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Who will lend me several thousand euros?
Thanks to the boom of fintech companies, there are currently a large number of entities that grant credits of several thousand euros to finance projects of all kinds or, simply, to cover large contingencies. Let’s see who can lend us 5,000 euros or more and what are the conditions offered by each financing provider:
- Banks and financial credit institutions: if we need a loan of 5,000 euros, it would be more convenient to go to one of these entities, since they are the ones that apply a lower interest rate and those that will allow us to return the money in a greater term. Of course, in many cases, they will charge us commissions and they will demand us to fulfill certain requirements of connection, such as that we hire insurance or that we direct the payroll in the case of the banks.
- Crowdlending platforms: in recent years a large number of platforms have appeared that put people in need of financing in contact with investors willing to lend them money to obtain profitability. Through these platforms, we can also get credits of large amounts at a competitive interest, although the applied rate will depend on the rating granted by the platform itself.
- Fast loans companies: within the fintech sector we also find several private equity companies that grant loans in a matter of minutes through the Internet. However, it should be noted that there are not many private lenders that grant loans of large amounts and, in general, the interest they apply is quite high. In return, if we go to one of these companies we can get the loan of 5,000 euros almost instantly and without having to do much paperwork.
- Pawn shops: we also have the option of pawning a vehicle or any other valuable asset to get the money we need. In these cases, the interest is also quite high and the repayment period is usually short, but we will obtain liquidity instantly.
If any of these entities offer us a credit of 5,000 euros, the ideal will be that we do not hire it without first having compared other offers available in the financial market. If we want to know what are the products with which we can obtain that amount, we can take a look at the loan comparator of HelpMyCash.com, where we will find detailed information about all the commercialized credits.
Guarantees required when contracting a loan of 5,000 euros
As is logical, nobody is going to lend us 5,000 euros if we do not have a guarantee that assures the entity that we will repay the loan. In the case of credits of several thousand euros that are contracted to finance particular projects or to cover unforeseen events, the guarantee is personal, so the owner responds to the payment of the product with all his present and future assets. Therefore, in case of delay, all of them may be seized to settle the debt, although in general the balance of the accounts and a percentage of the borrower’s income are usually seized.
However, in certain cases, we may be required to provide some kind of additional guarantee to access a credit of 5,000 euros, either because our volume of income is insufficient or because our employment contract is not very stable. In general, when this circumstance occurs, the entities ask the borrower to add a co-owner or a guarantor to the contract to respond to the payment of the debt if the latter does not do so.
How much do I have to charge to lend me 5,000 euros?
Although each entity may require different requirements depending on their risk criteria, in most cases we must meet a series of basic conditions: have a level of income that allows us to repay the loan of 5,000 euros, have a good credit history, not appear in a file of defaults, etc. In the field of income, there is no minimum amount that we must necessarily receive to obtain credits of this amount, but our chances of obtaining approval will be much higher if the requested loan fee does not exceed 40% of what we enter monthly
It is also very important that we have a stable source of income, otherwise, our request may be rejected. In that sense, many entities will not grant us a credit of € 5,000 if we do not receive a payroll, a pension or a salary that allows us to pay the installments without complications. If we are self-employed, we can also access these products, although they will probably ask us for more documentation to make sure we are solvent.