If you are looking for a 1,000 pound loan, your options will be very different than for someone looking to borrow a larger amount, but there is just as much flexibility in the market.

We compare 1,000 loan lenders and run through the different ways you can get cheap credit.

Getting a small personal loan

Because the amount involved is relatively small, you have more options when it comes to getting approved for a 1,000 loan bad credit history or otherwise.

An unsecured personal loan is one of the easiest ways to take out 1,000 pound loans and in many cases, this may be the way to find some of the most competitive rates.

Loans over 12 months or longer are the norm; many lenders set the minimum period at 12 months to make it worthwhile them lending to you at all although some offer shorter terms.

If on the other hand you want to spread out your repayments, you can borrow a 1,000 loan over 2 years or even longer. For a 1,000 loan monthly payment terms can stretch up to a maximum of 7 years, as a general rule of thumb but the amount of interest you'd pay in this time would be significant.

It's always best to spread repayments on your 1,000 loan over the shortest period possible so you pay less interest overall.

Getting the best deal for 1,000 loans

Although an unsecured personal loan is one of the most popular ways to get a loan today there are a number of different other options offering alternative solutions.

The first thing you should consider is using your credit card. This is a far less formal arrangement, will give you the flexibility to pay of your borrowing on your terms and, if you get a 0% purchase card could save you paying interest on your borrowing. The same applies to 0% balance transfer credit cards to the same end; borrow and pay of the balance before the end of the 0% period and all you'll have to pay out is the handling fee.

The downside is that you do need to be more disciplined about making repayments so you clear your balance or make another balance transfer before the end of the term. To get around this issue simply work out how much you need to pay off each month to clear the balance in full by the time the 0% deal ends and set up a direct debit to do this for you.

Another option is social lending. This sidesteps the banks so you borrow direct from savers via one of the social lending sites. This can work out as a very cost-effective option especially if you have a good credit history so it's worth investigating.

If you are looking for a 1,000 loan poor credit won't necessarily be an issue, but if you have had more serious debt problems very recently, you might find it difficult to get approval from a mainstream lender.

If you need a 1,000 same day loan to cover bills and are struggling financially you should speak to your lenders and a debt charity like StepChange rather than borrowing more.

The best way to find out how much each option will cost is to carry out a loans for 1,000 comparison. This will show not just the APR, but the minimum and maximum repayment terms to help you narrow down the right deal for you.

See how this compares with the cost of using a credit card and go for whichever option costs you least.