Can I get £1000 loan with a bad credit rating?
Yes, believe it or not. There are some people who, because they’ve never borrowed any money or had a credit card, for example, have not been able to build up a good credit history. If you fall into this category, kudos to you for managing your money so well. In this case, you can apply for a £1000 loan for bad credit.
A guarantor loan is a type of bad credit loan that requires you to have a guarantor to guarantee the loan payments – a generous person who’s willing to meet your repayments if you find yourself unable to.
This reduces the risk for the lender, meaning they’ll be able to offer you lower interest rates than you could get elsewhere.
Instalment loan or a payday loan?
Either can give you a quick cash boost when you need it. But they’re very different models, so you might want to think about which suits your circumstances better. Let’s take a look:
Payday loans provide a short-term solution to cash shortfalls. They’re unsecured loans, meaning no collateral is required to secure one, but the downside is the high rates of interest. We don’t offer this type of loan on our site.
You’d typically use a payday loan to bridge the gap between the time you run out of money, to the time you get paid again.
Instalment loans are repaid over a long period of time, so you get a better interest rate and are typically are for larger amounts than payday loans.
So which should you choose?
If you need a £1000 loan with flexible terms, and you’re unable to pay the loan off straight away, you may prefer an instalment loan.