Do you need to take out a 1000 loan? If so, then there are a few different options that you may want to consider. However, be sure to know what you are doing, and follow these quick tips to getting 1000 loans, as there are a few nuances with such loans that can end up costing you a lot of money if you don't know about them before hand.
First of all, you need to know and understand your options. When it comes to taking out a 1000 personal loan you have three main options: 1) borrow the money from a friend or relative, 2) take out a small cash loan from a bank, or 3) take out a 1000 payday loan. Each of these options has it's benefits and disadvantages so lets take a quick look at each of them.
Borrowing 1000 Dollars From a Friend or Family Member
While this may be a very common way to find this funding, it's important to realize a few things. First of all, you are changing your relationsip with whomever you are borrowing the money from. Yes, this might be quick and easy, but you need to ask yourself it it's worth saving $100 or so in order to jepordize your relationship with them.
Taking Out A Small Cash Loan From A Bank
This option is great if you 1) don't need the money today, and 2) if you have good credit. Many times these loans will be used for people looking to buy a car or something simliar. However, if you have bad credit then this option is not for you, and a bank will almost never give you money same day that you walk in (unless you have securities or some other equivelant asset which you can pledge against the loan).
Getting a 1000 Loan With Bad Credit Options - Payday Loans
For most people looking for such loans, payday loans are there only real option, especially if you are looking for a 1000 loan bad credit. Basically, the payday loan industry is the industry that is set up and built around the idea of lending money to people with bad credit. These loans have several advantages, which include the following:
- Payday and cash advance loans are very fast - you can literally get the money same day
- They do not require much to get the loan. All you need is to be over the age of 18, have a job, and have a valid checking account.
- You can get this loan even if you have bad credit. They do not do any kind of credit check so this does not play into the decision at all. The only thing that would prevent you from getting such a loan would be if you currently have an outstanding payday loan.
However, because these 1000 bad credit loans are so quick and easy there is a cost to them, and this cost is not cheap. In fact, such loans are some of the most expensive you can take out. Interest rates average over 400% APR (however, it's important to remember that the loan is for only one or two weeks, so you don't actually pay $4000 for the $1000 loan), and the origination fees average around 17% - so make sure you really need this money if you want to take out such a loan.