£1000 Loan
Need a £1,000 loan? At Drafty, we offer unsecured personal loans from £1,000 to £3,000, with repayment terms of 12, 18, or 24 months. No early repayment fees. We consider people with bad credit too. If approved, the money can be sent to your bank in just 90 seconds*.
Why choose Drafty for a £1000 loan?
Can I Get a £1,000 Loan?
Many lenders offer £1,000 loans. Your suitability will depend on their criteria and your personal circumstances. The loan amount you can borrow will depend on factors. They will review your credit history, existing debts, and your ability to make the monthly repayments.
Taking out a £1,000 loan with bad credit might result in higher interest rates and larger monthly payments. This could create financial challenges. This is where a Drafty loan could provide an alternative.
We consider your overall financial situation, not just your credit score or credit rating. We aim to make the application process straightforward. We use a soft credit check to assess your application without affecting your credit history. A hard check will only be applied if you take out a loan.
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Eligibility criteria for a £1000 loan
To apply for a £1,000 loan with Drafty, you need to meet the following criteria:
- Age: You must be at least 18 years old.
- Residency: You must be a UK resident.
- Income: Earn at least £1,250 a month.
- Bank account: A valid UK bank account and debit card is required.
Once you apply, we’ll run credit and affordability checks. We do this to make sure that you can afford the monthly repayments.
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How to apply for a £1000 loan online with Drafty
Once you have checked our eligibility criteria, you can apply:
Apply
Click on the apply now button and complete our online application process. Choose how much you want to borrow. Then, fill in your personal details as well as employment and banking information. It usually takes 15 minutes or so, but application completion time may vary.
Checks & approval
Once we receive your application, we’ll run affordability and credit checks. We do this to see if you can afford the repayments on top of your existing financial responsibilities. In most cases, we’ll give you an instant decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
What is a Drafty Loan?
At Drafty, we offer personal loans. While providing the financial support you might be looking for, we’ve designed our product to be flexible. We provide loans between £1,000 and £3,000. They are an alternative to an overdraft or other borrowing options. Our loans have clear terms and transparent costs.
If approved for a drafty loan, we aim to send the money to your bank account within 90 seconds.
What Can I Use a £1000 Loan For?
£1,000 loans are typically used for unexpected expenses that arise without warning. Whether it’s an urgent cost or planned spending, a loan from Drafty gives you flexibility.
- Car Repairs – Fix an unexpected breakdown without delay.
- Home Improvements – Upgrade your space with repairs or renovations.
- Unexpected Bills – Cover urgent expenses without stress.
- Dental Costs – Pay for treatments or urgent care (if going through a private dentist).
- Emergency Expenses – Handle any sudden financial situation quickly.
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Considerations with £1,000 Loans
Interest rates
If you’re looking for a quick £1,000 loan, you might find that some lenders charge higher interest rates for short-term borrowing. The overall cost can be affected by how much interest you pay over the repayment period.
Borrowing cycles
£1,000 loans for those with bad credit often come with higher interest rates. This can mean loan repayments could build up quickly, and may affect your long-term financial stability. Late payments can further impact your credit history, may lead to additional debt, and may affect your ability to borrow in the future.
Security requirements
Some loans may be offered as a secured loan, requiring property or other assets as security. Drafty offers an unsecured option with no need for such security.
Potential Benefits for People with Lower Credit Scores
Financial needs often arise unexpectedly. There are challenges with borrowing with a lower credit score, but there’s also potential benefits to consider:
Most £1,000 loans are designed for shorter terms and can be accessed quickly, typically through online applications. The lender’s terms will vary, but many offer options for those with less-than-perfect credit histories.
As long as you maintain your repayments, taking out a £1,000 loan and repaying it on time could improve your credit file. Using a Drafty loan responsibly can have a positive effect on how lenders view your creditworthiness.
What If My Loan Application Is Unsuccessful?
If your application is unsuccessful, this doesn’t mean you won’t be eligible in the future. While we can’t provide specific reasons for unsuccessful applications. We’ll provide the name of the credit reference agency by email if you wish to check your credit file.
If your credit file doesn’t show any issues, you may still have opportunities in the future. If your circumstances improve or your credit score increases, you’re welcome to apply again. You can check our privacy policy page to know more about what information we can share.
FAQs – £1000 Loan
What credit score do I need for a £1,000 loan?
When looking for a £1,000 loan with a lower credit score, there’s no definitive answer. Those with a less established credit history may find it more challenging to borrow. Some lenders will consider your overall financial situation alongside credit checks, which is the approach we take at Drafty.
Is it difficult to get a £1,000 loan?
Each £1,000 loan direct lender has their own processes and criteria. At Drafty, we aim to make the application process simple by focusing on relevant information. The past financial behaviour of our customers helps us determine who we will offer a loan.
Can you get a £1,000 loan with bad credit and no guarantor?
Different lenders have different requirements. Some may need a guarantor to secure repayment, while others don’t. At Drafty, we’ve simplified the process. You don’t need a guarantor to apply for our loans. We consider your overall financial situation rather than focusing solely on your credit score. We’re committed to responsible lending and will only offer loans that we believe you can comfortably manage based on our assessment.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.