Among guarantor loan lenders, this is often the smallest value on offer to potential borrowers.
As a flexible option, it can be used for various purposes due to the low monthly repayments. A £1,000 loan can be used to hold you over during an uncertain financial period or help to make an emergency purchase.
How much would you like to borrow? £3,000
How long for? 3 year
You may not always need a large loan, as a £1,000 loan can cover many urgent requirements, such as car repairs or bills.
If you have bad or no credit score at all, a guarantor loan for £1,000 will likely be your best option to secure finance. This can depend on your financial status or the purpose of the loan.
This loan value acts as a flexible choice for borrowers. If you’re younger, you may need it for car repairs, holidays or studying. For older borrowers, it could extend to small home improvement costs.
Due to the size of the loan, it can come with shorter repayment periods, depending on your circumstances. However, you should research available loans to work out how much you can afford to pay back each month.
If you want to borrow less than this, a credit card may be a better option.
As the minimum amount most lenders will offer as a loan, it can cover most financial requirements. This makes a £1,000 guarantor loan one of the most flexible market options.
One of the most common uses is to finance a car. It may be best to use your savings, but for many, this isn’t an option. Some repairs can cost hundreds, and if it is your only means of travel or commute, a guarantor loan of this value is an accessible option.
If you’ve had the urge to travel or save for a holiday, a £1,000 loan could be the funding you’re after. Often approved quickly, a holiday loan is flexible enough that it could cover your travel and spending money. Remember to borrow only what you need, so there is no excess repayment.
If you have acquired various debts from credit cards, a £1,000 guarantor loan is a great way of consolidating them. Provided your total debt is below the loan figure, this financial option could be what you need to pay off lingering debts.
As it is the minimum amount provided by lenders for borrowing, a £1,000 loan is often easier to manage.
Many lenders allow loan repayment periods to cover anywhere from 12 to 36 months. This allows you to have flexibility based upon your financial situation.
If you budget correctly, you should be able to stay on track with your loan repayments, on time and in full. This responsible financial behaviour should improve your credit rating over time.
If you are in a position to repay your instalments earlier, there will be less interest on the loan. By doing so, you will put yourself in a stronger financial position. This can then pay off your debt sooner, improving your credit score.