Is 5k Funds Legit? Not Really. Here Are 8 Better Options (2024)

Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

5k Funds is a lending marketplace advertising loans with rates between 5.99% and 35.99%. But these claims may be too good to be true. The company works with tribal lenders, debt settlement companies, and auto title lenders — products that come with sky-high interest rates and other risks to your credit.

Even if you have bad credit, there are other lenders that may be willing to work with you. Here are 9 alternatives that generally offer cheaper and safer solutions for accessing quick cash when you need it.

Lender	Loan amount	Fees	Speed
EarnIn	Up to $150/day, with a max of $750 between paydays	No membership fee	1 to 3 business days or within minutes for a fee starting at $2.99 per transfer	Go to site
Cleo	Up to $250	$5.99	3 to 4 days or instant for a fee.	Go to site
OppLoans	$500 to $4,000	N/A	As soon as the same business day	Go to site
Brigit	$50 to $250	$8.99 to $14.99 monthly membership fee	1 to 3 business days or instant with a Premium subscription or for a fee.	Go to site
Avant	$2,000 to $35,000	Up to 9.99%	As soon as the next business day	Go to site
BestEgg	$2,000 to $50,000	0.99% to 9.99%	As soon as the next business day	Go to site
MoneyLion	Up to $500 or $1,000 with RoarMoney account	Free (or $1 to $5 for RoarMoney account)	Up to 5 days or instant for a fee of $0.49 to $8.99	Read review
Possible Finance	Up to $500	No monthly fee but charges $15 to $20 per $100 borrowed	As fast as 1 business day	Read review

8 alternatives to 5k Funds

Alternative for employed borrowers: EarnIn
Alternative for gig workers: Cleo
Alternative for higher loan amounts: OppLoans
Alternative for payment flexibility: Brigit
Alternatives for bad credit lending: Avant
For quality customer reviews: Best Egg
Alternative for no monthly fees: MoneyLion
Alternative for building credit: Possible Finance

Alternative for employed borrowers

EarnIn

9.5 Excellent

Go to site Read review

EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps and unlike payday loans, there's no interest or financing fees to use Cash Outs.

To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $150 a day to a linked bank account. Regular transfers are available in one to three business days or in minutes for a fee.

Loan amount	Up to $750
Turnaround time	1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
Costs	Free to use or within minutes with a fee as low as $2.99 per transfer

Not available in: Connecticut

EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps and unlike payday loans, there's no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $150 a day to a linked bank account. Regular transfers are available in one to three business days or in minutes for a fee.
Pros

No credit check required

No interest or mandatory tipping

Free credit score tracking included
Cons

Verification of employment earnings required

Same-day (Lightning) transfers attract a fee

Can only qualify with employment income

Class-action lawsuit in 2021

APR	0%
Loan amount	Up to $150/day, with a max of $750 between paydays
Loan Term	1 to 4 weeks
Turnaround time	1 to 3 business days or within minutes for a fee starting at $2.99 per transfer

Loan amount	Up to $750
Turnaround time	1 to 3 business days or within minutes for a fee starting at $2.99 per transfer
Costs	Free to use or within minutes with a fee as low as $2.99 per transfer

Go to site Read review

Alternative for gig workers

Cleo

8.2 Great

Go to site Read review

If you're a gig worker with irregular paychecks, Cleo is a budgeting and cash advance app that's side job friendly. Unlike some apps, you don't need to show a minimum amount of recurring deposits to qualify for cash advances. As long as you have consistent income coming in from your job(s), you could qualify for an advance.

Cleo cash advance amounts start at $20 to $70, but that could level up to $250 with a history of consistent income. The app also features handy tools to help you budget and track your spending and bills better. To get advances through the Cleo app, you'll need to subscribe to the Cleo Plus paid plan, which costs $5.99 per month. If you need a same-day transfer, it costs an additional $3.99 - $9.99.

Loan amount	$20 - $250
Turnaround time	3 to 4 days or instant for a fee.
Costs	$5.99 monthly membership fee to access cash advances

Available in all states

If you're a gig worker with irregular paychecks, Cleo is a budgeting and cash advance app that's side job friendly. Unlike some apps, you don't need to show a minimum amount of recurring deposits to qualify for cash advances. As long as you have consistent income coming in from your job(s), you could qualify for an advance.
Cleo cash advance amounts start at $20 to $70, but that could level up to $250 with a history of consistent income. The app also features handy tools to help you budget and track your spending and bills better. To get advances through the Cleo app, you'll need to subscribe to the Cleo Plus paid plan, which costs $5.99 per month. If you need a same-day transfer, it costs an additional $3.99 - $9.99.
Pros

No employment verification required

No credit checks or interest charged

Free AI financial planner, bill tracker, and low-balance alerts
Cons

Cleo Plus plan required to access cash advances

Same-day transfers cost $3.99 - $9.99

Mixed customer reviews

Loan amount	$20 - $250
Turnaround time	3 to 4 days or instant for a fee.
Costs	$5.99 monthly membership fee to access cash advances

Go to site Read review

Alternative for higher loan amounts

OppLoans Installment Loans

9.4 Excellent

Go to site Read review

OppLoans offers personal loans to bad credit borrowers. But it's typically cheaper than 5k Funds, with APRs on its loans capping out at 195%. While still expensive compared to other types of personal loans and cash advance apps, it can be a lifeline if you need fast funds: same-day funding is possible if your loan is approved before noon CT.

OppLoans also offers higher loan amounts than what most cash advance apps offer. If eligible, you could secure a loan between $500 to $4,000 and have up to six months to three years to pay it back in most states. It also reports your on-time payments to the major credit bureaus, which could help boost your credit score.

Loan amount	$500 - $4,000
Turnaround time	As soon as the same business day
Online application	Yes

Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, Washington, West Virginia

OppLoans offers personal loans to bad credit borrowers. But it's typically cheaper than 5k Funds, with APRs on its loans capping out at 195%. While still expensive compared to other types of personal loans and cash advance apps, it can be a lifeline if you need fast funds: same-day funding is possible if your loan is approved before noon CT.
OppLoans also offers higher loan amounts than what most cash advance apps offer. If eligible, you could secure a loan between $500 to $4,000 and have up to six months to three years to pay it back in most states. It also reports your on-time payments to the major credit bureaus, which could help boost your credit score.
Pros

Reports to Equifax, Experian and TransUnion

No prepayment penalties

Same-day funding available
Cons

Rates run high compared to many personal loans

Bank account must be at least 90 days old

Must receive income through direct deposit

Loan amount	$500 - $4,000
Turnaround time	As soon as the same business day
Online application	Yes

Go to site Read review

Alternative for payment flexibility

Brigit

8.4 Great

Go to site Read review

Brigit is a no-credit-check cash advance app that lets you access up to $250 per pay cycle for a monthly fee of $8.99 to $14.99. Unlike 5k Funds, it's not a loan. Rather, it's a cash advance against your next paycheck with 0% interest and no funding fees. This can make it more economical than a payday loan, which typically costs $10 to $15 per $100 borrowed.

Brigit also allows you to request a free payment extension if you're short on cash. As long as you've had two previous consecutive on-time payments, you can request a payment extension. You can store up to three payment extensions to use later, giving you more flexibility in how you repay your cash advance.

Loan amount	$50 - $250
Turnaround time	1 to 3 business days or instant with a Premium subscription or for a fee.
Costs	Brigit Plus: $8.99/month; Brigit Premium: $14.99/month

Available in all states

Brigit is a no-credit-check cash advance app that lets you access up to $250 per pay cycle for a monthly fee of $8.99 to $14.99. Unlike 5k Funds, it's not a loan. Rather, it's a cash advance against your next paycheck with 0% interest and no funding fees. This can make it more economical than a payday loan, which typically costs $10 to $15 per $100 borrowed.
Brigit also allows you to request a free payment extension if you're short on cash. As long as you've had two previous consecutive on-time payments, you can request a payment extension. You can store up to three payment extensions to use later, giving you more flexibility in how you repay your cash advance.
Pros

No interest charged on advances

Credit-builder program included in monthly fee

Up to $1 million in identity-theft protection
Cons

Must establish a direct deposit history

Relatively low maximum $250 advance limit

Some users report poor customer service

Loan amount	$50 to $250
Loan Term	Until your next payday, but can extend
Turnaround time	1 to 3 business days or instant with a Premium subscription or for a fee.

Loan amount	$50 - $250
Turnaround time	1 to 3 business days or instant with a Premium subscription or for a fee.
Costs	Brigit Plus: $8.99/month; Brigit Premium: $14.99/month

Go to site Read review

Alternative for bad credit lending

Avant personal loans

6.9 Standard

Go to site Read review

Unlike many other lenders, Avant accepts self-employment income and less-than-perfect credit. To qualify, you need a credit score of at least 550, whereas most other lenders require upwards of 600 to 670 minimum. While Avant is more flexible with credit scores and employment history, it has high rates between 9.95% to 35.99% — so if you have a higher credit score, you may be able to find lower rates elsewhere.

Min. credit score	550
APR	9.95% to 35.99%
Loan amount	$2,000 to $35,000

Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia

Unlike many other lenders, Avant accepts self-employment income and less-than-perfect credit. To qualify, you need a credit score of at least 550, whereas most other lenders require upwards of 600 to 670 minimum. While Avant is more flexible with credit scores and employment history, it has high rates between 9.95% to 35.99% — so if you have a higher credit score, you may be able to find lower rates elsewhere.
Pros

Quick approval and funding

Pay no fee for early repayment

Reports to the three major credit bureaus to help build your credit
Cons

Maximum loan amount varies by state

May not be available in all states

Potentially high origination fees if approved

Loan amount	$2,000 to $35,000
APR	9.95% to 35.99%
Interest Rate Type	Fixed
Min. credit score	550
Turnaround Time	As soon as the next business day
Loan Term	24 to 60 months

Min. credit score	550
APR	9.95% to 35.99%
Loan amount	$2,000 to $35,000

Go to site Read review

Alternative for quality customer reviews

Best Egg personal loans

8.6 Great

Go to site Read review

Best Egg offers loans up to $50,000 and is one of the few lenders with positive reviews across the board. It's consistently received high ratings on reputable review sites like the Better Business Bureau (BBB), Trustpilot, and Credit Karma. Best Egg also accepts fair credit borrowers making it a good option if you're not sure you'll qualify for other direct lenders.

Min. credit score	640
APR	7.99% to 35.99%
Loan amount	$2,000 to $50,000

Not available in: Iowa, Vermont, West Virginia

Pros

Positive customer reviews

Accepts fair credit
Cons

High APRs from 7.99% to 35.99%

Origination fee of 0.99% to 9.99%

Loan amount	$2,000 to $50,000
APR	7.99% to 35.99%
Interest Rate Type	Fixed
Min. credit score	640
Turnaround Time	As soon as the next business day
Loan Term	3 to 5 years

*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.

The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001.

For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL–Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/

Min. credit score	640
APR	7.99% to 35.99%
Loan amount	$2,000 to $50,000

Go to site Read review

Alternative for no monthly fees

MoneyLion Instacash advances

9 Excellent

Read review

MoneyLion is a money management app that offers $500 cash advances per pay period with 0% interest and no monthly fees. And you could qualify for up to $700 per pay period with a Credit Builder Plus paid subscription and up to $1,000 if you open up a RoarMoney account and set up direct deposit.

MoneyLion doesn't just offer cash advances. It's a full-fledged money app offering a banking account, an investment account and a crypto-trading feature. MoneyLion has mostly positive reviews on Trustpilot, but if you need same-day “turbo” transfers, fees can add up quickly and may be higher than other apps.

Loan amount	$50 - $500
Turnaround time	Up to 5 days or instant for a fee of $0.49 to $8.99
Costs	Free

Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming

MoneyLion is a money management app that offers $500 cash advances per pay period with 0% interest and no monthly fees. And you could qualify for up to $700 per pay period with a Credit Builder Plus paid subscription and up to $1,000 if you open up a RoarMoney account and set up direct deposit.
MoneyLion doesn't just offer cash advances. It's a full-fledged money app offering a banking account, an investment account and a crypto-trading feature. MoneyLion has mostly positive reviews on Trustpilot, but if you need same-day “turbo” transfers, fees can add up quickly and may be higher than other apps.
Pros

No credit check required

No fees and no obligation to tip

Credit builder and crypto features
Cons

Must establish a direct deposit history

Pattern of negative customer complaints

Instant delivery to external accounts costs $8.99 per $100 borrowed

Loan amount	Up to $500 or $1,000 with RoarMoney account
Loan Term	Due by your next pay date
Turnaround time	Up to 5 days or instant for a fee of $0.49 to $8.99

Loan amount	$50 - $500
Turnaround time	Up to 5 days or instant for a fee of $0.49 to $8.99
Costs	Free

Read review

Alternative for building credit

Possible Finance Mobile Installment Loans

Read review

Possible Finance is a bad credit online lender offering loans of up to $500 that you pay back in four installments. Fees vary per state and can run anywhere from $10 to $25 per $100 borrowed. But Possible reports your payments to Experian and TransUnion to help build your credit, and you don't have to pay back the full loan on your next paycheck, as with cash advance apps.

While it's expensive compared to cash apps, some customers report their credit scores going up after taking out a loan with Possible. But others warn against taking out too many loans in a short time frame since this can lead to a credit score drop. Due to its cost, Possible is best for emergency borrowing when you need a little longer to pay back your loan.

Loan amount	$50 - $500
Turnaround time	As fast as 1 business day

Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington

Possible Finance is a bad credit online lender offering loans of up to $500 that you pay back in four installments. Fees vary per state and can run anywhere from $10 to $25 per $100 borrowed. But Possible reports your payments to Experian and TransUnion to help build your credit, and you don't have to pay back the full loan on your next paycheck, as with cash advance apps.
While it's expensive compared to cash apps, some customers report their credit scores going up after taking out a loan with Possible. But others warn against taking out too many loans in a short time frame since this can lead to a credit score drop. Due to its cost, Possible is best for emergency borrowing when you need a little longer to pay back your loan.
Pros

No credit check required

Same-day funding available

Reports to two credit bureaus
Cons

Borrowing fees range from $10 to $25

A history of negative customer reviews

Typically more expensive than a cash advance app

Loan amount	$50 - $500
Turnaround time	As fast as 1 business day

Read review

How does 5k Funds compare?

5K Funds advertises a secure online application process for borrowers, no matter your credit rating. Although 5K Funds offer APRs as low as 5.99%, there are plenty of other reliable options available to you, considering 5k Funds’ customer experience reputation. If you want to look at direct loans that are lenient on credit requirements, you can look at brands like Avant or Best Egg. If you want to look at a marketplace like 5k Funds that offers a chance of lower APRs, you can check out Fiona.

5K Funds customer reviews and complaints

BBB accredited	No
BBB rating	N/A
Trustpilot Score	1.5 out of 5 stars, based on 78 customer reviews
Customer reviews verified as of	09 June 2024

5k Funds is not BBB accredited, and it has a rating of 1.5 stars on Trustpilot. In some reviews, customers mentioned they decided not to complete their application process because 5k Funds asked for their bank account details before providing an offer.

Is 5k Funds legit?

We don’t know. While it advertises low rates of up to 35.99% APR on its homepage, the company buries information about its predatory lending partners — including tribal lenders — in its terms and conditions and has many disclosures designed to protect its parent company, Warmest Dear LLC from liability. Even if 5k Funds is legit, there are a lot of red flags that make us wary of recommending it.

Other alternatives to 5k Funds

Cash advance apps and loans may not help in every situation. If you have irregular paychecks or need to borrow higher amounts, consider these alternatives.

Ask your employer for an advance. If you’re employed, check to see if your employer offers cash advances against your paycheck. Some employers partner with cash advance apps like Even or DailyPay, which let you access larger portions of your paycheck early.
Consider a loan from a CDFI. Community Development Financial Institutions (CDFIs) offer small-dollar, short-term loans at a lower cost than a payday or installment lender. CDFIs are typically local banks or credit unions that serve low-income or rural areas.
Take out a personal loan. If you need to borrow $500 or more, don’t overlook online bad credit lenders like Upstart, OneMain Financial or Avant. These lenders work with lower credit scores and cap rates at 36% APR. As long as you have regular income, you may qualify.
Take out a credit card cash advance. Credit cards offer a way to access cash from an ATM in an emergency. Cash advance rates run high, so consider a card like the PenFed Platinum Rewards Visa Signature® Card that offers a lower-than-average cash advance rate.
Buy Now Pay Later (BNPL) apps. While it’s not the same as cash, BNPL apps let you purchase items you need and pay them off later, which could help in an emergency. Choose from the best BNPL apps for cash-free purchases today.

Compare local resources and more payday loan alternatives to explore more alternative funding options.

Bottom line

5k Funds is a loans marketplace that isn’t what it appears on the surface. While it seems similar to other personal loan marketplaces like Fiona or LendingTree, it works with predatory lenders like tribal lenders and auto title companies — which typically charge sky-high interest rates.

If you have bad credit, you may believe that your options for a loan are limited. However, having bad credit doesn’t mean you need to turn to expensive payday and installment loans or predatory loan marketplaces like 5k Funds for cash.

There are generally many much cheaper options available, including legitimate bad credit lenders, 0% interest cash advance apps, as well as other alternatives for accessing money.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Kat Aoki

Writer

Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio

Kat's expertise

Kat has written 157 Finder guides across topics including:

Mortgages
Home equity loans
Mortgage refinancing

Co-written by

Gabriel Vito

Writer

Gabriel Vito is a freelance personal finance writer for Finder. With over four years of experience, he has crafted helpful guides and articles covering various personal finance topics, including credit cards, investing and banking. Gabriel's work has been featured on Yahoo Finance, NASDAQ, GoBankingRates, and more. He has a Bachelor's Degree in English and is passionate about helping others navigate their financial journey. See full bio

More resources on Finder

Loans like Uprova Alternatives to Zocaloans

Ask a question

Click here to cancel reply.

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

More guides on Finder

eLoan Warehouse Review: Not a Legit Option for Fast Cash
A review of eLoanWarehouse, an installment lender with rates of 600% or more
LendNation Review: High-Cost Fast Cash for Bad Credit
Wondering if this high-interest lender is worth it? Here’s what you need to know first.
Loans Like Blue Mountain Loans
Need cash fast? These lenders offer better terms and lower costs than Blue Mountain Loans.
Blue Mountain Loans Review: Quick Funding But Very Expensive
Is Blue Mountain Loans a lifeline or a trap? Find out before you borrow.
Payday Loan Alternatives in Maryland
If you’re planning to apply for a payday loan in Maryland, make sure you go through this guide first.
Alternatives to Payday Loans in Arkansas
Here’s what you need to know about Arkansas payday loans. Are they legal? Compare online lenders who offer fast loans.
What to Do When You Need Money to Pay Rent Tomorrow
Consider all your options before taking out a high-cost payday loan.
Payday Loan Alternatives in California
Consider multiple alternatives to $255 payday loans online the same day.
Loans like Uprova
What to know before applying for an Uprova loan and 6 alternatives.
Get a $50 Loan by Tomorrow
From pay advance apps to payday loans, you have a few options to choose from.

Alternatives to 5k Funds