A £1,000 loan could help you pay for your wedding, improve your home or buy a car. Find out what loans you’re eligible for with Asda Money without impacting your credit score.
From new white goods, a fresh lick of paint or some home improvements, a £1,000 loan could give you the funds you need. Whatever your reason for borrowing, Asda Money is here to help.
Find the right loan for your needs with a panel of trusted UK lenders. We check your eligibility without impacting your credit score. You’ll also get an online decision in minutes.
How does a £1,000 loan work with Asda Money?
At Asda Money, we work with a carefully selected number of trusted lenders to find you a loan that fits your needs.
You can borrow £1,000 quickly and simply. All it takes is one eligibility check, and then you can compare and find the offer that’s right for you and your circumstances. Want to get started?
When can a £1,000 loan help?
A £1,000 loan can help in a variety of ways. If you’re a homeowner looking to make home improvements, you could:
- Buy some furniture, carpets or soft furnishings.
- Use it towards getting the decorators in to give your home a fresh coat of paint.
- Update your home with a new dishwasher or washing machine.
You may want to pay off some debt and consolidate it into a single loan repayment or use it to cover off unexpected bills. Just remember that, by consolidating, you may extend the term of your debt and increase the total amount you repay.
Types of Loans
- Unsecured personal loans (we offer access to these at Asda Money)
- Usually a small, fixed rate loan for personal use
- For amounts between £1,000 and £25,000
- The amount you can borrow and the rate you see is based on things like your personal circumstances and credit score
- Secured loans also known as homeowner loans (we don’t offer access to this type of loan)
- Typically sums over £15,000 and repaid over longer periods of 5-30 years
- What you can borrow and the interest rate offered depends on your credit history, your assets and personal circumstances
To borrow a secured loan, lenders need security in the form of an asset. This is usually your home. It’s important to note that your home can be repossessed if you don’t keep up your payments on any debt secured against it.
- Guarantor loans (not offered with Asda Money)
A guarantor loan is often offered if you have bad credit. With a guarantor loan, the lender will ask your chosen friend or family member to guarantee the loan repayment if you can’t pay it. This could help you access the money you’re after if you’ve hit a few bumps in the road with your credit score.
How much will a £1,000 loan cost?
When you borrow £1,000 through a £1,000 loan, you will have to pay interest.
Smaller loans often have slightly higher interest rates. This is to cover the fixed costs lenders pay to obtain and manage the loan during repayment.
The interest is calculated at the start of the loan and accounts for the interest you will pay over the entire length of the loan. This is then added to your loan amount in line with the interest rate, or APR, set by the lender.
The higher the interest rate when you take out your loan, the higher the amount you will have to pay. If you select a longer period to pay off your loan, it will also cost you more in total.
£1,000 loans with bad credit
Is it possible to get a £1,000 loan with poor credit? Yes, it could be possible, but it’s important to be aware that you will likely pay a higher interest rate. You will also be limited in the number of lenders willing to lend to you.
When you apply for a £1,000 loan with bad credit, lenders will look at your current financial situation to understand whether you’re able to pay back the loan.
If you have bad credit and you borrow a £1,000 loan, it does have the potential to boost your credit score. By showing you can borrow responsibility by paying back your loan each month, you can improve your score.
Will a £1,000 loan affect my credit score?
One of the best things about checking your eligibility for a £1,000 loan with Asda Money is that it doesn’t affect your credit score. You can get access to a panel of trusted lenders which leaves only a soft credit footprint on your file that does not affect your credit rating.
If you decide to proceed with an offer from your search with us, the lender may complete a hard search once you accept your offer. This will show up on your credit file.
Frequently asked questions
- What is the monthly repayment on a £1,000 loan?
The monthly repayment on a £1,000 loan will depend on the amount you’re looking to borrow, the APR you’re offered and the amount of time you need to repay your loan. These three elements will determine how much you’ll need to repay each month..
- Can I get a £1,000 loan without a guarantor?
Yes, you can check your eligibility for a £1,000 loan with Asda Money without a guarantor. All the potential £1,000 loans you see from our panel of lenders are unsecured loans.
- Can I get a £1,000 loan without a credit check?
No, when you check your eligibility for a £1,000 loan with one of the lenders from our panel, we will run a soft credit check to find you loan options. If you then proceed with a lender, they may then run a hard credit check before making their decision.
- Can I pay back my £1,000 loan early?
You may be able to pay back your £1,000 loan early, depending on the terms of your loan with the lender. Depending on your lender’s terms and conditions, you may need to pay an early repayment charge.
About our trusted provider, Aro
Asda Personal Loans is in partnership with Aro which is a trading style of Freedom Finance Limited, who are a leading credit broker, to offer our customers a different solution to borrowing money and finding a loan. They were awarded Best Consumer Credit Broker in the 2020 Consumer Credit Awards – voted for by customers.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With an eligibility check, a panel of carefully selected lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro which is a trading style of Freedom Finance Limited (company number 06297533) of Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Aro acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Please note: If you take out a loan we will receive commission. This will be a fixed amount or a percentage of the amount you borrow depending on which lender you choose.
Terms and conditions apply. UK residents, aged 18 and over. If you take out a loan or credit card, Aro receive payment from the lender. Aro receive different amounts from different lenders and the payment received will be either a fixed amount or a percentage of the amount you borrow. We will not charge you a fee for our services. If you take out a loan, ASDA Money receive commission from Aro and it will be either a fixed amount or a percentage of the amount you borrow, depending on which lender you choose.