When an emergency happens, you might need some urgent money in the form of payday loans to sort it out. Thankfully, loans for £1,000 are available if you need a spot of help.
What Are £1000 Loans?
£1,000 loans in the form of payday loans, instalment loans or personal loans are now available on the lending market. Lots of lenders, from payday loan companies to high street banks, now offer them as part of their products. They are designed to help you in a financial emergency when you need a little extra cash to get by. Because £1,000 payday loans are higher in value than smaller loans, it’s important to ask yourself some questions before applying so you can be certain that the amount is definitely what you need.
What Are Loans Of £1000 Used For?
£1,000 loans are used to cover more expensive emergency costs. These would include:
- Paying off big, unexpected bills that would put you into debt.
- Expensive and urgent home repairs, such as a collapsed roof.
- Unexpected medical emergencies.
How Do I Apply For A £1000 Loan?
At Wizzcash, the application process for a £1,000 payday loan is straightforward. We ask you to answer a few questions. Then, we’ll run a few checks. If approved, your £1,000 loan will be deposited into your bank account.
Would A £1000 Loan Application Involve A Credit Check?
Yes, it would involve a credit check. In fact, all loan applications, even those for £100, would involve one. At Wizzcash, we’re committed to responsible lending, so we factor in credit checks to every application we receive.
A credit check would involve us looking at your credit score – this is a report that’s used to assess your risk factor when taking out a loan of any kind, which is influenced by your financial history. The score is designed to tell us, as a lender, whether you could afford to repay a £1,000 loan.
Can I Get A £1000 Payday Loan Without A Credit Check?
According to FCA regulations, all authorised lenders must access a client creditworthiness before lending, thus a credit check would be necessary. If you are offered a loan without a credit check, you should act with caution and check in the FCA register if you are not dealing with an illegal company. Lenders may decide to approve people even if they have bad credit, but they still have to check.
What Other Checks Do Wizzcash Carry Out?
Not only do we have strict criteria regarding who we lend to. As part of our responsible lending practices, we also carry out a series of checks to effectively assess affordability.
- Minimum 18 years of age
- UK Resident
- In current employment and take home a minimum of £750 a month
Employment checks – Our underwriters might confirm your employment through your credit check or they might request proof of your current employment.
Affordability Check – Ensuring that you can afford the loan that you are taking out without compromising your financial situation.
Credit Check – We work with credit reference agencies to understand your suitability.
Would A £1000 Loan Affect My Credit Score?
If you pay back the £1,000 loan on time, and never default on your payments, it can be a good way to maintain or even improve your credit score. However you should never take out a loan for the purpose of improving your credit score – they are designed for financial emergencies.
What Do I Need To Consider When Applying For A £1000 Loan?
Taking out £1,000 is not an everyday occurrence. It should be used to pay for emergencies. So it’s crucial that you weigh up your options and put some thought into your decision. One of the most important things to consider is, quite simply, whether you’ll be able to pay the loan back on time, meeting all the requirements your lender sets you. If so, you might be eligible to take out a £1,000 loan. If you think it might be a challenge to pay it back, then you should think twice. There might be other forms of credit better suited to you.
It’s important to remember that a £1,000 loan is a temporary financial solution. If you take out a £1,000 loan as a payday loan or instalment loan, you will be required to pay it back within a month (payday loan) or within a relatively short space of time. You can expect to pay an instalment loan back within three months.
What Types Of £1000 Loans Are There?
On the lending market, there are a number of different loans to choose from. With £1,000 payday loans, you can choose from either an instalment loan, which means you will pay back the loan across a set number of months, or a month’s loan, where you pay back the loan in a lump sum. Here at Wizzcash, we offer 3-month instalment loans, meaning the loan is paid back in equal amounts over a three month period.
Are £1000 Payday Loans Regulated?
The Financial Conduct Authority regulates financial firms in the UK, and payday loan lenders are one of the industries that are covered by their regulations. We are committed to responsible lending and follow the FCA guidelines when it comes to all of the loans that we provide our customers, including £1,000 payday loans.
When Do I Need To Pay Back My £1000 Loan?
This depends on the type of loan you take out – a traditional payday loan or an instalment loan. With a £1000 short-term loan, you might be better of spreading the payments. We will collect the repayments automatically via Continuous Payment Authority, so you don’t have to worry about missing a payment.
How Will I Know When To Pay Back The Loan?
We will also provide you with plenty of warning of the date that the repayments will be coming out of your account via text and email, so you will be prepared. Because we collect the repayments automatically, you will not have to worry about remembering to go and repay.
What Happens If I Can’t Make My Repayments?
The 3 equal monthly instalment loans that we provide offer our customers flexibility to help them make the repayments on their scheduled collection dates. However, non-payment can have serious financial implications. We will do what we can to assist if you are struggling to keep up with the repayments. While we do not offer rollovers or renewals, we may agree to offer a repayment plan to help make it easier for you to repay the remaining balance of your loan. If you miss a repayment, there is a one-off £15 default charge, and the interest of 0.8% a day will keep increasing until the balance is cleared. Nevertheless, after 60 days of missing the last repayment, the interest will be frozen.
How Much Will My £1000 Loan Cost Me?
Total Amount of Credit: £300.
Duration of the Agreement: 90 days.
Total Amount Repayable: £454.26 to be repaid in 3 equal instalments of £151.42 on your next 3 pay days.
Interest is Fixed at a rate of 292% per year – 0.8% interest per day.
Representative 1265% APR
What Is APR?
APR is seen on all financial products, including £1,000 loans, so it is important that you know what it is when taking out a £1000 payday loan. APR stands for Annual Percentage Rate, and this calculates any fees you may need to pay, plus the interest rate a lender applies to the loan. Simply put, APR tells you how much it will cost to borrow money.
What Should I Look For When Choosing A Payday Loan Lender?
If you’re looking for a payday loan lender that offers £1,000 loans, then you’re going to want to ensure that they are direct and practice responsible lending. Companies that list all of their contact details, explicitly mention whether they are a broker or direct lender, and have an FCA authorisation number are all examples of reputable payday loan lenders. Here at Wizzcash, we do all of those things, while still going above and beyond to ensure that all of the information is transparent.
Can I Get A £1000 Loan If I Have Bad Credit?
Here at Wizzcash, we don’t just look at your credit score when it comes to your £1,000 payday loan application. We also assess affordability. This means that you may still be accepted even if your credit score is less than perfect, as we run a number of other checks to see if you can truly afford to pay back the loan.
How Long Does It Take To Complete The Online Loan Application With Wizzcash?
With Wizzcash, the loan application process takes just a few minutes, so you can be sure that you have access to the cash as soon as you need it. When you apply, it is important that you are sure that you are applying for a loan that is right for you. All you have to do is choose how much you want to borrow and for how long, and our online calculator will tell you straight away how much the £1,000 payday loan will cost you in total. As soon as you submit your application, our team will begin to run a series of checks to assess your financial situation and affordability. If you have any questions, our team is available via phone, email or our live chat. Our application is 100% online.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk