Taking out a $1,000 loan can vary widely in cost, repayment terms, and what it takes to qualify. Here are four common ways to borrow $1,000, how to decide whether one of those is right for you, and alternatives to taking out a loan.
What to consider before taking out a $1,000 loan
You should only take out a loan if you are certain you will be able to repay it on time and in full. Loans can cost a great deal, so it’s important to explore all your options and make sure you can afford the payments before you sign.
- Pull your credit report: Your credit score and credit history will affect how large of a loan you qualify for and the interest rates you’re offered, so it’s best to apply for a loan when you have a credit score that enables you to access the most competitive terms. If your credit score is low, it might be worth it to wait and boost your score before applying.
- Your income and expenses: Additionally, consider your income and expenses. If you have a budget, make sure you have enough to afford a monthly payment. While a loan allows you to access what you need without paying the full amount upfront, there’s still a monthly cost, as well as a long-term one.
When you’re comparing loans, also take the loan’s APR into account. The annual percentage rate includes your interest rate and fees, expressed as a percentage. The higher your APR, the more you’ll pay over the life of the loan.
Learn More: $5,000 Personal Loans
Compare Personal Loans
$1,000 personal loan
Personal loans are a type of installment loan that typically come with a set APR and fixed monthly payments. You can find these loans at banks, credit unions, and online lenders. Personal loans are usually unsecured, meaning you don’t have to provide collateral, like a car or a home that you own, to back the loan.
The amount of each monthly payment and the number of months you will need to repay the loan will be determined prior to you closing the loan, so there should be no surprises.
Since personal loans rarely require collateral to secure them, the amount and terms you qualify for will depend on your credit score, credit history, debt-to-income ratio, and other factors.
If you have a low credit score, a history of missing payments, and existing debt, it will be a challenge to qualify for a loan. You will often still be able to find a personal loan with a low credit score, but the APR will often be very high, and you might not qualify for $1,000, but for a lesser amount.
4.24.2
Credible rating
Fixed (APR)
6.99% - 25.49%
Loan Amounts
$5000 to $100000
Min. Credit Score
700
Check Rates
on Credible’s website
View Details
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 12 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Soft credit check
No
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full review
3.93.9
Credible rating
Fixed (APR)
7.80% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
620
Check Rates
on Credible’s website
View Details
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full review
4.44.4
Credible rating
Fixed (APR)
-
Loan Amounts
$2500 to $40000
Min. Credit Score
660
Check Rates
on Credible’s website
View Details
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Read full review
4.64.6
Credible rating
Fixed (APR)
8.49% - 17.99%
Loan Amounts
$600 to $50000
Min. Credit Score
760
Check Rates
on Credible’s website
View Details
Overview
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Loan amount
$600 to $50,000
Fees
Unsuccessful payment fee, late fee
Discounts
None
Eligibility
Does not disclose
Min. income
No flat restriction
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
Repayment terms
12 to 60 months
Read full review
4.54.5
Credible rating
Fixed (APR)
8.49% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
600
Check Rates
on Credible’s website
View Details
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full review
44
Credible rating
Fixed (APR)
8.98% - 35.99%
Loan Amounts
$1000 to $40000
Min. Credit Score
660
Check Rates
on Credible’s website
View Details
Overview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Loan amount
$1,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Within 3 days
Loan uses
Debt consolidation, paying off credit cards
Read full review
4.94.9
Credible rating
Fixed (APR)
8.99% - 29.99%
Loan Amounts
$5000 to $100000
Min. Credit Score
Does not disclose
Check Rates
on Credible’s website
View Details
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Read full review
44
Credible rating
Fixed (APR)
8.99% - 35.99%
Loan Amounts
$2000 to $50000
Min. Credit Score
600
Check Rates
on Credible’s website
View Details
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full review
3.93.9
Credible rating
Fixed (APR)
9.95% - 35.99%
Loan Amounts
$2000 to $35000
Min. Credit Score
550
Check Rates
on Credible’s website
View Details
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full review
4.34.3
Credible rating
Fixed (APR)
-
Loan Amounts
$5000 to $35000
Min. Credit Score
700
Check Rates
on Credible’s website
View Details
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Min. income
$25,000
Customer service
Live chat
Soft credit check
Yes
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full review
4.34.3
Credible rating
Fixed (APR)
11.69% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
560
Check Rates
on Credible’s website
View Details
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full review
3.93.9
Credible rating
Fixed (APR)
11.72% - 17.99%
Loan Amounts
$3000 to $40000
Min. Credit Score
640
Check Rates
on Credible’s website
View Details
Overview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Loan amount
$5,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except MA, MS, NV, and OH
Min. income
None
Customer service
Phone, email, chat
Soft credit check
Yes
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Read full review
44
Credible rating
Fixed (APR)
-
Loan Amounts
$20000 to $200000
Min. Credit Score
660
Check Rates
on Credible’s website
View Details
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Loan amount
$20,000 - $200,000
Repayment terms
3 - 10 years
Fees
Origination fees, late fees
Discounts
None
Eligibility
Available in all states except Maryland and Illinois
Min. income
$100,000
Customer service
Email, phone
Soft credit check
Not on lender's site
Time to get funds
In as few as 5 days
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Read full review
3.73.7
Credible rating
Fixed (APR)
14.30% - 35.99%
Loan Amounts
$3500 to $40000
Min. Credit Score
640
Check Rates
on Credible’s website
View Details
Loan amount
$3,500 to $40,000
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Discounts
None
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Min. income
$1,000 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full review
3.93.9
Credible rating
Fixed (APR)
18.00% - 35.99%
Loan Amounts
$1500 to $20000
Min. Credit Score
540
Check Rates
on Credible’s website
View Details
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Min. income
Does not disclose
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full review
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
$1,000 cash advance
Most credit cards will allow you to withdraw cash on your credit line up to a certain limit.
APRs for credit cards are higher on average than those for personal loans, however, and cash advances often charge even higher rates and fees than normal use of your credit card. Additionally, the amount of cash you can withdraw is usually limited by your credit card company.
There are also apps that offer fast cash advances and don’t charge interest, but they have negatives to consider as well. While an app can get money in your hands quickly, they often tie repayment to your next payday, giving you a very small window of time to repay what you owe.
In lieu of interest, these apps usually charge fees. They might seem small, but can be quite large when analyzed as a percentage of the amount you’re borrowing and the time frame for which you’re borrowing it. Finally, these apps are usually intended for smaller amounts, so it may be difficult to find one that would loan you $1,000.
Check Out: Best Credit Cards
Payday loan
A payday loan is a short-term loan for a small amount that you’re usually expected to pay in full on your next payday. Generally, you’ll leave a check for the amount of the loan plus interest and fees with the payday lender, and they’ll automatically pull the full amount out of your account on your payday.
These loans often come with very high interest and fees, to such a degree that payday lenders are restricted or outright prohibited in many states. Because of the high cost of borrowing and the short repayment term, these loans can often trap borrowers in a cycle of debt.
Because of some states regulating or banning payday loans, you may not be able to access a payday lender in person or online. Additionally, you may not be able to get a $1,000 payday loan, as many lenders only give payday loans of $500 or less.
Since these lenders pull the money directly from your account, making them more likely to be able to recoup the money they lend you, they usually don’t check your credit scores or other factors that most traditional lenders consider.
Payday alternative loan
Since payday loans have such a bad (and often deserved) reputation, federal credit unions came up with a better alternative: payday alternative loans, or PALs.
These small loans, for amounts between $200 and $2,000, have repayment terms of between one month and a year. The fees and interest credit unions charge you for these loans are capped (typically at $20 and 28%, respectively), making them a more affordable and sustainable option.
PALs are offered at some federal credit unions — take a look at credit unions in your area and online to see if there’s one for you. Additionally, decisions on PALs are often based on your relationship with the credit union itself more so than credit, which means PALs may be a good decision if you have a lower credit score.
Time to fund a $1,000 loan
This will depend on a variety of factors, including the type of loan you’re taking out, the time of day you’re applying, and whether you’re getting cash or money deposited into your bank account.
Payday loans and cash advances can get cash in your hand the same day, and some personal lenders also offer same-day funding. (Though if you’re opening a new credit card, you will sometimes need to wait for it to arrive to take out cash.) Even PALs and personal loans with longer funding times will rarely take longer than a week to get your money in your account.
But even lenders that boast same-day funding times can take longer. If you apply later in the day or take a while to submit documentation or complete the application, you can see a delay.
Sometimes it might happen with the bank account that’s receiving the funds, depending on your bank’s policies about incoming payments. Finally, some lenders have a more time-intensive process — ask your lender about this upfront if the money is needed in a specific time frame.
Keep Reading: How to Get a Small Loan
Compare Personal Loans
How much will a $1,000 loan cost?
There are three main factors that will determine how much borrowing $1,000 will cost you:
- Interest rates: Your interest rate is a percentage of the total amount you borrow that you pay the lender. Interest rates can be fixed, as they are for most personal loans, or variable, as they are for most credit cards. Fixed interest rates are generally preferable as they will not go up with the market.
- Fees: Most lenders will charge fees, including origination fees, application fees, and late fees. Origination fees are common for personal loans and are usually a percentage of your total loan amount that is deducted from your loan before the money is sent to you. Payday lenders, cash advance apps, and credit card cash advances can also come with quite expensive fees. PALs can come with an application fee, but it’s limited to $20 and has to be associated with a real cost of processing your application.
- Loan terms: Loan terms are the amount of time it will take to repay your loan. Generally, longer loan terms allow you to make a lower monthly payment, but mean that you end up paying more in interest. It’s usually best to opt for the shortest repayment term possible where you can safely afford the monthly payment.
Remember, when taking out a loan, you’ll want to consider the APR, which includes both the interest rate and fees.
For example: Let’s say that you take out a $1,000 personal loan with a 1% origination fee, an interest rate of 11% (near the national average, according to the Federal Reserve), and a 12-month repayment term. The 1% origination fee would be automatically deducted, and you would receive $990. Over the next year, you would make a monthly payment of $88.38, and the total cost of the loan would be $70.58 in interest, or 12.92% APR. You would end up paying $1,060.58 overall.
On the other hand, you could take out a payday loan for the same amount. This $1,000 payday loan comes with a 400% APR (a typical rate) and has to be repaid in two weeks. In two weeks, you will need to pay the full amount due: $1,153.42. That means the cost of borrowing $1,000 for two weeks is $153.42.
If that seems like a pretty big chunk of your paycheck, you’re not alone — many payday borrowers end up needing to roll over their loan, according to research by the Consumer Financial Protection Bureau in 2022.
The CFPB found that a borrower who took a $300 payday loan could pay $360 in rollover fees over four months and still owe the total original $300.
Personal Loans Calculator
If you decide to take out a personal loan, use a personal loan calculator to determine interest charges over time.
How to qualify for a small loan
While payday loans and cash advance apps tie your loan eligibility to your paycheck, most other lenders, including credit card companies, credit unions, banks, and online lenders, will look at your overall financial picture to see if you qualify for a $1,000 loan. Here are some of the things they will consider:
- Credit score: As mentioned above, your credit score is a crucial factor. Borrowers with high credit scores (mid-700s and above) are likely to get the best offers. Credit scores take into account things like your history of making payments on time, which will impact how risky a borrower lenders think you might be.
- Income: Lenders will also want to get a picture of your income, and will likely ask about your employment and want to see your pay stubs. This will give them another way to determine whether you can take on a $1,000 loan.
- Debt-to-income ratio: A term you might hear is “debt-to-income ratio,” which simply means comparing the total cost of your monthly debt payments to the total amount of your pretax monthly income. Again, this gives the lender a better idea of whether you can reasonably take on another loan.
To improve your chances of qualifying, it can be worthwhile to boost your credit score, increase your income, or pay down some of your existing debt before applying for a new loan. You can improve your debt-to-income ratio by paying off loans or credit cards you’re currently carrying or increasing your income.
Learn More: How To Get a Personal Loan
How to qualify with bad credit
If you have bad credit or fair credit, it can be harder to get approved, even for a small personal loan. But there are a few ways to improve your chances. First, consider lenders that specialize in personal loans for bad credit and have low or no minimum credit score requirements. It may also be worthwhile to seek out a secured personal loan that you can back with collateral — that is, something you own, like a car or home. If you don’t make your payments, the lender can take your collateral, which may make the choice to lend to you a little safer for them.
Another option is to seek out a personal loan provider that allows a cosigner. A consigner is someone with a better credit score and debt-to-income ratio that can take on the responsibility of the debt with you, which again can improve your chances of being approved for a loan.
Compare Personal Loans
Alternative options
If a $1,000 loan doesn’t seem like the right choice for you, here are some other options to consider:
- Saving: If you don’t need the $1,000 immediately, or it’s for something you can put off, like a vacation or a wedding, it can be a wise financial choice to wait and save that money rather than borrowing it.
- Sell unneeded items: If you have items you don’t need with a good resale value, like designer clothes or electronics, you could consider selling those. Facebook Marketplace, Craigslist, and other websites make it easy to turn unwanted items into cash.
- Take on a side hustle: There are gigs available that offer low barriers to entry, making it easy to start pulling in money on the side. The average American with a side hustle in 2022 pulled in about $1,000 a month from it, according to a report by Zapier.
- Borrow from a friend or family member: If you have a loved one who can lend you the money, consider talking to them about this. If you decide to pursue this option, draw up a mutually agreed-upon repayment plan — and stick to it.
- Seek out financial assistance programs: Some nonprofits and state and local governments offer financial assistance for those in need, especially for basic needs such as food and housing. Take a look at what’s available in your area.
FAQ
Where can I get a $1,000 loan?
You can find $1,000 loans offered by many lenders, including banks, credit unions, online lenders, and payday lenders. Whether or not you qualify for a $1,000 loan will depend on your overall financial picture. Some loans, like payday loans, are likely to come with very high interest and fees that can trap you in an expensive cycle of debt.
Where can I get a loan with no credit check?
Cash advance apps, cash advances from credit cards you already have, and payday loans are all ways to borrow money that are unlikely to check your credit. Some personal loan lenders also offer no-credit-check personal loans, but all of these options are likely to come with a high APR.
Payday alternative loans, or PALs, can be a better alternative, as they will check your credit but often make lending decisions based on your relationship with the credit union rather than credit scores.
How can I get a $1,000 loan with bad credit?
A PAL from a federal credit union can be a good option for a $1,000 loan if you have bad credit, as they have lower interest rates and fees than many of the other options available, and often make lending decisions based on their relationship with you rather than just your credit score. Other lenders may offer $1,000 loans to borrowers with bad credit, but often charge high interest and fees as well.
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Meet the expert:
Hilary Collins
Hilary Collins is a finance writer and editor. She loves taking topics that could be dry and complicated and turning them into engaging stories with actionable takeaways.