Compare £1,000 Loan Rates
If you are looking for a £1,000 loan or a £10,000 loan the application process with most lenders will be roughly the same.
When taking out any kind of loan you should shop around to find the best deal available for you. Like all financial products loans vary greatly between plans and lenders. The different terms, conditions and interest rates they have mean that there’s no one right loan for everyone, it depends on your own specific needs.
You can use the calculator on this site to compare over 200 different loans from over 20 different lenders to help you see what the best choice for you is.
If you apply for a £1000 loan it may be as an unsecured loan. These are a type of loan that typically allows you to borrow up to £25,000 over a variable time period. Generally speaking the larger amount you wish to borrow the lower the rate of interest, however this does not mean you should take out a larger loan you cannot afford to service or repay.
Lenders will advertise their personal loans with a Representative APR however this is not the amount you are guaranteed to get from taking out a loan with them, your actual interest rate will be dependent on numerous factors such as how much you earn and your credit history, they will also take this into consideration when they evaluate how much they are actually willing to lend you.
You may also be able to borrow this amount as a guarantor loan if you feel your credit score is not good enough to get a personal loan. With this type of loan you have someone else with a better credit history agree to be a guarantor in the loan, meaning they share responsibility for it. This means if you failed to make a repayment the lender would ask the guarantor to make it.
Guarantor loans tend to be more expensive than personal loans overall, due to their still being added risk for the lender despite the added security of having a guarantor.
Things to consider
Before you take out a loan you should make sure it really is the best option for you, consider alternatives such as If you have any savings it might be beneficial to use these instead, as the interest you pay on a loan may be higher than any interest you earn from your savings.
There are other types of borrowing than personal and home owner loans such as authorised overdrafts and credit cards you might wish to consider.