Best option for £1k loan?

Ivrytwr3

Hi all,

I need £1k to cover an upcoming entertainments bill. Normally i would pay cash, but i have other expenses that take priority also coming up. I only want the loan for a year, so what are my best companies to go to?

Also, is there any incentives or offers with particular banks (quidco cash back etc)

Ta all!

morg_monster

If you've got a decent credit rating why not get a 0% credit card with a £1000+ credit limit. I believe there are a couple which still do 9 or 10 months at 0%, then the last two months you'd have paid most of it off anyway so the 14% or whatever interest would probably still be cheaper than the loan rate over a whole year.

Or for a bit more hassle, open an A&L premier direct account with its 0% overdraft of up to £1000 for a full year, £500 needs to go in every month (but can just go straight out again!).

I'm sure for just £1000 a 'proper' loan would have a pretty high interest rate.

Ivrytwr3

!!!!!!, yes the CC option would have been a good idea (would have encouraged me to pay it off in the 6 months too!) However, have gone with my bank (HSBC) and think i got a good deal.

£1k over 12 months £88.96 per month, total £1067. Also there is an offer until end of july of 25% of your interest back upon completion, so i get £16 back.

spandit

I've just checked Zopa with my details, and I can get a £1,000 loan over 12 months, paying £86.31 a month. Total paid £1035.70. This can also be paid off early, saving more interest. Maybe you could go with something similar?

EDIT: Just realised that you've already taken a loan out, but maybe this might be helpful to others.