There are lots of types of £1000 loans available, from more traditional bank loans to quick loans online, or fast cash advances, and guarantor loans. There are also short-term loans from lenders like us. Our short-term loans are designed to help if you need a small amount of extra cash for an unexpected bill or emergency. Find out more about how our loans work.
It’s a cash advance which is normally paid straight in to your bank account or given face to face as a cash lump sum. £1000 loans are normally unsecured which means that they are not secured against an asset like your home or car. Each same day loan provider has their own terms, fees and application methods so if you do need to apply for a loan, make sure you research the type that’s best for you and you should always think carefully before committing to any form of credit.
How do £1000 loans work?
You ask to borrow a certain amount and then the lender will assess your application and decides whether to lend to you or not. If your application has been approved, you may be required to pay it back in installments or as one lump sum, plus interest and any fees they charge.
Some same day loan companies may offer you a fixed sum that you might not actually need. The repayment date may also be fixed by the lender and can be connected to your payday. In some cases, you may also need to repay the loan by visiting a branch or transferring money online.
What makes OneWord different?
With OneWord, you use the sliders on our homepage to decide exactly how much you want to borrow and how long for. There are no hidden fees and you’ll see the full costs of the loan upfront.
Our loans are intended for occasional use only and you shouldn’t use our service to manage existing debt or if you’re feeling the strain financially.
When it comes to repaying we’ll automatically collect the loan repayment from the debit card you registered with us on your chosen repayment date. Find out more about how we collect payments.
How do I apply?
Banks and high street lenders may sometimes set up a face to face meeting before deciding whether to give you a loan. Some loan companies ask for your paperwork or request a phone call after you’ve applied on their website. These types of loan companies can take a few days to process your application so they may not be ideal if you need a £1000 loan in an emergency.
Our application process is completely online so there is no paperwork and no phone calls. At OneWord, you can access our website on PC and mobile anytime, 24/7.
When will I get my money?
This can vary greatly. Some banks and other high street loan companies may take a few days to process your application whereas other online £1000 loan companies may offer same day cash.
If you’re approved for a OneWord loan, we’ll send the cash within five minutes – how fast it appears in your account depends on your bank.
How much does it cost?
Different lenders will charge different interest rates so the full cost will depend on your total loan amount, repayment timeframe and rate of interest. Short-term unsecured loans tend to have a higher rate of interest than other forms of credit. Some lenders may also charge set up or processing fees, as well as other types of the fee so you should always make sure that you understand what those costs are before you apply.
At OneWord, you see the full costs of a loan upfront before you apply, including interest and fees. We also encourage you to repay early and if you do, you will save money as we only charge interest for the days you borrow and there are no fees if you pay us back early.
What if I have problems repaying?
Whatever type of loan you choose, you will need to pay it back on time and in full to avoid incurring late payment fees.
If you’re struggling to repay a OneWord loan, you need to contact us straight away. We always want to help you if you’re experiencing financial difficulties and we’ll always try to find a reasonable solution that works for both of us.
To find out more about our service, please see how it works.
Things to consider if you need to borrow money
We’re flexible as you can set how much you want to borrow and when you want to pay back. We also show you the total cost of your loan upfront so you can decide whether a loan is right for you before you apply.
We’re not the only way to borrow money, and we’re not right for everyone. Our loans are for short term use only and may not be the cheapest option. You shouldn’t use them to manage existing debt or if you’re already under financial strain.
Top tips when looking to borrow money
1) Deciding whether to borrow money
First, you need to think carefully about whether you really need to borrow money at all. You should always think carefully before committing to any form of credit.
2) What are your credit requirements?
If you do decide to borrow money, it’s important to research all the available options based on your specific needs.
Ask yourself these questions:
- How much can I afford to borrow?
- How long do I want to borrow for?
- Do I want to pay back in one lump sum or in monthly or weekly instalments?
- How much can I afford to pay using weekly or monthly instalments, taking into account my normal spending and saving?
Once you know what you how much you want to borrow, how long you want it for and when/how you can afford to pay back, then you can consider your available credit options.
3) Credit options
There are many ways to borrow money. Some examples are listed below, but you can research them in more detail through helpful websites like the Money Advice Service.
- Bank overdraft
- Credit card
- Short term loans or payday loans.
- Unsecured personal loans
- Secured bank loans
- Store cards
- Store financing
Remember you should only choose the option that is suitable for your financial circumstances. If you’re not sure you can afford a loan, or comfortably repay on your chosen repayment date, please seek advice before making a decision.
4) Things to look out for
When you’re comparing your credit options, you should:
- Check whether you are eligible to apply
- Compare the fees between products and make sure you fully understand all the costs before you apply
- Understand the impact of a loan on your credit rating
- Check if there are early repayment charges
- Find out how the lender will collect the loan repayment(s)
- Check what information (including any documents) you’ll need to provide