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

LendingPoint is an Atlanta-based lender and servicer, redefining who can access money at fair rates.


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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; Midland States 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 from 0% to 7% 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 $2,000 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, $1,500.  For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

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