Apply for a £5,000 Loan

How Our £5,000 Loans Work

On Stride Financial believes that applying for funds should be as straightforward and clear as possible, so you can make the best decision for your particular situation. Once you have supplied some background application information, if eligible you'll be presented with some repayment terms, including how much you can borrow, payments you will need to make, the due dates and which APR you will receive.

Select the loan amount and term that works best for you from what is presented. If approved, the funds will be deposited straight into your bank account.

£5,000 Loans Glossary

• APR: This stands for annual percentage rate, and represents the amount of interest that would accrue on your loan over one year.
• Repayment period: This is the amount of time you have to repay the loan you have borrowed, plus the interest. For example, if you have a £5,000 personal loan with On Stride you may be able to repay it over a term ranging from six months to three years.
• Total cost: The cost of interest plus the original loan amount. How much you pay back depends on how long you take to repay your loan, and the APR. Balancing these two considerations is important when choosing your loan – you need to be confident you can make your payments, while simultaneously paying off the full amount as quickly as is comfortably possible.
• Unsecured loans: Loans that you can borrow without collateral as security.

£5,000 Loan FAQs

Is a £5,000 loan considered a payday loan or an instalment loan?

Our £5,000 loans are issued as instalment loans, with customers agreeing to make regular repayments.

Where should I go to get a £5,000 loan?

When you start to look around for a £5,000 loan, it might be overwhelming to decide which provider to choose. Which offer is best will depend on your circumstances, but you should ask yourself:

1. What can I realistically afford to repay each month?
2. Will I qualify for this loan with my credit, or will I need collateral or a guarantor?
3. What is the repayment period, and APR?
4. Are there any additional fees to set up the loan?
5. What is the total cost of the loan?

Compare different lenders' answers to these questions and decide which one best suits your needs.

What should I consider before taking out a £5,000 loan?

Any personal loan is a big financial responsibility that you should not take lightly. After getting an idea of what repayment periods and APRs are available to you, you should figure out what repayment schedule you can actually commit to.

Finding yourself unable to make payments can seriously impact your future finances, so make sure you are confident in your ability to repay over the entire course of the loan. You should also consider whether a loan is absolutely necessary – could you put off your purchase and save the money to buy it outright in the future?