How to Get a Quick £1,000 Loan
Loans come in all different shapes and sizes.
That’s because people need different kinds of financial help to reach their goals. If you wanted to buy a house, you would choose a mortgage, because you know that’s the best kind of loan for borrowing a large amount of money over an extended period of time.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
If you were looking to spread out the cost of a new car, then you would probably look into a car finance loan and try to find a lender that can give you a great deal. On the other hand, if you’re looking for a cheap payday loan, then your best option may be payday lending.
While payday lending hasn’t always had the best reputation, it’s quickly growing in popularity across the UK for people who need access to small amounts of cash for a short period of time. While £1,000 might not seem like a small amount of money when you’re desperate for extra finances, it is defined as a “small loan” to banks and traditional lenders.
In fact, you may find that you struggle to get a loan for only £1,000 from a conventional personal loan provider.
Why It Doesn’t Always Make Sense to Get Conventional Loans
When you need to borrow money in a hurry, perhaps for a new second-hand car or an important repair in your home, your first idea might be to approach the bank and ask for a personal loan. After all, personal loans are there to offer unsecured lending for a range of different reasons. However, they’re not always a good idea for emergency situations.
When you get a personal loan from a conventional lender, you’ll often find that the less money you borrow, the worse your payment terms become. Typical lenders want you to pay your cash back over an extended period of time, and if you’re only borrowing a small amount, they need to add extra fees into the mix to make it worth their while. Most of the time, the best deals on a traditional loan are reserved for those borrowing at least a few thousand pounds.
So what do you do if you only want a £1,000 loan?
Payday loans and short-term lending options are excellent for when you want to borrow a small amount of cash until your next payday. These loans allow you to borrow money quickly and efficiently, without the headache of traditional loan applications. In some cases, you can even roll your loan over for a few months, so you have extra time to pay back what you borrow if you need access to more than just a couple of hundred pounds.
Aside from being perfectly suited to small loan amounts, payday loans are also a useful alternative to personal loans when you need to borrow money for an emergency, because they allow you to access cash quickly. Most personal loan providers ask you to meet with a banking expert and discuss your loan in detail before you can even apply for the money you need. With a payday loan, you can apply instantly, online, from the comfort of your own home.
How to Apply for a Small Loan
When you want to borrow a small amount of money, like £1,000 or less, a payday loan makes it easy to access the cash you need without the hassle. There’s no complicated application process, and more often than not, anyone can be accepted. Because you’re only borrowing a small amount of money for a short period of time, your lender doesn’t have to worry about taking on too much risk. This means that they’re willing to give loans to people who have bad or less than perfect credit too.
Today, with brokers like Boutell, you can even make applying for your small loan even easier, by making sure that you don’t have to deal with the headache of comparing different providers. Just like traditional loan providers, today’s payday loan companies are facing a lot of competition. There are plenty of businesses out there to choose from, but you won’t want to go and apply with everyone.
Not only does filling out a lot of different forms take up a lot of time that you might not have, but it could also leave black marks on your credit history too. Remember that loan providers can see when you’ve applied for other loans in the past, and that could make it harder for you to be approved for your future loan.
When you apply for a £100 loan with a company like Boutell, we do the work of searching for the best lender on your behalf. All you need to do is provide us with some basic information about your affordability levels, your background, and how much you want to borrow, and we’ll do the rest of the work. Although we may need to do a soft credit check to ensure that you’re eligible for loans with certain companies, we won’t do anything that will harm you credit score long-term.
Additionally, it may help to know that most payday loan providers are willing to accept a lot of people, no matter what their history might look like. All you need to do to be eligible for approval for a short-term small loan is:
- Prove that you have a regular source of income
- Show that you’ve been in employment for a while
- Demonstrate that you’re a legal resident of the United Kingdom
- Provide an email address and phone number so the loan company can contact you
- Be over the age of 18 and therefore an adult
- Have a bank account that a loan can be paid into
Can You Borrow £1,000 Quickly?
The good news about applying for short-term and payday loans is that you can get the cash you need within 24 hours of making your application. Most short-term loan providers know that they’re dealing with applications from people who are handling emergency situations and therefore need access to cash as quickly as possible. Because of this, they won’t leave you sitting around waiting for an email to come through to your inbox for days at a time.
The application process for getting your loan is incredibly straightforward, and can take a matter of minutes, whether you’re on your computer or browsing from your smartphone. From that point, most loan companies will be able to look through your details, run a soft credit check, and conduct an affordability check within as little as an hour. If everything goes through properly, then you could be offered your loan within just a couple of hours.
As with most loan products, exactly how quickly you get your loan will depend on a number of different things, including your credit history and the company you choose to borrow from. Different lenders can provide different lending speeds, and even different amounts when it comes to payday lending. When you’re working with a broker like Boutell, we make sure that we only deliver loan options from the most reputable companies, so you know that whoever you choose to go with, you can make your decision with confidence. We’ll also focus on getting you the cheapest possible loan product, by searching for lenders who offer minimal interest rates and no hidden fees.
Should You Get a Payday Loan?
When you need to borrow a small amount of money for a short period of time, there are few options better than a payday loan. These short-term lending solutions were specifically designed by today’s loan companies to give people somewhere to turn when they needed emergency cash to deal with an emergency or an unexpected expense. Although, in an ideal world, we would all have emergency savings that we could rely on when something went wrong in our lives, that’s not always the case.
Personal loans and other lending opportunities have their place in the financial world, but they’re not fast or flexible enough to support people who need help as quickly as possible. Fortunately, with a broker like Boutell, you can track down a payday loan that could potentially get the cash you need to you within as little as a couple of hours. When you’re borrowing £1,000 loans or less, this could be the easiest way to deal with your financial demands as quickly as possible.
Not only do you get simplicity with a bad credit loan, but you also get the benefit of knowing that you won’t have to change your life or your budget for long. Unlike other lending products, payday loans are paid back within a month of being sent into your account. This means that you can quickly get rid of your debt. In some cases, you might even find that your credit rating begins to improve after you get a payday loan, as it shows credit agencies that you can pay the money you owe back quickly, and without issue.
If you need to borrow money fast and you can’t get the flexibility you need from a standard personal loan, consider searching for a payday lender today with Boutell.