£1,000 loans

£1,000 is the amount used in our representative example, so this page can show what each part of that example means and then use it to compare terms. It also covers what a lender will ask for and the alternatives worth checking at this size. Dot Dot Loans is a credit broker, not a lender: we search our panel for a potential match, and the lender decides.

The representative example, line by line

If you get an offer, the lender's pre-contract information will set out the same items for your own loan. Compare the total amount repayable first, then the APR.

£1,000 over 6 to 36 months

The step from 12 to 18 months lowers the payment by £27.09 a month and adds £210.24 in interest. The step from 18 to 36 months lowers it by a further £24.50 and adds £723.96.

Representative Example: Borrow £1,000 over 18 months. 18 monthly repayments of £89.22. Total amount repayable: £1,605.96. Interest: £605.96. Annual interest rate: 59.97% (fixed). Subject to application approval by the lender. Not all lenders offer loans up to £5,000. Representative APR 79.5% (Variable). Any representative monthly repayment shown is for illustration only, based on our representative APR. Your actual repayments will be confirmed by the matching lender if your application is approved.

What applications for £501 to £1,000 were for

Home improvement makes up almost as large a share as emergency cash at this size. Planned costs like these give you time to compare options, and that time is worth using.

What to have ready

• Your take-home pay, how often you are paid, and your employer's details
• Your monthly outgoings: rent or mortgage, bills and other credit repayments
• Your addresses for the last three years
• Your bank account and debit card details, for the payout and the repayments

Lenders may confirm your income through open banking or by asking for payslips or bank statements. Our checklist of what you need to apply covers this in more detail.

Alternatives at £1,000

• A bank or building society personal loan, if your credit record is good. Some banks' personal loans start at £1,000, and rates for people with good credit are usually far lower.
• A 0% purchase credit card, if you can clear the balance before the offer ends. You will need a good credit record to be accepted.
• A credit union loan. Many credit unions lend £1,000 or more to members, at rates capped by law.
• For a planned purchase, the retailer's own finance, which is sometimes interest-free. Read what happens if you miss a payment.

A £1,000 loan suits a planned or unavoidable cost where you can commit to a fixed payment for a year or more. It suits less well if your income varies a lot from month to month, because a fixed instalment does not flex with it.