£1000 loan and where to find them
Do you need a £1000 loan? There are all sorts of reasons why having access to fast cash can become a priority. From an unexpected bill that has to be paid through to emergency travel money to visit family or to fund the replacement of an essential household appliance, suddenly finding that you need money to cope with an unexpected expense can happen to almost anybody. Unfortunately, for some people, getting access to the rapid, reliable lending they need can be a challenge. Particularly if you've had a few missed payments or have got behind with an existing credit agreement, your credit rating could be in poor shape. This means that many lenders are not prepared to consider you as a borrower. If this applies to you, we can help. We offer short-term, £1000 loan lending that's ideal for people with a less-than-ideal credit rating.
A £1000 loan, repaid over a relatively short period of time (typically 3 to 18 months), gives customers the money they need to cope with a sudden, urgent need for cash. These loans aren't intended as a long-term solution to a low income or large amounts of debt; rather, a £1000 loan is a speedy cash injection that is to be used for out-of-the-ordinary, one-off emergencies. For example, if your car needs a vital repair in order for you to continue to drive to work or you need to get someone in to repair or replace a cooker or washing machine, a short-term loan could be ideal.
Typically, the people who need a £1000 loan need access to the money fairly fast: after all, if you've got a financial emergency on your hands, there often just isn't time to go through a long application process with your bank, or complete a lengthy application form. That's why the borrowing we offer is designed to get you cash when you need it, with no unnecessary delays. An initial application only takes a few minutes to complete and can be done wholly online. This gives you the flexibility to apply at any time and in any location where you've got an Internet connection. Loans are frequently approved in time for money to be transferred to your account the same day as you made your application, subject to your acceptance of the loan terms.
£1000 loan repayment options
Obviously, before you take out a loan, you need to be clear that you're in a position to repay it! Although many short-term lenders don't have super-strict requirements when it comes to their lending criteria, it's still important that you know you will be able to pay back what you owe. Usually you will be required to set up a direct debit, ideally arranged so that your monthly loan repayment instalment comes out on the same day as your money goes in.
Generally, a £1000 loan can be repaid in as little as three months or as many as 18 months. Repayment instalments are usually of the same amount each month, with any variations being in either the first or the last month of the loan. When considering how long to take your loan out for, it's important to be clear about how much money you've got going in and what your essential outgoings are (so the amount that you spend on rent/mortgage, council tax, utilities etc). Once you've set money aside for your essential bills, you can more clearly see how much you have available to potentially spend on your loan repayments. Remember that it's important that you keep up with your loan repayments, or you could end up paying penalty charges. For this reason, err on the side of caution when setting your repayment amount.
Note that the longer the repayment period of your £1000 loan, the more interest you will have to pay.
Representative example on a £1000 Loan
One of the things which can concern potential borrowers is the high APR (annual percentage rate) which the interest on short-term loans can attract. It's quite common for borrowing to be at a rate of over 1000% APR when the loan is only for a few weeks or months. Remember that the APR is the annual (yearly percentage rate): as most short-term loans are repaid within just a few months, it's unlikely that you'll ever end up paying a full year of interest.
For example, a £100 loan, repaid over three months (13 weeks), at a weekly rate of £11, with an APR of 1557.7%, would cost £143 in total. This is made up of £100 to repay the initial borrowed amount, plus £43 in interest.
Similarly, a £1000 loan, repaid over six months, would give you a weekly repayment rate of £60 for 26 weeks, with an APR of 1557.7%. The total amount you would need to repay would be £1560.00: £1000 for the loan and £560 interest on the amount borrowed.
Although these typical rates aren't the most competitive that you will find out there, the interest rates take into account the fact that this type of short-term borrowing is specifically intended for people with a poor credit rating. Because lenders are taking a higher risk when they provide a loan to individuals with a low credit score (statistically there is a higher rate of loan default than on products for people with a higher credit score), the interest rates are set higher to compensate for the level of risk being taken.
Loaning £1000 now
We operate as a loan broker, rather than a lender. What this means is that our company doesn't lend you the money, but we do put you in touch with the lender(s) on our books who are able to offer you the most competitive rate. Should you express an interest in one of the lenders we've identified, they will conduct relevant credit checks and request any additional information they need, before approving your request to borrow. Being a broker enables us to offer our customers better access to a range of different loan products, optimising the chances that we can find something that's right for you.
To get started on your loan application process, use our online application form. Remember that you will need details of your income and expenditure, as well as proof that you have a source of income and are a UK resident. You can apply via your mobile phone, using a desktop or from a laptop. Everything can be sent virtually, so there's no need for a trip to the Post Office or to wait until office hours. Once we've received your application, we'll identify lender(s) who will potentially offer you the money you need. They will carry out any further checks needed before your funds are authorised and transferred to your bank account. Once you've accepted the loan, you'll receive confirmation of the loan amount, the dates and amounts of the repayment instalments and information on the loan terms, including what penalties are in operation for late or missed repayments.
If you have a poor credit rating and/or a low income, it's still perfectly possible to be successful when you apply for a £1000 loan. The lenders we use specialise in providing short-term borrowing for customers who may not always be able to obtain finance from a high street bank or similar lender, due to their low credit score. Remember, in some cases, short-term borrowing may even boost your credit score, provided you keep to the repayment schedule.
For anyone who needs urgent cash to sort out an unexpected, temporary financial problem, a £1000 loan, paid back over a few months, could be the perfect solution. Our lenders are able to arrange quick access to the cash you need to ease your current circumstances. Convenient, speedy and transparent, we offer access to loans that can be with you the same day as you apply!