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Where to Get a $1,000 Loan?

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Written by Latoria Williams | Reviewed by Michael Lefler

Advertiser Disclaimer


1F Cash Advance is a financial platform that doesn’t offer loans. We connect you to potential lenders but don’t promise you'll get approved for a loan. The terms, rates, and fees may be discussed with the lender you were approved with. We recommend getting advice from a financial expert about dealing with money struggles without risky loans. For more information, read our full Legal Disclaimer.

Advertiser Disclaimer


1F Cash Advance is a financial platform that doesn’t offer loans. We connect you to potential lenders but don’t promise you'll get approved for a loan. The terms, rates, and fees may be discussed with the lender you were approved with. We recommend getting advice from a financial expert about dealing with money struggles without risky loans. For more information, read our full Legal Disclaimer.

If you need a $1,000 loan for a financial emergency, there are several options to consider. As they vary widely in cost, monthly payments, and credit score requirements, we want to guide you through the process. 1F Cash Advance is here to help you understand your $1,000 loan options, explore alternatives and pitfalls, and find a suitable small loan for your specific needs.

Steps to Take Before Obtaining a $1,000 Loan

One of the golden rules says you should only take out a loan if you're certain about your ability to repay it as agreed. Here are a few things to consider before making a responsible borrowing decision:

  • Check your credit report. Your credit history is the key factor that determines your interest rate. If your credit score is low, make it a priority to improve it before taking out a $1,000 loan. Otherwise, you will be charged a high interest rate and fees;
  • Assess your income and expenses. Take a look at your budget to make sure you can afford a loan. List all your earnings and spending and see what you have left after covering all your mandatory expenses. You need to be certain your monthly payment amount is within your means;
  • Compare lenders. Each lender has its unique loan terms. Pre-qualify for a $1,000 loan from several lenders or use a connecting service to access more offers and compare them. Pay attention to an annual percentage rate, origination fees and extra charges, repayment terms, and the lender's reputation.

Types of $1,000 Loans

There are several types of $1,000 loans to consider. Below are the most commonly used options.

$1,000 Personal Loan

A $1,000 personal loan allows you to get a lump-sum deposit and repay it in equal monthly installments within up to 60 months. They are unsecured loans, meaning that you don't need to provide collateral to qualify.

Despite offering low interest rates between 5.99% and 35.99%, most personal loans come with minimum credit score requirements of 670. Thus, they may not work for people with a bad or limited credit history. Personal loan lenders also perform hard credit checks, so the entire loan process takes from several days to several weeks and affects your credit score.

Payday Loan

Payday loans are short-term debts that need to be repaid in full within 2 to 4 weeks. These loans are known for being very accessible and fast. Payday lenders often provide loans in minutes, meaning that you can get an instant approval decision and receive the funds by the end of the same day. They also come with no hard credit history checks and prioritize a borrower's income over their credit score.

However, payday loan interest rates are one of the highest on the market. An APR can be over 400%. This, along with its short repayment periods, can make payday loans difficult to handle.

Installment Loan

Installment loans for bad credit work similarly to personal loans but have shorter repayment terms and are more expensive. You need to repay loan funds plus interest in fixed monthly payments within up to 24 months. Although they are more flexible compared to payday loans, interest rates are still above average. Depending on the lender and a borrower's credit score, an APR can be between 16% and 100%. However, they may serve as a reasonable alternative to personal loans for bad credit borrowers.

Cash Advance

Cash advances typically come in two forms: credit card cash advances and cash advance apps. A credit card cash advance is a form of borrowing against your available credit card balance. To get one, you don't even need to go through an application process or undergo credit checks. All you need is to withdraw cash from your credit card in an issuer's ATM or store.

However, there are some pitfalls, too. Cash advance interest rates are typically higher than those on regular purchases. They also accrue from the moment you withdraw cash, so there are no grace periods you can benefit from.

Cash advance apps are digital tools that allow you to borrow money via your smartphone. They often come with no interest rates and determine the maximum loan amount based on your hours worked. However, they often charge membership fees or tips. Additionally, loan amounts are quite small and are always capped at $200. It will be quite difficult to find a cash advance app that offers up to $1,000 loans.

Payday Alternative Loan

Offered by credit unions, a payday alternative loan (PAL) is a small personal loan for CU members with less-than-ideal credit scores. It offers a longer-term and cheaper alternative to payday loans, protecting borrowers from predatory lending practices. PALs have interest rate caps of 28%. They allow you to get an up to $2,000 loan and repay the funds within 2 to 12 months. You need to be a credit union member to apply for a PAL.

When Will I Get a $1,000 Loan?

Funding times usually depend on the lender you work with. Traditional financial institutions, for example, always perform hard credit checks. This extends the entire process, so it may take up to a week to only get a loan decision. If approved, your loan funds will be transferred to you within 3 to 5 business days.

Online lenders usually work faster. They use alternative means to check your eligibility, so the verification process takes about 1 hour or less. Then, they make direct deposits so approved borrowers can get their loans within one business day. When borrowing with 1F Cash Advance, you typically get the funds as soon as the next business day. Some lenders also offer same-day funding if a borrower gets approved before noon on weekdays.

How to Get a $1,000 Loan Online?

While traditional lenders typically have a lot of paperwork to complete, online loans offer a streamlined application process. When taking out a $1,000 loan from 1F Cash Advance, there are just a few simple steps to follow:

  • Fill out an online application form. You can complete it on our website in just 5 minutes.

  • Get a loan approval decision. After receiving your form, we share your application details with our database of direct lenders. It usually takes them less than one hour to review your data and send you a response via email.

  • Review your loan terms. Pay attention to the APR, fees, repayment terms, and other details of your loan agreement. E-sign it if you're fine with the terms offered.

  • Get the funds. Small personal loans are usually delivered within one business day via a direct deposit into your bank account.

get for a ,000 personal loan fast

How to Qualify for a $1,000 Loan with Bad Credit?

Having bad credit is not an obstacle to getting a loan as long as you deal with the right lender. However, it may result in less favorable loan terms and higher interest rates. Here are some ways to improve your chances of getting $1,000 loan with bad credit at reasonable conditions:

  • Bring a co-signer. A co-signer is an individual with good credit and steady income whom you add to your application. If you default on your $1,000 loan, they will be responsible for repaying it. Thus, a co-signer makes you look more reliable, so lenders may turn a blind eye to your bad credit;
  • Add collateral. Secured loans can be a smart option for borrowers with credit issues. It improves your chances of getting approved, as you provide collateral that can be repossessed if you default. A secured loan can also work for borrowers seeking lower interest rates;
  • Specify all income sources. If you have a low credit score, your income becomes a priority. Lenders usually look at how much you earn to make sure you’re solvent and can repay the loan despite your credit issues. If you have a side hustle or receive money from self-employment, point it in your loan request form;
  • Maintain a low debt-to-income ratio. A debt-to-income ratio helps lenders realize how much debt you carry compared to your income. A high DTI indicates that you’re overburdened with debt and may experience difficulties with repaying a new loan. To improve your chances of getting a loan, try to keep your DTI as low as 43% to 35%.

Expert advice

Although options for bad and fair credit exist, boosting your credit score is the best strategy you can choose in the long run. There are several ways to improve your FICO rating. Obtain a credit-builder loan or get a secured credit card and make sure you pay your loans and bills on time.

What Is a $1,000 Loan Cost?

There are several factors that affect your $1,000 loan cost:

  • Interest rate. Lenders charge an annual percentage of the amount you borrow for using their money. It can be either fixed or variable.
  • Associated fees. Your loan cost may also include other fees that could arise under certain conditions. For example, an origination fee is a cost charged for processing your request. It will be deducted from your initial loan amount, lowering the sum you will get on hand. There may also be late fees and prepayment penalties.
  • Repayment period. The longer your repayment period, the higher will be your total loan cost;
  • Credit score. Your credit score determines the interest rate a lender will offer to you. Lower credit score always result in a higher APR;
  • Location. Each state has its regulations regarding loans. Your location can determine interest rate ranges and other loan terms that directly affect its cost;
  • Lender terms. Although all licensed lenders are obliged to operate under federal and state laws, they are free to set their own interest rates and charges within acceptable limits.

Here are a few examples that demonstrate how your $1,000 loan cost can vary based on the factors mentioned:

APR Repayment Period Monthly Payment Total Cost of Loan
11.99% 6 $172.54 $1,035.26
24.5% 6 $178.78 $1,072.66
11.99% 12 $88.84 $1,066.13
24.5% 12 $94.8 $1,137.62
11.99% 24 $47.07 $1,129.65
24.5% 24 $53.12 $1,274.9

Although the examples are just estimated, and $1,000 loans are subject to approval, the table represents the influence of APRs and repayment period duration on your total loan cost.

Alternative Ways to Borrow $1,000

In some cases, you can avoid high-interest debt by turning to alternative options. Here are some cheaper ways to get or borrow $1,000:

  • Borrow from your family or friends. Our loved ones can provide interest-free assistance adjusted to our unique situation. Ask your family members or friends for a helping hand before going into debt;
  • Ask for a paycheck advance. Ask your employer whether they can give you a portion of your future paycheck upfront. This will help you avoid unnecessary debt;
  • Pawn something. Pawn shops offer secured loans against your valuable asset without lengthy application procedures and hard credit checks. You can pledge some of your belongings, such as electronics or jewelry, and get the item back after repaying the funds within the agreed-upon period;
  • Find a side hustle. When it comes to side gigs, your options are almost unlimited. It can be anything from Uber driving to freelancing. You just need a few spare hours a day and a willingness to earn. Find a side hustle that suits you and make more money instead of borrowing it;
  • Sell unused stuff. There may be multiple items around you that you don’t use, from clothing to electronics or even books. Reselling them can bring you a few hundred or thousand dollars quickly;
  • Save in advance. Some expense categories, such as a wedding or vacation, may wait until you save money for them. Try to avoid going into debt if it’s not an extreme need.


Where Can I Get a $1,000 Loan?

You can get a $1,000 loan from banks, credit unions, online lenders, credit card issuers, and cash advance apps. Which one to choose depends on your credit score and current situation. Bad credit borrowers who need money quickly can consider online lenders and apps, while people with good credit may find loans from traditional lenders cheaper.

Is It Possible to Get $1,000 Loan with Instant Deposit?

Some apps or lenders may offer instant funding in exchange for an express fee, but the amounts they offer are typically lower. In most cases, $1,000 loan with instant deposit refer to an instant loan decision and money funding within one business day. In some cases, lenders may transfer money within several hours for an extra fee, meaning that you'll get the funds on the same day.

Can I Get a $1,000 Loan with No Credit Check?

A $1,000 loan with no credit check is a loan that comes with no hard inquiry via major credit bureaus. Lenders that offer these products use alternative ways to review your creditworthiness and make sure you can afford this potential loan. This process is called a soft credit check and doesn't affect your credit.

What Is the Easiest $1,000 Loan to Get?

A payday loan is considered the easiest $1,000 loan to get. However, it comes with steep interest rates and short repayment terms. Additionally, some states limit maximum payday loan amounts to $300 or $500.

How Can I Use a $1,000 Loan?

There are no restrictions, and lenders don't track the way you use the funds. A $1,000 loan can be used for various personal needs, from covering unexpected expenses to debt consolidation or credit card refinancing.

What Credit Score Do I Need to Get a $1,000 Personal Loan?

Traditional lenders usually require you to have good credit, which is 670 and higher. However, they may also offer specific options for borrowers with scores of 620 or 640. Online lenders usually have more relaxed criteria and accept people with credit scores as low as 580. Many of them set no minimum credit score requirement, so you can apply even with no credit at all.