We know from experience that people apply for loans for all sorts of reasons. It may be to pay off existing debts, install a new kitchen or a new boiler, buy a new car or even plan a dream wedding day. Whatever the reason, it’s always a good idea to set a realistic budget beforehand and only borrow what you can comfortably afford to repay.
Our team of secured loan consultants have helped thousands of customers to work out a repayment timeline that matches their personal situation and monthly outgoings. A £5,000 loan could help to take the stress out of managing repayments and worrying each month about your finances.
Unlike many high street lenders and credit card providers, Evolution Money don’t only rely on computer-generated reports and credit scores when reviewing a £5,000 loan application. Our team of loan experts are here to listen to your personal financial needs, talk through loan options and get you the money you need.
We believe that a person’s current financial situation is far more important than past credit history, particularly among homeowners who are looking to secure a loan agreement against their house. Before you confirm your ideal loan agreement, we always take time to explain all expected costs up front so there are no hidden fees further down the line.
Evolution Money offer a range of flexible repayment plans on a £5,000 secured loan. Many people choose to spread the duration of their loan over a longer period, which does reduce the cost of each monthly repayment but it also means that they will pay more interest overall. It usually boils down to cost versus time, and whether you want to minimise the total cost of the loan or give yourself more time to pay back the money you owe.
For instance, a £5,000 loan paid back over 12 months will cost roughly £576 per month for somebody with a fair credit rating. If that same person chooses to pay back their loan over 48 months instead then they are only due to pay back £205 per month, but with a higher amount to pay back in total.
Want to know the approximate cost and timescales of your loan? Take a look at our handy loan calculator to see what your repayments might be on a £5,000 loan through Evolution Money.
Or, give us a quick call on 0161 814 9158 to talk through your options and get a no obligation quote from an Evolution Money personal account manager today.
Apply for a secured £5,000 loan