We're reader-supported & may earn revenue from some providers listed. Learn more about our mission.

5kFunds Review 2024: Legit Way to Get a Loan?

5k funds logo
Long Story Short: 5kFunds operates as a matchmaker that asks for a lot of personal information before a user can see potential lenders. Interest rates, loan amounts and terms vary between lenders, so customers should thoroughly review any loan terms before accepting an offer.

If you Google "5KFunds" you will see a lot of people wondering: is 5kFunds a legitimate choice for getting personal loans? People looking for a personal loan are curious about it, because it seems to be a useful service that matches users with a large network of lenders. However, there are concerns that it may actually be a scam site. Which is it? In our review, we evaluate their service, benefits and drawbacks. We dive into the products they offer, user reviews, and the experiences of past customers. Read on to see if 5kFunds is a good option for you to consider.

Pros & Cons

Understanding these pros and cons can help you make an informed decision about whether 5kFunds is the right choice for you.


  • Wide range of loan sizes, from $500 to $35,000
  • Simple online application form creates access to a network of lenders through one process, saving you time and effort.
  • You will be connected to many individual lenders quickly, increasing your odds of finding an unsecured personal loan that meets your credit profile and needs. If you're having a hard time finding extra cash, perhaps due to poor credit, this could be very useful.


  • Since 5kFunds connects you with multiple lenders, you have limited control or visibility into who your information is shared with.
  • Eligibility criteria for personal loans in their network are also hard to know before you submit an application, which makes it difficult to evaluate important details like minimum credit score, interest rate, or origination fees upfront.
  • The lack of transparency in the application process makes it challenging to check the credibility of lenders until you've been matched, which means you need to do extra work to ensure you're working with a legitimate company before you finalize a loan.

User Reviews and Experiences

User reviews and experiences with 5kFunds are mixed at best, with a low rating of 1.5 out of 5 on Trustpilot. While the online form/application process is streamlined, there are many negative reviews about what happens after they hit the submit button. Some of the primary lackluster reviews expressed by users include:

  • Instances of being connected with a different service, such as a subscription credit product, instead of a loan provider.
  • Sale of personal data to other companies.
  • High volume of calls, texts, emails after online application.
  • Connections with predatory lenders offering interest rates above the annual percentage rate range published.
  • High interest rates.
  • When it comes to customer support, 5kFunds offers limited options. The platform provides customer service support exclusively through email, with no option for phone support, social media, or live chat.

How 5kFunds Works

Business Model

5kFunds serves as a matchmaker between borrowers and a wide variety of over 100 different lenders, providing options for various loan purposes and credit profiles, including bad credit. Unlike direct lenders, 5kFunds doesn’t make loan decisions for potential borrowers. Instead, it collects loan application details and works to connect potential borrowers with its network of lenders.

Their large network increases the likelihood of finding a loan product that matches your needs, even if your credit score is less than perfect, because it has a range of different lender types. In fact, especially for those with poor credit, is worth noting that it offers unsecured personal loans, which could be a good alternative to payday loans.

5kFunds does not charge any processing fees to borrowers for its services, which are free for borrowers looking for a loan. Instead, any fees incurred come directly from the lender.

Application and Loan Request Process

5kfunds online form

The user interface for 5kFunds is streamlined, with an application process designed to be completed online in less than five minutes. But the personal and banking information the company collects may be more than some borrowers are comfortable providing to a company they aren't sure they can trust.

Required Information

To complete the application process, you’ll need to provide information like:

  • Age
  • Identity
  • Location
  • Citizenship status
  • Employment and income
  • Financial information like bank account number and routing number.

This is so lenders in the 5kFunds network can assess the borrower's credit score, ability to repay the loan request, verify income and, if approved, fund loans into the borrower's bank account with direct deposits.

Verifying income is a crucial step in the 5kFunds loan process. Lenders need to be comfortable with the financial ability to repay loans, and your income details help them determine the appropriate loan repayment terms.

You’ll be asked to provide your banking information and while it might be unsettling, this step isn't just for show. It can potentially speed up the fund transfer if a lender decides to fund the loan. However, for some users it's still a drawback that this information must be shared during the application process, even before knowing if the lender can offer loans for your situation.

Eligibility Criteria

Each and every lender in the 5kFunds network has different eligibility criteria to provide loans, such as minimum credit score and income requirements. For that reason, 5kFunds doesn't publish approval criteria before you submit your loan application. However, there are some general prerequisites that you will likely need to meet:

  • Minimum age requirement
  • Be a U.S. citizen or permanent resident
  • Live in a state where the lender operates
  • Have a regular source of income with direct deposit (specific income requirements may vary depending on the lender)
  • Authorize 5kFunds and its partners to obtain your credit report

Keep in mind that submitting your information to 5kFunds does not assure you'll get approved for a loan or credit product. 5kFunds operates as a matchmaking service, not a lender, and doesn't offer loans directly.

Credit Scores

Although there is no minimum credit score to maintain to submit your information through 5kFunds, each lender has their own rules that guide how they offer loans.

5kFunds discloses that both a soft and a hard credit check may be performed for its lenders to evaluate eligibility. When only a soft credit inquiry is performed, your credit should not be impacted, but when a lender runs a hard credit check, you should expect a decrease of at least a few points, which is typical for any hard credit check.

Data Sharing

You're agreeing to allow 5kFunds to share your sensitive data with over 100 lenders and service providers at once, meaning you won't really be able to control which lenders or companies in their network will see your information once you hit that submit button.

Negative 5kFunds reviews on Trustpilot highlight concerns regarding data sharing practices and the lenders in their network. However, it is worth remembering that collecting your information and helping connect you to a large number of lenders automatically is the benefit of using 5KFunds in the first place. The idea is that instead of applying to dozens of individual lenders yourself, you only need to fill out one application, and 5kFunds will do the rest of the legwork for you.

Interest Rates, Loan Types, and Purposes

Loan Purposes

loan purposes

As with any personal loan, users can enjoy the flexibility to use a loan from 5KFunds' network for a wide range of purposes, such as:

  • Debt consolidation loan
  • Paying for medical expenses
  • Making home improvements
  • Car repair
  • Large purchase
  • Unexpected expenses
  • Payday loan alternative

Loan Amounts

Loan offers range from $500 to $35,000, offering a wide range that could meet a variety of borrowing needs. The actual loan amount and terms will be determined by the lender you've been matched with.

Interest Rates, Fees, and Repayment Terms

loan components

Since 5kFunds isn't a direct lender, the specifics of interest rates, fees, and loan terms are not available until after you complete your loan request. These terms are dependent on the specific lender you're matched with, and personal loan interest rates can vary from 5.99% to 35.99% APR.

Repayment terms for 5kFunds loans are also determined by the lender and may span from 61 days to 72 months. Therefore, should you encounter repayment difficulties, you must contact the lender since policies on late payments and potential fees may vary. Know that once 5kFunds makes the match, the company you will be dealing with is the lender that offered the personal loan.

Before accepting a loan offer from 5kFunds, borrowers must review the terms carefully to understand the interest rates, fees, terms, and other pertinent details. Just as you're currently investigating 5kFunds, it would be wise to also review the lender that's directly offering the personal loan.

Comparing 5kFunds to Direct Lenders

When comparing 5kFunds to direct lenders, there are important factors to consider. It's critical to consider not only the convenience of the application process, but also the cost, predictability, and reliability of the service.

While 5kFunds promises to search its lender network on your behalf, you also lose control of your personal data without knowing where it's going or what kind of offers you might receive. It might be a safer bet to guard your information and apply to different direct lenders yourself.

Customer service is another key aspect. While most direct lenders offer multiple channels of customer support, 5kFunds offers few support options. A reputation for positive customer service is especially important when sensitive information and financial products are involved.

Before signing any loan agreement, borrowers should explore various loan options to compare loan amount, total cost, rates, fees, and terms that fit their financial needs.

Alternatives to 5kFunds

While 5kFunds offers a wide range of loan options, there are still other alternatives to consider. Here are just three alternatives, depending on the loan amount you are looking for.

1) Cash Advance Apps for up to $750

For a loan amount up to $750, zero percent interest, no credit check cash advance apps like Albert, Dave, Earnin, Empower, Cleo, and Brigit are worth considering.

Apps like these allow you to access your next paycheck early or loan smaller amounts of money without paying any interest, which can be a more affordable option for short-term borrowing needs. Although these apps don't charge interest, they often require direct deposit, usually charge a monthly subscription fee and an extra fee for same-day transfers.

These apps may come with fees but, their more upfront approach can make comparing total loan cost easier. Plus, as you build positive history with one app, their loan amounts tend to increase.

2) Direct Lenders Built For Lower Credit Scores

For less than perfect credit history, consider direct lenders that provide personal loans to those with bad credit and also report on-time payments to major credit bureaus, which could help improve your credit score over time.

Some lenders to consider include:

3) Peer-to-Peer Lenders For Larger Loans

For smaller and larger amounts, there are peer-to-peer lending apps like SoLo Funds and Lenme which offer up to $5,000. Alternatively, platforms like Prosper and Upstart offer even larger amounts, up to $50,000.

As yet another marketplace option, consider AmONE, as a loan marketplace that automatically matches you with an eligible lender.

Tips for Responsible Borrowing

When it comes to borrowing money, it's essential that you work to make safe choices to safeguard or improve your financial health.

This means you should carefully review the terms of the loan, compare offers from different lenders, and ensure that you can comfortably meet the repayment terms before agreeing to a loan. Remember, not all lenders are created equal and not everyone you find online is a direct lender.

By taking these steps, you can avoid typical mistakes such as overlooking credit checks, not comparing offers from other lenders, borrowing more than you need, and overestimating your financial capabilities.

There are also several strategies you can employ to ensure you're able to manage repayment. These include:

  • Opting for a smaller loan term that fits your budget
  • Prioritizing payments
  • Adjusting your budget to cut down on expenses
  • Considering debt consolidation options

Following these guidelines can help ensure a smooth borrowing experience.

Key Takeaways

  • 5kFunds is an online service that matches borrowers with its network of over 100 lenders. 5kFunds does not make any credit decisions and does not directly fund loans.
  • There are numerous negative reviews on Trustpilot, which raise concerns about 5kFunds' data sharing policies and the type of lenders within their network. However, 5kFunds does legitimately match users with lenders – it is not a scam site.
  • In order to request a personal loan through 5kFunds, users are required to provide a lot of personal and bank information. Loan providers are not matched until after the full loan application is completed.
  • Interest rates for 5kFunds loans vary between lenders, so customers should thoroughly review any loan terms before accepting an offer.
  • Loan amounts vary from $500 to $35,000.

The Bottom Line

In summary, 5kFunds operates as a digital platform that links borrowers to many loan providers all at once. They do this by facilitating loan applications for unsecured loans, and the benefit is that it saves you time and effort while improving your chances of finding the right lender for your needs.

However, prospective borrowers should consider the lack of control and transparency over their personal data, and the limitation to email-only customer service. As an alternative, AmONE, is another loan marketplace to consider.

It’s crucial to weigh the service provided by 5kFunds against that of direct lenders and to explore options before deciding on a loan. The choice to use 5kFunds should ultimately be guided by your specific borrowing requirements and your personal financial situation.

Frequently Asked Questions

How does 5kFunds work?

5kFunds works as an online loan marketplace that connects borrowers with a network of lenders, collecting the loan application and matching borrowers with potential lenders. If successfully matched and approved, loan funds could be deposited into the borrower's bank account as early as the next business day.

Is 5kFunds legitimate?

In short, 5kFunds is a legitimate loan matching platform that will automatically connect you to over 100 lenders in their network. However, they are not a lender themselves, and each service provider in their network makes their own loan decisions, sets their own interest rate, and creates their own terms. Additionally, 5kFunds does not control who will contact you after you have submitted your application.

Ultimately, if you are looking to get matched quickly and easily to a wide range of lenders, especially those serving borrowers with sub-par credit, 5k Funds could be the right choice for you. But if you are concerned about controlling your personal data and do not want to be solicited after you submit your application, it may be worth exploring other alternatives.

Melissa Nason Ferreura

Melissa has worked in finance for over a decade, focusing on publications designed to help readers make their money work to their advantage to achieve both short-term and long-term financial goals.

View articles
Checked by
Zach Robbins

Zach has over ten years of experience in financial services, recognized on Inc. 500 lists & recently featured in ConsumerAffairs, Forbes, GoBankingRates, Huffington Post, and U.S. News & World Report.

View articles

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Loanfolk.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.