What Would you Do with a 5,000-Dollar Personal Loan?

What Would you Do with a 5,000-Dollar Personal Loan?

What Would you Do With 5,000 Dollars?

Sometimes extra cash can make a big impact. Find out how some people would use a $5,000 personal loan.

Your dream vacation. A new car. Reduced debt. A personal loan can help you unlock the possibilities of your future and move closer to achieving your financial goals. With a single monthly payment, personal loans can be a more manageable (and often less costly) option than juggling hefty credit card bills.

So, we asked people around the country: What would you do with a $5,000 loan? Here’s what they said.

I would travel to the United Kingdom to discover my ancestral roots.”

Traci F., 60, Chicago

I’d use $3,000 to help fund my startup, and I’d use $2,000 for a vacation with my family.”

Hari J., 54, Atlanta

I’d go on a trip to Mexico with friends.”

Usman M., 35, Albany, New York

I’d take my dream vacation to Patagonia and go hiking through the Andes Mountains.”

Henisha D., 27, San Francisco

I would put half of it toward my remaining student loans, and with the other half, I’d buy a new sofa and a nice meal.”

Tessa D., 28, Omaha, Neb.

I’d vacation on a boat and try to complete a short story I’ve been working on.”

Evan B., 35, Boulder, Colo.

I would pay for my IT classes, and I’d also book some time to record music in a real studio.”

Mikel A., 30, Chicago

Home renovations, since I’m always working on my house. I really need to replace the bathroom floor and sink.”

Jennifer L., 54, New Orleans

I’d pay off various debts — student loans, car payments, and credit cards — and then I’d put the rest toward a vacation or something that I really want to buy at the time.”

Dustin C., 41 Bothell, Wash.

I’d pay off my highest-interest-rate credit card. Then I’d stock up on essential items for my young son.”

Connor D., 37, North Liberty, Iowa

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* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms, and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $1,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

* Applications submitted may be funded by one of several lenders including First Electronics Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. Upon final underwriting approval to fund a loan, said funds are often available the next non-holiday business day. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary. Loans are offered from $500 to $10,000 (loan amount maximum based on MCC codes), at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 48 months. For example, for a well-qualified customer, a $5,000 purchase will have a 90-day promotional period with no interest, a 3% fee, and $100 monthly payments. After the promotional period, a remaining balance will be a 24-month term loan, and $263.72 monthly payments with an overall APR of 26.54%.

**Minimum initial transaction of $1,000 in Alabama, Idaho and Iowa.

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