I have bad credit – can I still get a £1,000 loan?
Even if you have bad credit, it doesn’t mean you will be ineligible to borrow £1,000. And by starting an application with CashLady you get to see if you are matched with a lender without it having an effect on your current score.
You can complete and submit your application form with absolutely no risk involved. It gives you more time to weigh up your options instead of accepting the first loan offered to you elsewhere, as you need to ensure you are financially secure enough to repay it in full.
A lender will want to ensure the loan is affordable based on your current financial circumstances. This will be assessed by working out how much spare money you have available each month after you have paid for all your essential outgoings. This can include but is not limited to your living costs, household bills and any commitments to existing credit agreements you have in place.
What are the repayment options on a £1,000 loan?
Taking out a £1,000 loan gives you the choice to repay the full amount plus interest within 3, 6, 12, 18, 24 or 36 months.
The longer the repayment period the more interest you may have to pay but be sure to pick an instalment plan that best suits your finances to ensure you can meet all of the repayments for the duration of the term and avoid falling into any difficulty at a later date.
How much interest will I have to pay?
If you are offered a loan by a lender, they will also apply an APR that is based on a number of different factors determined by the company. This will include your lending history and current credit score.
As an example, if you are offered a £1,000 loan with an APR of 49.9% paid across 36 months, the total amount to be repaid would be £1,756.64.
Before accepting a loan offer take some time to look at your monthly incomings and outgoings to ensure you can repay both the amount you want to borrow and the additional interest.
Could I receive my £1,000 loan today?
Most applications are processed quickly and if you accept a loan with a lender, they will look to get the funds to you as soon as possible. In many cases they could send it the same day, depending on what time the application was submitted.
When you start an application with CashLady we will try to match you with a lender in a matter of minutes so there is no delay in taking your next steps.
How to apply for a £1,000 loan
If you want to start your application with CashLady for a £1,000 loan you must first ensure that you are:
- 18-years-old or older
- a legal UK resident
- the owner of a UK bank account and debit card
- able to provide an email address and mobile number
- in full or part-time employment with a regular income
We only carry out a soft credit search which will not affect your credit score. If you continue your application directly with a lender it will require you to undergo additional credit checks that could affect your credit rating.
Representative 49.9% APR