Do you need to borrow a £1,000 loan to help cover an unexpected bill or an emergency expense? Don’t worry. You’ve come to the right place. The Cashfloat Team are busy funding customers every day. As soon as we’ve approved your loan request and you’ve signed the consumer credit agreement, we can fund you too!
Whether you need to borrow money for a bill or an unexpected emergency expense like car maintenance or home repairs, Cashfloat can get you the cash you need fast. All you need to do is apply here, and you’ll get an instant decision*.
Does Cashfloat Offer £1,000 loans for bad credit with no guarantor?
Yes, Cashfloat loans are easy. There’s never any need to find a guarantor when you take out a £1,000 loan from Cashfloat. All of Cashfloat’s loans are unsecured and provided without you having to find a guarantor. This means you don’t have to offer an asset, like your car, as collateral in case you can’t make repayments. You also don’t need to find someone who will agree to pay your loan back if you can’t.
You can get a £1,000 loan (or even a £1,500 loan) with no guarantor even if you’ve got a poor credit score. Often, lenders ask for a guarantor from applicants who have a bad credit score because these applicants are regarded as higher risk. At Cashfloat, however, we believe in our customers, so we’ll never ask for a guarantor even from applicants with very bad credit scores.
Can I get a £1,000 loan with poor credit?
Yes! Cashfloat offers £1,000 loans to people with a poor credit rating. Our underwriting process places more importance on your level of affordability than on your credit rating. If you show us you can afford a loan in your budget, you have a great chance of approval. This is true even if you have a bad credit score.
In order to be eligible to qualify for a £1,000 loan from Cashfloat, you need to:
- Be 18+ years old
- Be a UK resident
- Have a steady source of income
- Be a UK bank account holder
If you meet the basic eligibility criteria for our payday loans and you feel that taking a £1,000 loan is the right option for you, then you can fill out our application to get the emergency funds you need today!
Why borrow a 1,000 pound loan from a direct lender?
Applications with direct lenders are generally processed quicker than with brokers, which means you’ll probably receive your loan faster. Additionally, when applying with a direct lender, you can control who has access to your personal information. In contrast, an authorised credit broker often has to send your application to several different lenders. Also, direct lenders such as Cashfloat offer transparent terms and no hidden fees, while a credit broker often tacks on service fees.
Can I borrow £1,000 with no credit check?
No, not with Cashfloat or any other responsible lender. We’re regulated by the Financial Conduct Authority (FCA), and as part of this, we’re required to carry out a credit check on every loan applicant before we approve a loan. This is a basic part of responsible lending, and these checks exist to confirm that our customers can afford loan repayment terms before they’re approved for a loan.
Taking out a loan from a lender that offers one without a credit check could mean you end up having your financial situation badly damaged.
Why borrow a 1,000 pound loan from a direct lender?
Rather than going to a credit broker, it’s better to apply for a loan from a direct lender like Cashfloat!
Applications with direct lenders are usually processed much quicker than they are by brokers. In turn, this means you should receive your loan faster as well. There are other benefits to going to a direct lender as well. When you apply with a direct lender, you only share your personal information with the lender you apply to. A credit broker, on the other hand, will send your application to several different lenders, and your information will be less secure.
Finally, credit brokers charge a fee for connecting you to a lender. That’s why they offer people loans. This adds to the cost of the loan, and isn’t necessary because you can go to a direct lender instead. At Cashfloat, you don’t have to pay a broker’s fee, and we also offer transparent terms and no hidden fees.
Can I get a £1,000 loan with a low interest rate from Cashfloat?
Short term loans, including payday loans, are always charged at higher interest rates than loans that are repaid over a longer period. There are various reasons for this, but one of the biggest reasons is that short term loan lenders charge interest for a shorter period of time. In order to make a profit in this short period of time, they have to charge more. Short term loans are also usually more risky for the lender, and lenders always charge more in these circumstances.
One piece of good news is that Cashfloat offer very competitively priced loans. Compare us to other lenders to find out. As well as offering competitive interest rates, we’re also completely transparent about the total price, and we don’t have any hidden fees.
Over how many months can I repay my 1,000 pound loan?
With Cashfloat, you can borrow a £1,000 payday loan over 4-9 months. As with any loan, some of each monthly repayment will go towards paying interest on the original amount borrowed. A big benefit of borrowing from Cashfloat is that you can repay early for no extra fee and save on the amount of interest you pay.
What can I use a £1,000 loan for?
How you use a loan exactly is, of course, always your decision. However, it’s important that you only ever use a Cashfloat payday loan to pay for a short term financial emergency and that you remember that they’re an expensive way to borrow money. You should never use a payday loan to pay for something that isn’t urgent. You also shouldn’t use one to provide short term relief for a long term financial problem.
For help with money problems, go to MoneyHelper.
Things like car repairs, medical bills, unexpected domestic bills or home repairs are all examples of necessary expenses that Cashfloat loans might be used for. At Cashfloat, we hope that our customers only take out payday loans when they’re absolutely necessary.
How much interest is charged on a £1,000 payday loan?
TThe amount of interest you’ll be charged on a £1,000 loan depends mainly on the length of time you borrow it for. For example, a £1,000 loan over 4 months costs £571.70 in total interest, while a £1,000 loan over 5 months costs £642.45 in total interest.
To view annual percentage rates (APRs), total interest payments and monthly instalment amounts with different Cashfloat loan options, click here.
Can taking out a payday loan affect your credit score?
Taking out a payday loan, whether it’s with a direct lender or a broker, will usually affect your credit score in some way. The most important thing is whether you make repayments on time. However, your score may also be affected when you make an application and a ‘hard search’ shows up in your credit file.
As we said, the most important thing is whether or not you stick to your repayment plan. If a customer takes out a loan and repays it on time, their credit score may improve. If, however, a customer has problems making repayments, this could negatively affect their credit score.
What kind of credit check do Cashfloat perform on their applicants?
At Cashfloat, we only perform a soft credit search when you make an initial application for a loan. This doesn’t show up in your credit history, and it won’t affect your credit score. We do perform hard credit searches on all our applicants, but only when we fund a loan.
Because we‘re regulated by the FCA and are on the financial services register, we’re obliged to perform effective credit checks on all applicants. This is an essential step that protects customers from taking out an online loan they can’t afford to repay. Ultimately, only a hard credit check gives us enough information to make a final decision on whether to lend or not.
Despite all this, we’re not looking for the perfect credit score or perfect credit history when we assess loan applicants. We fund people with a bad credit history as well, as long as they can prove that they can afford to make repayments.
Can I apply for other loan amounts with Cashfloat?
What should I do if I’m having trouble making loan repayments?
We understand that sometimes people end up struggling to make repayments. If this is the case with you, we recommend you contact us straight away and explain the problem. Our staff will be accommodating and will try to come to an agreement that suits both you and us.