We currently don't have that product, but here are others to consider:
How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
It’s not a daft question. If you can get approved, then what’s called a “0% purchase credit card” is probably the cheapest way to borrow £1,000. These cards give you a set number of months of 0% interest on purchases, as the name suggests. There are a couple of key details to note, however. Firstly, that offer sometimes only applies to purchases made in, say, the first 60 days (check the terms). Secondly, after the 0% period is over, a horrible interest rate kicks in – typically over 20%.
All card issuers can now tell you whether you’d be likely to get approved for one of their cards, without any impact on your credit score (they do a “soft search”). That’s actually really great. What’s not so great is that most of them won’t tell you in advance what your credit limit would be. To find that out, you may have to under go a full credit check. Lloyds Banking Group (which includes Halifax and MBNA) is one of the few card issuers that does give you an indication of your credit limit from just a soft search (we think they all should!). The good(-ish) news is most mainstream banks aren’t that interested in issuing cards with limits below £1,000, so they’d probably just say “no”.
Another type of credit card that might be of interest is a “0% money transfer credit card“. These cards let you transfer money from the credit card to your current account. Sounds good, right? But the catch is a “transfer fee” – typically of about 3%.
Borrowing for longer usually brings monthly repayments down to more affordable levels. However it also pushes up the total cost of borrowing, making it important to secure a competitive rate. Here are some examples of £1,000 loans at varying rates and loan durations.
| Interest rate of 5.0% fixed p.a. | Interest rate of 10.0% fixed p.a. | Interest rate of 15.0% fixed p.a. | |
|---|---|---|---|
| 1 year term | £85.61 monthly, £1,027.29 overall. | £87.92 monthly, £1,054.99 overall. | £90.26 monthly, £1,083.10 overall. |
| 2 year term | £43.87 monthly, £1,052.91 overall. | £46.14 monthly, £1,107.48 overall. | £48.49 monthly, £1,163.68 overall. |
| 3 year term | £29.97 monthly, £1,078.95 overall. | £32.27 monthly, £1,161.62 overall. | £34.67 monthly, £1,247.95 overall. |
An overdraft is likely to be a punishingly expensive way to borrow £1,000 (unless you’re a student with a chunky interest-free overdraft!). But ultimately it’s a question of comparing the rate you’d be charged on an overdraft vs the rate you’d be charged on a loan or credit card.
Don’t forget that overdrafts, credit cards and personal loans all have different repayment requirements. Overdrafts can drag on indefinitely, which is likely to be super-expensive. At the other end of the spectrum, personal loans are designed to be fulfilled at an exact point in time, so you know in advance what they’ll cost you each month and overall.
Eligibility requirements vary from lender to lender, but expect to need to meet at least the following criteria:
Here are 4 personal loans myths that we have busted.
Discover the pros and cons of personal loans to see if they could work for you.
We look at average approval and funding times for online lenders, banks, peer-to-peer platforms and more.
Working for yourself sometimes means fluctuating income. Find out which lenders could approve you while you’re self-employed, what you’ll need to apply plus tips designed to increase your chances of success.
Looking for a personal loan? Read the definitive guide to find out how to compare interest rates, fees and features to find the right loan for you. There’s a range of loans available to apply for – we’ll help you find the right one.
Learn about the pros and cons of home improvement loans and how you can compare your options. Secure a competitive rate and apply online.
Learn the benefits and drawbacks of personal loans and mortgages. See how the rates, loan amounts and terms compare side by side.
Learn how the preapproval process works and what you need to get preapproved by a lender. Find out how much you may be able to borrow and compare rates.
See the entire personal loan application process from start to finish with step-by-step pictures. Find out what happens after you apply.
See which online lenders offer personal loans with low interest rates and learn how to get a loan with minimum interest.