If I borrow £1000 do I have to pay it back over 3,6 or 12 months?
If you are approved for a £1000 loan from a direct lender, how much you have to repay and when, will be outlined in the agreement that is provided to you before the loan is finalised. This agreement will cover the individual repayments you are expected to make, including any interest. Although terms will vary and be dependent on your personal circumstances £1000 pound loans are often repaid in 12 months or less.
I have poor credit, can I get a £1000 loan with no guarantor?
There are a number of lenders that will consider those with poor credit, and don’t require a guarantor to support the application. Due to the increased risk of lending to someone who has a CCJ or history of missed payments, without a guarantor, if approved the amount you will be offered is likely to be small and the interest rate high.
Can I get a £1000 payday loan with bad credit?
If you have a bad credit history or have limited income you do still have options when it comes to obtaining credit. Choose Wisely works with a diverse panel of lenders that caters for applicants with all types of credit history. If you are unsure where to start or what lenders may be suitable for you, the best place to start is with a Choose Wisely loan search.
Am I able to apply for £1000 with no credit check?
As part of completing an application with a direct lender you will almost certainly be credit checked. This is so the lender can fully understand your circumstances and history of managing credit. A credit check plays a vital role in ensuring you can afford the loan and wont put yourself under increased financial pressure by trying to meet the repayments.
Are there other ways to borrow £1000?
Perhaps the cheapest way to borrow £1000 is to ask family or friends if they can lend you some cash? They might be able to help you out or offer an alternative solution, like offering lifts if your car needs fixing.
£1000 loan FAQs
Yes. Choose Wisely may receive a commission when you successfully get a loan through Choose Wisely. This means we can maintain the website without charging you a penny.
Each lender will have their own criteria when it comes to deciding whether or not to lend you. As a minimum you will need to be at least 18 years, receive a regular income (employment or benefits) and be able to demonstrate you can meet the repayments.
Depending on your score, you might be able to get a credit card with a £1000 credit limit but these tend to be more suitable for those with a fair to good credit score. Credit cards typically have a smaller APR rate than bad credit loans but can be very expensive if you miss your monthly minimum repayment or only ever repay the interest, meaning your balance never gets paid off. A credit card could be a more suitable if you're looking for small amounts such as £100.