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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Late and missed payments, along with other external factors, can have a negative effect on your credit score.
When it comes to managing money, short-term £1,000 loans can help you pay for an unforeseen expense or a bill you’ve completely forgotten about. Loans for £1,000 are typically a good option for most borrowers, as they allow you to break up larger expenses into affordable monthly payments.
A large loan isn’t always an option and might come with higher monthly payments. There are many times when borrowing £1,000 will be ideal, especially if you don’t want to rely on a credit card where your interest charges could be much higher.
With a loan from Creditspring, you can get access to no-interest, on-demand loans fast. The application process is easy, and you could improve your credit profile at the same time. The way Creditspring works is, they lend you 2 equal sized loans during the year. Once you’ve paid back the first £500 loan (if you’ve taken our Plus product), you can then take out the second loan of £500.
There are benefits to getting a personal loan for £1,000 if you need access to funds.
Obviously first and foremost is the access to the money itself. £1,000 is usually enough to cover many unexpected expensed or to consolidate smaller debts into one manageable monthly payment.
With Creditspring, we provide £1,000 loans for customers who have bad credit/thin files, or those that have had challenges finding lenders in the past. Our simple and easy eligibility checking process means you’ll have a decision within 60 seconds.
But more importantly, our loans have no-interest, so you only pay back what you borrow plus the monthly membership fee. And, if you keep up your repayments it can help build your credit score (Credit score improvements dependant on no late or missed payments, as well as other external factors).
All you need to do is pay a small monthly fee and you’ll have access to £1,000 in two, separate £500 loans.
Your repayments will depend on the loan amount, the loan term, and the rates offered to you. This will differ from one lender to the next, which is why you should always make sure that you can comfortably afford the repayments on the money you want to borrow.
With a Creditspring Plus membership, you can take out a loan for £1,000 (split into two advances of £500) with no-interest, (Rep Apr 66.2%) Once the first advance is paid in full you will then have access to the second advance. In addition to what you borrow, you only pay the £14 fixed monthly membership fee.
But, unlike some other lenders who have early repayment fees, with Creditspring you can pay your loan earlier without penalty. Your monthly repayments will simply be adjusted to reflect your new remaining balance.
Here are a few benefits of borrowing small loans of £1000 with Creditspring:
Borrow the money you need on-demand
No-interest loans
Pay a fixed membership fee
Eligibility takes only a few minutes
Build your credit history
Representative example: Total amount of credit £1,000 repayable over 13 months. 12 monthly membership payments of £14. Rate of interest 0% p.a. (fixed) Representative APR 66.2%. The first repayment for each advance is £83.35 due 45 days after drawing, followed by 5 monthly repayments of £83.33. Total amount payable £1,168.
Yes, you can get a loan for £1,000 with bad credit, although you may not get the loan offers and low rates you’d expect from some lenders. A £1,000 loan may come with higher interest rates from lenders who extend credit to borrowers with bad credit, so carefully consider the costs before taking up a loan offer.
A bad credit score can prevent you from borrowing the money you need, or lead to higher interest rate loans. By joining our Stability Hub you’ll have access to tips and tricks that can help you improve your credit to make it easier to access loans.
As a Hub member, we’ll periodically run a soft check on your credit profile (with your permission) and notify you of when you are eligible for a loan with Creditspring. This soft check will not impact your credit score. So, sign up today and become a member of our free Stability Hub.
When comparing £1,000 personal loans you need to consider the total loan cost, repayment period, and possible late fees. Short-term loans can typically be expensive, and if you miss any repayments, you could be charged additional fees. Finding the right £1,000 loan means carefully comparing lenders and choosing loan terms and repayments that you can afford.
With Creditspring you can get no-interest loans with low monthly repayments as you are only paying a monthly membership fee in addition to the amount you borrowed.
Take the first step in applying for a loan by checking your eligibility. Getting a response takes less than 60 seconds and as it’s a soft credit check, it won’t affect your credit score.
It’s easy to become a member of Creditspring! To apply, you:
Must be a UK resident
Must be at least 18 years old
Have a minimum income of £14,000 per year
Must not have any recent CCJs or been bankrupt
With a Creditspring membership, you can get on-demand access to loans with no interest when you need it most. Read more about our Step (total loan amount £400), Core (total loan amount £600), and Plus (total loan amount £1,000), and Extra (total loan amount £2,400) products here.
Use our free eligibility checker to see if you’ll be accepted.
There are many ways in which you can use your £1,000 loan from Creditspring. Whilst some lenders might have specific products for particular uses, we don’t put any such constraints on your money. So long as you keep up with your repayments and your monthly fee, you can use it in any way you see fit.
People use their loans for things such as:
Paying for the decorating of a nursery as they await a newborn child
Covering the expenses of getting a new family pet
Paying for holiday expenses and get some well-deserved rest
Funding a new car
Paying for unexpected expenses such as a broken washing machine or dishwasher
Covering some of the expenses of their wedding – including photographers
Consolidating debts from other financial products such as credit cards, store cards etc.
As you can see the possibilities are endless. From your perspective, you just need to ensure that the loan you take out will cover what you need, and that you can afford the commitments that come with those loans in terms of repayments etc
The size of your loan will have an impact on the APR you are charged but it is not everything. When calculating the APR, lenders will take into account many factors including the size of the loan, how long that loan is being taken out for (1 year vs 5 years for example), how much risk is involved in lending you that money (in other words, what your credit history says about the likelihood that they will be repaid the money taken out) as well as other costs involved such as late charges.
All these then allow lenders to establish their APR rate to make it clear to you the ‘cost’ of borrowing with them. So, it is worthwhile keeping an eye on APR.
When you default on your loan payments your lender could add a late fee. Depending on your agreement, a lender may require the return of the full outstanding loan amount, along with interest and fees. The biggest warning we can offer through is that not keeping up with repayments can have a serious impact on your credit score which in turn will limit your options of future credit.
As with any loan, always make sure you can comfortably afford the loan payments of your £1000 loan. With Creditspring, you don’t have to worry about additional interest payments as you’ll have access to no-interest loans twice a year, on-demand! Take the first step today.
If you find yourself running into trouble, you should always speak to your lender first. They will be able to talk to you about the options open to you – for example, a revised payment plan. They are duty bound to help you through this, which may include referring you to more specialised support such as MoneyHelper or StepChange.
Yes, as part of our responsibilities as a lender we need to ensure that all our approved applicants are likely to be able to afford the repayment terms of the loan they are entering into.
The best way for us to do that is to run a credit check on individuals before accepting them. Our credit checks will look into what your credit file says but also at other information such as income and expenses. We can get an even better picture now through Open Banking which provides a much more up to date and realistic view of someone’s finances. This provides protection to consumers as it ensures they do not overstretch themselves financially with one of our products.