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5kFunds offers clients a valuable service by giving them different loan offers with relatively competitive rates. In comparison to conventional techniques of acquiring loans through lenders, 5kFunds hosts a vast network of supported lenders, which allows loan candidates to get their loan application accredited by more than one lender at a time. Thus, it not only saves time but also delivers relatively competitive rates, which enables clients to get the best loans. Borrowers who wish to get a personal loan from their site can do so by completing the short application process. If they are eligible and their application is approved, 5kFunds will connect them with those lenders who have approved the loan.

Borrowers can finalize the loan and complete the process by electronically signing the loan offer. The sooner one completes the process, the faster the requested funds will be sent. However, if a candidate is not successful in getting approval from the lender of their choice, they can choose from other options available on the company’s website.

Let’s have a look at what kind of financing 5kFunds offers to its customers.

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  • Fast application process
  • Variety of lenders available
  • Good customer support


  • No extra tools offered
  • Online-only application process
  • Inadequate information about lenders

Application process

One of the drawbacks is that Quicken Loans does not consider alternative credit data and the verification process is limited to a simple credit score and debt-to-income ratio check, which is considered insufficient to approve a loan by many mortgage companies.

Quicken Loans also offers MyQL, an online tool that allows borrowers to manage the loan application. You may download the MyQL mobile app to receive notifications, make payments, and digitally sign documents related to your application.

HARP refinance

The government-sanctioned Home Affordable Refinance Program (HARP) allows homeowners to refinance the property, which was previously not possible due to a decline in the value of the property in question. The program helps you avail of low interest rates and apply with a minimum credit score of 580 to be eligible for refinancing.

Quicken Loans offers a wide range of financial products for a mortgage and refinance; however, it does not offer home equity or Home Equity Lines of Credit (HELOC). The company also does not provide additional banking and investing services that enable you to bundle your mortgage with similar financial accounts.

Reverse mortgage

A reverse mortgage is a special homeowners scheme for people above the age of 62 years. It allows you to use your existing home equity to meet financial goals and obligations.

FHA streamline

You can use the FHA streamline option to lower the interest incurred on your existing FHA loan in case of a refinance. The process allows for lenient credit requirements and in most cases, does not require a new appraisal on the current home value. With Quicken Loans, a refinance is possible even if you own more than the equity or value of your home.

30-year fixed mortgage

Quicken Loans also features a 30-year fixed mortgage option with principal and interest payments spread out over the entire tenure equally. You get to enjoy a low rate of interest, minimal down payment, and a high refinance value for your home.

15-year fixed mortgage

You can save money over the course of your loan with the 15-year repayment tenure at a lower rate of interest. The main highlights of the option include a fixed monthly principal and interest payment, minimum 3% downpayment, and a 97% refinance value for your home.

Jumbo loans

Unlike conventional loans, jumbo loans feature a low rate of interest for a higher amount of mortgage. You can apply for a big loan amount ranging from $453,100 to $3,000,000 depending on your financial requirements. There are fixed and adjustable interest rate options for all jumbo loans. Quicken Loans also features jumbo FHA loans that offer a more lenient down payment option and credit requirement to be eligible for the mortgage.

Veteran Affairs loans

Quicken Loans features special Veteran Affairs (VA) loans for qualified veterans, service members, and their spouses. VA loans enable veterans to qualify for a home loan with a low credit score, pay a lower rate of interest, and secure more debt in comparison to conventional loans. Moreover, with VA loans, there is no need for a down payment.

FHA loans

Quicken Loans is an FHA-approved lender that provides FHA loans to help you qualify for a mortgage even with a low credit score. Quicken Loans also ensures a low down payment option with just 3.5% of the loan amount to be paid upfront.


YOURgage allows you to choose a custom term with a fixed rate of interest on tenure options ranging from 8 to 29 years. The flexible repayment schedule and additional rate security are the two main highlights to help you customize the length of the mortgage to supplement your financial goals.

Adjustable-rate mortgage

You can avail of a low fixed interest rate and adjust monthly payments for the tenure of the mortgage. Loan flexibility is one of the main factors that make adjustable mortgages a popular choice.

Products offered

Online application, reduced paperwork, step-by-step guidance by in-house home loan experts, and a customer service second to none makes Quicken Loans the preferred choice for taking a mortgage or a refinance. Here are the most popular loan options offered by Quicken Loans:-


  • The company operates in all 50 states and is the second largest mortgage lender in the country.
  • Quicken Loans is also a direct lender, unlike popular competitors that simply act as a broker for multiple mortgage institutions.
  • In the first quarter of 2018, Quicken Loans had a loan volume of around $20.5 billion, thereby enabling millions of consumers to secure an affordable mortgage and refinance options.
  • Quicken Loans also offers a choice of mortgages that feature both fixed and variable interest rates for most loan options in the range of 1.47% to 4.68% on an average.