£5,000 Loans
A £5,000 loan could help you pay for your wedding, improve your home or buy a car.
Find out which loans you could be eligible for with our partner ClearScore and their trusted panel of lenders. Just like Asda Money, ClearScore is a credit broker, not a lender.
If you take out a product through ClearScore, Asda Money will receive a commission payment from ClearScore. The amount charged will be in connection with the specific product selected and so different amounts of commission are received. For more information please see our FAQs.
When you check your eligibility below you will be transferred to our partner ClearScore.
Representative
29.2%
APR
You could borrow £5,000 to pay the deposit on your wedding, put towards a new car or pay for a new kitchen. Whatever the reason for borrowing, a £5,000 loan through our partner ClearScore could be the right option for you.
ClearScore work with a panel of lenders that will help find you the right loan for your needs. Eligibility checks are done without impacting your credit score, and you’ll get an quick online decision.
How does a £5,000 loan work?
Working with our partner ClearScore and their panel of trusted UK lenders. They will help to find a range of offers to meet your needs and requirements. One simple eligibility check and you’ll get offers from some of the best lenders on the market. Then it’s a case of comparing and finding the right one for you and going on to a full application.
When can a £5,000 loan help?
A £5,000 loan could really help you out. If you’re a homeowner, it’s a standard amount to pay for or put towards home improvements. This could include:
- New kitchen or kitchen appliances
- New bathroom or bathroom suite
- Furniture
- Getting the decorators in to redecorate your home
You may also consider a £5,000 loan to buy a car or pay the deposit for a car lease or pay for all or part of your wedding. Many people also take out loans of this amount to consolidate existing debt.
Just remember that, by consolidating, you may extend the term of your debt and increase the total amount you repay.
How much will a £5,000 loan cost?
The cost of a £5,000 loan will depend on a range of factors.
First and foremost, when you borrow £5,000 you will have to pay interest. The interest rate or APR, is decided by the lender and will depend on your financial history and credit rating. Secondly, the term of your loan will impact on the eventual cost of your loan.
The higher the interest rate when you take out your loan, the higher the amount you will have to pay.
If you select a longer period to pay off your loan – a £5,000 loan over 5 years compared to a £5,000 loan over 3 years – your monthly repayments will be less but you’ll pay more interest. It will then cost you more in total.
£5,000 loans with bad credit
If you’ve had money or debt problems in the past, this may have left you with a poor credit rating. If this is the case, you may have a smaller pool of lenders willing to lend to you.
You may still be able to secure a £5,000 loan for bad credit, but you will likely pay more in interest rates.
If you are able to borrow £5,000 with bad credit, this can help your credit score in the long run. By borrowing this amount and sticking to your monthly payments, you’re showing responsible borrowing. This can help boost your credit rating.
Will a £5,000 loan affect my credit score?
When you apply for a £5,000 personal loan, the initial eligibility check doesn’t affect your credit score. ClearScore work with a panel of trusted lenders which leave only a soft credit footprint on your file that does not affect your credit rating.
If you decide to take up one of the offers from a panel of lenders, then the lender may then complete a hard credit search. This will show up on your credit file.
Alternatives to a £5,000 loan
If you’re not eligible to borrow £5,000 or the monthly payments are too high for your financial situation, consider borrowing a lower amount.
To borrow smaller sums, a credit card is another option to consider.
Frequently asked questions
- What is the monthly repayment on a £5,000 loan?
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The monthly repayment on a £5,000 loan depends on the available deals offered by our panel of trusted lenders. What you pay each month is based on the interest rate provided and the term of your loan. A loan over 5 years will have lower monthly repayments that one over 3 years. Accounting for interest, it will cost more over the long term.
If you want to know whether you are eligible and what the monthly repayments and APR available to you would be, then check your eligibility with no obligation to proceed and see what loan options are available for you.
- Can I get a £5,000 loan without a guarantor?
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Yes, see if you are eligible, you can get a £5,000 loan without a guarantor. Asda Money work with Aro, £5,000 loans are all offered as unsecured loans.
- Can I get a £5,000 loan without a credit check?
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No, when you check your eligibility for a £5,000 loan with one of the lenders from ClearScore's panel, they will run a soft credit check to find you loan options. If you then proceed with a lender, they may then run a hard credit check before final documents are issued.
- Can I pay back my £5,000 loan early?
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It may be possible to pay back your £5,000 loan early depending on your loan agreement with the lender. Many lenders on ClearScore's panel do not have an early repayment charge but you should always check this within the T&Cs before signing your agreement.
More on loans
About our trusted provider, ClearScore
We’ve partnered with ClearScore to provide our customers the very best loan options from a panel of handpicked trusted lenders. Asda is in partnership with ClearScore. Both Asda Money and ClearScore are credit brokers, not lenders.
Following one simple eligibility check, your loan options with be displayed. It’s also a safe way to view your options without negatively affecting your credit rating.
Asda Money is a trading name of Asda Financial Services Ltd who are an introducer Appointed Representative of “ClearScore” is a trading name of ClearScore Everywhere Limited (formerly known as Aro Finance Limited), authorised and regulated by the Financial Conduct Authority. Address: Vox Studios, 1-45 Durham Street, London, UK SE11 5JH. Registered in England & Wales 06297533. VAT Registration Number 257 0001 44. ClearScore acts as a Credit Broker not a Lender. If you take out a product or are introduced to a third-party provider, Asda and ClearScore will receive payment from that provider; the payment received may be a fixed or variable amount dependent on the product and lender, but it will not impact the amount you pay back. Applicants must be aged 18 or over and a UK resident. For full terms and conditions please visit Asda.com/loans