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In terms of loans, €1,000 is not a large amount, but it can be a big help - in case of urgent need. You can apply for a loan of this size to finance various purchases or even a holiday trip.
Did you accidentally drop your laptop and your insurance has expired? Did you find the right price for flights to Mexico City? Did your boat's navigator break down and you need a new one? You can apply for a loan of €1000 and finance your purchase! Usually the loan of a thousand euros is paid quickly into your account. In this sense, it is also very suitable for an acute need.
Even small loans should definitely be put out to tender. You don't have to start googling loans and comparing their interest rates and costs. At Lenders, we do this for you. In this article, we'll give you advice on how to apply for a €1,000 loan, and tell you about our no-fee loan competition service.
An unsecured 1000 euro loan for a wide range of needs
For a loan of one thousand euros, you should apply for an unsecured short-term loan or a flexible loan. When making your purchase, you should also consider the possibility of an instalment sale. Sometimes, financing from a shop may be cheaper than an unsecured loan, but not always. In addition, shops usually only offer loan products from one finance company. Comparing loans will give you a more complete picture of the options available.
Today, you can apply for a loan quickly online. Almost all consumer banks and financial institutions offer credit without collateral. Today, the differences between the cost of small unsecured and secured loans in euro are not large.
Most loans of €1000 are unsecured. It makes sense to choose the type of loan according to the purpose of the loan. If you have a sofa on your shopping list, you should choose a quick loan of a suitable size. If you are travelling abroad, a flexible credit line is the best way to have a reserve fund.
Who is eligible for a €1000 unsecured loan?
Anyone of legal age can apply for a loan of €1000 without collateral or guarantors. In addition to age, the minimum requirement to apply for a loan is regular income and a clean credit record. No real collateral is attached to the loan, but the customer's income and credit history serve as a form of security for the lender's ability to pay.
What are the factors that affect access to a loan?
If you have managed your payments and other financial affairs well on your previous loans, the credit companies will also rely on your ability to pay this loan. Being of legal age, having an earned income and a clean credit record are the minimum requirements for applying for a loan, but not a guarantee of getting a loan.
Is credit checked when applying for a loan?
Credit companies will run a credit check on you when you apply for a loan. If you wish, you can apply for a loan with another person. In this case, it is a joint application, so you can get a cheaper loan at a lower interest rate.
Does completing the loan application commit you to withdrawing the loan?
Submitting a loan application does not oblige you to take out a loan and does not commit you to any further action on the loan. You can also apply for a loan even if you are not sure whether you meet the loan conditions.
Should you apply for a EUR 1000 quick loan or a flexi-credit?
With our loan comparison service, you can get a loan of €1000, either as a one-off quick loan or as a flexible loan. In both cases, the loan is unsecured and does not require any guarantors or collateral.
When applying for a loan of €1000, you should expect to borrow for a few months to a good year. The loan application process takes place online from start to finish. This allows you to quickly process your loan application and get the money paid into your account. Let's take a closer look at the fast loan and the flexible loan.
Quick loan
Quick loan is the amount of the loan to be paid into your account at one time. A very common quick loan is EUR 1,000. A quick loan is a small loan with a relatively short repayment period. As the name suggests, a fast loan can be paid into your account very quickly. You can use it for whatever you want, for example to buy a home, give a gift, pay for medical expenses or travel.
A quick loan is best suited for unexpected situations where you need funding. This short-term loan is usually repaid in a few months or a little over a year. A one-year loan period is very common for this size of quick loan. A quick loan is ideal for situations where your borrowing needs are one-off and you know how much you need to borrow.
Flexible credit
Flexible credit, or revolving credit, is a popular way to take out a small loan. If you don't have an exact amount of money you need to borrow, flexible credit is the best option. As the name suggests, flexi-credit is a flexible payment option that adjusts to your needs. You also don't have to withdraw the loan all at once from your account, but can use it as and when you need it. Flexible credit can also be left unused for many years if you don't need to make withdrawals. You can apply for an increase in your Flexible Credit if you need it.
With a revolving loan, you only pay interest on the loan you have taken out. If you have a €1,000 flexi-credit and you have withdrawn €500, you will only pay interest on €500. You will get access to the flexi-credit as you pay it off.
Even small loans should be put out to tender
A loan of €1000 can seem so "small" that you don't even think about competing for it. Of course, a loan for a thousand euros requires less thought than a 10-year loan. However, it is not worth accepting the first offer that comes along, as there are big differences in interest rates and costs for small loans. We therefore recommend that you apply for a €1,000 loan through our comparison service.
Many people apply for all their loans from their own bank. In many cases, you can get a good offer from your own bank, but it is still worth competing for unsecured loans. Today, banks and financial institutions are in fierce competition for customers, and new customers are offered loans at low interest rates.
Interest rates on consumer credit range from 4-20 % and costs also vary widely. By competing between small and large loans, you can save a lot of money on costs. In addition, you will usually receive many offers, so you will be familiar with the price levels of different lenders.
Apply for a loan of €1000 with Lenders' loan comparison service
Lenders is a domestic reliable loan comparison service. We have selected only reputable, reliable and customer-oriented banks and financial institutions as our partners. With one application you can reach all our partners.
In your application, you will be asked to provide information about your housing, your job, your income, other loans and your monthly expenses. Completing the application is easy and does not commit you to taking out or considering a loan. Once you have submitted your application, you will receive loan offers by email. The offers you receive, as well as rejected applications, are also listed on our website.
What costs are included in the loans?
In the spirit of fair lending, you will be given plenty of time to familiarise yourself with the loan offers. For example, for a loan of one tonne, you may receive several offers with different interest rates and charges. Above all, you should pay attention to the actual annual interest rate on the loan. The APR refers to all the costs associated with the loan, in addition to the nominal interest rate, such as the opening fee, account management fee and withdrawal fees.
What is the repayment term for a one-tonne loan?
In general, the repayment period for a quick loan of this size is between 6 and 12 months. If you have opted for a flexi-credit, you will only pay the repayment and interest on the amount you have drawn. Flexible credit is released as you pay down your outstanding balance.
Frequently asked questions
You must be of legal age, have a regular salary or pension income and a clean credit record.
You don't need to. Your income and previous loan history will act as a form of collateral.
Once approved, the money is paid immediately, or usually within 24 hours at the latest. The process can take longer, depending on the lender's customer service opening hours and your bank.
There are big differences in interest rates and charges on loans. By competing for loans, you can choose the best offer.
APR means all the costs included in the loan in addition to the nominal interest rate. The APR therefore includes not only the nominal interest rate but also, for example, the account management fee.
The term of the loan is determined by the payment period you request, the amount of credit and your ability to pay.