What are the different types of loans out there for the amount of £1,000?
There are a few different types of loans out there that cater to the amount of £1000. Choosing the right loan is important to you so we’ll try and cover each option to help you make the right decision.
£1000 payday loan
Payday loans are usually loans that you pay back over a very short period of time. We would only recommend a payday loan if you can pay the loan back very quickly as the APR is considerably higher compared to a personal loan.
If you were to borrow £1,000, you would usually pay £8 a day in interest until the loan was paid back in full. For example, if you borrow £1,000 a week before payday and pay the full amount back 7 days later when you get paid. You will end up paying £1,000 plus £56 interest (£1056 in total).
£1,000 Short-term loans
Short-term loans are loans for small values which are paid back over a 3-12month period. Usually, short-term loans are below £2000.
Interest rates on short term loans are very similar to payday loans. However, if you take the loan over a longer period then usually the rate drops slightly.
£1000 Personal Loan
A personal loan is a type of loan that is offered by a financial institution to individuals for personal, non-business related purposes. Personal loans are typically unsecured, which means they are not backed by collateral such as a car or a house.
Personal loans are generally used for a variety of purposes, including consolidating debt, paying for home improvements, paying for a wedding or a vacation, or covering unexpected expenses.
They offer lower APRs compared to short-term loans and payday loans. So, they might be best for your £1000 loan.
FAQs on a £1000 loan.
Here are some FAQs on this subject that will hopefully make your decision easier.
What is the APR on a £1000 loan?
This depends on which lender you get matched with. When you apply on our website, we’ll show you a non-obligation quote, which means if you aren’t happy with the quote shown, you don’t have to accept it.
Can I get a £1000 loan with bad credit?
Yes, although we can’t guarantee you’ll get accepted. However, some of the lenders we work with specialise in a same day loan bad credit. You might also get accepted by a guarantor lender, which means you might need a guarantor to help you get approved for your loan because of your credit. As mentioned above, you don’t have to accept any of the quotes shown.
How does it work?
- Apply on our website for a loan for £1000.
- If accepted, you’ll be redirected to the lender’s website to complete the application.
- Once completed you can receive the funds the same day.
What can I use a £1000 loan for?
This is completely down for you. In most cases, our customers get loans for bills, cars, weddings, home improvements etc. We do recommend you only take a loan if you really need it.
I can’t get accepted for a £1,000 loan, what should I do?
If you are unable to get approved for a loan, there are a few steps you can take to try and improve your chances of getting approved in the future:
- Check your credit score and credit report: Your credit score and credit report are important factors that lenders consider when evaluating your loan application. Check your credit score and credit report to see if there are any mistakes or negative information that may be affecting your ability to get approved for a loan. If you find any errors, dispute them with the credit bureau.
- Improve your credit score: There are several ways you can work to improve your credit score, including paying your bills on time, reducing your credit card balances, and not applying for too much new credit at once.
- Consider alternative lending options: If you are unable to get approved for a loan from a traditional lender, you may want to consider alternative lending options such as peer-to-peer lending or online lenders. These options may be more flexible with their lending criteria, but they may also have higher interest rates.
- Save up for a larger down payment: If you are trying to get a mortgage or a car loan, having a larger down payment may increase your chances of getting approved.
- Find a guarantor: If you are unable to get approved for a loan on your own, you may be able to increase your chances of getting approved by finding a guarantor who is willing to share responsibility for the loan with you. The guarantor should be someone with a good credit score and a stable income.
It’s important to remember that improving your credit score and financial situation takes time, so it may take some effort to get approved for a loan in the future. In the meantime, you may want to consider other options for funding your expenses, such as saving up or finding ways to generate additional income.
Why My Quick Loan for your £1,000 loan today.
Here are a few reasons why you should consider My-QuickLoan for your UK fast loans:
We are an introducer to T DOT who are regulated and authorised by the Financial Conduct Authority. This can protect you from any scams. Remember, My Quick Loan will never ask for money upfront. If you receive any email or calls from any UK loan company asking for money upfront, refuse and report it.
£1000 loan direct lender
We work with a large panel of FCA-approved lenders who can help you search for a “£1000 loan direct lender”. Not only that, but here at MQL, our services are entirely free to use. You’ll improve your chances of getting a loan by applying through MQL compared to going straight to a direct lender.
Hopefully, we have covered all the FAQs regarding your search for a £1000 loan. You can apply by clicking the link below.
Get your free loan quote todayAccess from £100 to £5,000
Representative 79.5% APR
Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.