Top 5 Cheapest $5,000 Loans

The people who ask for a loans of about the 5,000 dollar mark tend to be those who have just had medical attention. It would seem that students or start up businesses are also requiring extra finance.

Loan Usage in the U.S

There are also “day to day” reasons why a person may take a loan, trying to provide for their family for instance. According to Business Wire, 38% of Americans have taken out a personal loan in the past.

Top lenders to go for $5,000 Loan

It is hard to find the top lenders online as the majority of companies are partnered by loan websites. It also depends how long you want the loan for and whether you have any security to cover the loan, in this case $5000.

  • Prosper for instance has just a fixed rate of 5.99%-36.00% and a loan time of 3-5 years.
  • SoFi only just deal with this amount, with a fixed rate of 5.49-36.00, a variable rate of 5.19-11.34 and loan terms of 3, 5, or 7 years.
  • Upgrade have fixed rate of 5.66-35.97% and a loan time of 3 or 5 years.
  • Upstart have a fixed rate of 8.69-29.99% and also have a loan time of 3 or 5 years.
  • LightStream have a fixed rate of 2.29-17.49% using the AutoPay system with terms up to 5 years.

What type of information do lenders need to know?

It helps when comparing the deals for loans if you have your credit rating in easy reach as well as your annual income. It is always best to do your own research of which lender is right for you, this guide can only take you through the basics and may be out of date if you are reading this blog post in the future.