans

Compare interest rates and term lengths for £5000 unsecured personal loans. Compare a range of personal loans from UK lenders and check your eligibility* without impacting your credit score

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Last updated on 20 January 2022.

£5,000 Unsecured Loans FAQ

What is a £5,000 unsecured loan?

A £5,000 unsecured loan is a loan taken out from a financial provider that is predominantly based on a borrower’s creditworthiness, rather than their ability to offer up collateral. A number of lender’s offer loan arrangements for £5,000 on an unsecured basis.

Who would benefit from a £5,000 unsecured loan?

A £5,000 unsecured loan can be appropriate for consumers for many reasons. If you have a good to excellent credit rating, you can obtain competitive rates and the applications process is much simpler than a secured loan. The decision and funds from the provider can also be accessed quickly, usually within 24 hours. If you maintain your good credit record, you can regularly re-asses and take advantage of new offers in the unsecured loans market.

How does an unsecured loan differ from a secured loan?

Unsecured loans don’t require collateral but secured loans do. As a result, a £5,000 unsecured loan may carry greater risk to the provider, so your lender may resort to charging you higher interest rates than if you had taken out a secured loan. However, whilst a secured loan may offer slightly lower rates, they are a much more complicated product to apply for, and can cost more in the long run if you extend your borrowing terms.

I’d like to borrow a £5,000 unsecured – how soon will I receive it?

This depends on the lender. Unsecured loans of £5,000 are on the lower end of the price range, and a wide range of lenders will be able to help service such a request. Some lenders may be able to offer you such a sum in a matter of hours, but what really matters is whether you can provide the necessary information they might require from borrowers to process an application.

What details must I provide?

You will be required to provide some personal information to take out an unsecured loan for £5,000. This may include a copy of a utility bill or even a tenancy agreement to prove that you’re in the system. A source of income will be important to the loan provider, so you may need to provide proof of this in some way.

How will poor credit affect my chances of getting a £5,000 unsecured loan?

Poor credit means fewer lenders will be willing to accept your £5,000 unsecured loan application. It may force you to pick a lender that charges a higher rate of interest, as you will be perceived to be a higher-risk borrower.

Do I need collateral on my £5,000 unsecured loan?

Unsecured loans never require you to provide collateral. You don’t have to be a homeowner to be eligible for an unsecured loan either.

What are the risks of taking out a £5,000 unsecured loan?

Having no collateral carries some risk. You won’t automatically lose property for failing to repay, but your credit rating will be negatively affected if you fail to keep up repayments. Defaulting on payments and in more serious circumstances, a County Court Judgement (CCJ) might also be put onto your credit report, for future lenders to see, and this could hold you back from getting credit in the future.

I might be able to repay early. Is that possible?

Some lenders may allow you to repay your loan early, but some will charge customers for doing so. Depending on who you borrow from, early repayment fees might be a cost you should factor into the process, if this is something you think you might want to do in the future.

Can I extend a £5,000 unsecured loan?

Unsecured loans will usually have a fixed term agreed at the outset of the loan. When taking out the loan, you should realistically consider the best length of time you feel you can repay the debt. If you wish to extend the term of the loan, talk to your provider. If you have repaid the loan correctly thus far they may consider a new loan agreement with you over a longer period. Alternatively, if you have a good credit history, and have good affordability, you could search for another loan provider to take over the debt over a longer period of time if interest rates are more favourable elsewhere.

Compare products provided by Monevo
  • M&S Bank Personal Loan logo

    M&S Bank Personal Loan

    • Representative APR
      2.8% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Post Office Money Personal Loan logo
    Broker

    Post Office Money Personal Loan

    • Representative APR
      8.1% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      9.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • JN Bank Personal Loan logo

    JN Bank Personal Loan

    • Representative APR
      12.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      2 to 5 years
  • Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      13.9% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
  • Zopa Personal Loan logo
    Peer To Peer

    Zopa Personal Loan

    • Representative APR
      15.4% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • Fintern Personal Loan logo

    Fintern Personal Loan

    • Representative APR
      18.8% APR
    • Available Amounts
      £1,000 to £7,500
    • Min / Max Terms
      1 to 3 years
  • My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      18.85% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
  • KOYO Personal Loan logo

    KOYO Personal Loan

    • Representative APR
      24.9% APR
    • Available Amounts
      £1,500 to £12,000
    • Min / Max Terms
      6 months to 5 years
  • BetterBorrow Personal Loan logo

    BetterBorrow Personal Loan

    • Representative APR
      27.1% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • LiveLend Personal Loan logo

    LiveLend Personal Loan

    • Representative APR
      29.9% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • Oplo Personal Loan logo

    Oplo Personal Loan

    • Only available to homeowners
    • Representative APR
      31.6% APR
    • Available Amounts
      £2,000 to £15,000
    • Min / Max Terms
      2 to 6 years
  • Lifestyle Personal Loan logo

    Lifestyle Personal Loan

    • Representative APR
      49.9% APR
    • Available Amounts
      £1,000 to £5,000
    • Min / Max Terms
      1 to 5 years
  • 118 118 Personal Loan logo

    118 118 Personal Loan

    • Representative APR
      49.9% APR
    • Available Amounts
      £1,000 to £5,000
    • Min / Max Terms
      1 to 3 years
  • Bamboo Personal Loan logo

    Bamboo Personal Loan

    • Representative APR
      59.7% APR
    • Available Amounts
      £1,000 to £8,000
    • Min / Max Terms
      1 to 5 years
  • Likely Loans logo

    Likely Loans

    • Representative APR
      59.9% APR
    • Available Amounts
      £500 to £5,000
    • Min / Max Terms
      1 to 3 years
  • Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Our comparison service features a selection of providers from whom we receive commission.

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*Eligibility Service:

The loans eligibility service is fully provided by Monevo.  The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from their panel of lenders.  By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Monevo does not carry out credit repair services.

Monevo.co.uk is a registered Trading Name of Monevo Limited which is an Appointed Representative of Quint Group Limited, and is entered on the Financial Services Register under reference number: 723672.  Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450.  Monevo Limited is registered in England and Wales (Company number 06511345). Registered office: Glasshouse, Alderley Park, Nether Alderley, Cheshire,SK10 4ZE.  Licensed by the Information Commissioners Office, (Registration number Z1498441).

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