£1000 Bad Credit Loans.

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Fast affordable online loans for bad credit scores.

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Thousands of loans found every month

Representative 79% APR

Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1843.68, Total Interest: £643.68, Interest Rate (Variable): 79%. Rates between 9.3% APR to Maximum 1721% APR

The Money Shop is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker not a lender. Loan repayment terms are between 3 and 36 months.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

£1000 Loans Online

A loan doesn’t have to be for a huge amount of money. At The Money Shop, you can apply to borrow from £50 upwards. However, £1,000 remains one of the most popular loan amounts as, for most, it’s a good deal of money to have in the bank and a realistic figure to pay back in full and on time. £1,000 is a nice ‘middle ground’ figure that can be paid back flexibly when you’re able to afford it over a period if you need.

Payday loans used to have to be paid back within a month (hence the name, they were designed to tide you over until your next payday), and if not repaid in full, hefty interest charges were added. However, the Financial Conduct Authority (FCA) ruling now means that no borrower will ever have to pay back more than twice the original value borrowed. No more than 0.8 percent interest can be charged per day. This protects against escalating debts without denying loans to those who need them

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Are payday loans ethical?

While the term’ payday loan’ still has negative connotations, consumers have little to fear from the sector now. What was once a largely unregulated market of fast-growing credit providers popping up to charge hefty fees and give repeat loans that spiralled into debt has now been capped and is properly regulated. Back in 2015, the FCA introduced new regulations to ensure that consumers were a) only able to access loans and credit when it was suitable and appropriate for them to do so, and b) offered finance at a reasonable rate without excessive fees or charges.

Where can I get a short-term payday loan?

Now a safe and much more ethical credit option, many people turn to alternative lenders or brokers for finance when and where they need it. The process of doing so is considerably easier than applying for a traditional credit facility with your bank or building society, which often requires a good or excellent credit score, lots of form filling, stipulations on the expenditure of the funds and a long wait until the money is deposited. Instead, the application process is done online, the acceptance is often made in minutes and the money can be deposited within hours. What’s more, a repayment schedule can be flexible to fit around dates that work best for you, allowing you to repay early and avoid extra interest charges if they’re unnecessary.

The Money Shop’s broker partner and its panel of lenders work with you to improve your finances in the most appropriate way for you, your family, and your circumstances.

Your questions, answered

Indeed, credit can be positive for your overall credit score. A credit score, or credit rating, is a numerical measure that demonstrates your financial literacy and dependency by calculating how likely you are to pay bills on time using evidence from your previous financial transactions. Although many people assume that they’ll have a good credit rating because they don’t have any credit facilities, this often isn’t true because they have never proven their reliability with paying bills. Taking out a loan or other credit facility and making repayments in full and on time is one way to increase your credit score by demonstrating your dependability to credit providers. 

A decent credit score is needed for a whole host of financial commitments, including credit cards, loans, overdrafts, mortgages, and even mobile phone contracts. Whilst The Money Shop would never advise you to take out a loan purely to pay it back for the credit rating, it is worth knowing that it may not have the negative impact you’d expect on your long-term reputation.

To receive a £1,000 loan via The Money Shop, applicants must meet some basic criteria. This includes:

  • Be aged 18 or over and able to provide proof of age with ID.
  • Be a UK resident or citizen and prove this with a copy of your British passport or relevant residency documents.
  • Be the holder of a bank account in the UK registered in your own name.
  • Be employed through a traditional employer or self-employment and have a copy of a recent contract and/or payslips to prove it.
  • Receive a regular income and evidence this with copies of recent payslips and/or recent bank statements.

If you have any questions about The Money Shop’s eligibility criteria or the evidence required for it, contact our team. We’ll be able to advise you immediately if you’re eligible to apply for a loan and can help you with the proofs required.

Traditionally, loan providers gave stipulations and conditions on how the money supplied should be spent. Our broker partner’s panel of lenders doesn’t do this, so you’re free to spend the cash you receive, however, and on whatever you need. £1,000 could buy you a new car, a holiday, put down the deposit on a new rental property or cover emergency bills. However, you choose to spend the money, we’re certain that you’ll use it to the best of its potential.

If you meet the eligibility criteria for a £1,000 loan via The Money Shop, you can go ahead and apply online. In most cases, you’ll receive a decision within minutes and the money will be deposited in your account within hours. However, if you have any questions on the ins-and-outs of £1,000 loans, repayment schedules or flexible payment options, get in touch with The Money Shop team. We’re financial experts and always happy to help you navigate our products and services, with no obligation to apply, of course. We firmly believe that the best financial decision you can make is an informed purchase decision, so The Money Shop’s specialists are always here to help you learn more.

If you’re looking for a loan or credit option not provided by your bank or building society, an alternative option could be for you. There are no face-to-face meetings or lengthy application processes to go through, and you no longer must wait to receive the cash. What’s more, loans from alternative providers come in smaller amounts, payable back over short-term periods usually unavailable from larger firms. Our partner’s loans start from just £50 and can be paid back as and when best suits you with flexible repayment schedules.