5000 Loan Guide

Over nine million individual complaints were made to companies involved in the financial services industry between 2006 and 2008 Banking and loans made up over half of complaints made to financial companies in that period. The Financial Services Authority (FSA)  published the complaints figures on the 3rd September 2009. The data indicates that the overall number of complaints has increased by 5.7% over the period, however the biggest increases of 2.02m complaints were seen in the first half of 2007. Misleading advice about Life and Pensions products was the largest cause of complaints at 34%. The number of complaints about other general insurance or protection products (including payment protection insurance) more than doubled between 2006 and 2008 from 61,972 to 126,803 which was largely due to increasing numbers of complaints about payment protection insurance, with 69,686 of the complaints pertaining to misleading advice and 42,037 for poor customer service. Banks and loans managed 44,617 and 128,280 respectively.

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Here’s a list of the cheapest £5000 loan rates I could find, however you should perhaps check out my post about unfair loan rates,  lenders are hitting potential borrowers that do not have a perfect credit history with much higher interest rates.

Sainsbury’s Bank are offering a typical rate of 7.9% APR however this is for loans between £7,500 and £15,000, You’ll also need a Nectar card to get these rates

If you have a  current account with Nationwide you can get  7.7%  for loans of between £5,000 and £14,999.

Marks and Spencer Money has a cashback deal which will repay you 10% of the loan interest if repayments are made  for the full term, tpyical  7.9%.

personal loan.co.uk – part of the Co-op Bank are offering a typical rate of 8% on loans of between £5,000 and £25,000, while Abbey, First Direct, Alliance & Leicester and Smile – are quoting typical rates of 8.9%, however in some cases these rates are for existing customers only.

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