Are you in need of a 1000 cash loan? Perhaps you need to fix your car, or have some medical bills to pay for and need an emergency cash advance? Either way, is taking out a 1000 personal cash loan a good idea for your situation? In this post we will walk through a few of the circumstances where taking out such a loan would be a good idea. Remember, most cash loans for 500 to loans for 3000 dollars come in the form of payday or cash advance loans (with some exceptions), as many banks don't provide such non purpose lending.
This is a very common reason why people would take out 1000 cash loans. If you find yourself in a situation where you 1) have to have your car to get to work, 2) absolutely cannot wait until your next paycheck to get the car fixed, and 3) do not have any available funds, then it may be justifiable to take out a loan so you can get your car fixed so you don't lose your job. However, don't do this just to change the oil, and make sure you ask the mechanic if the repair can wait one or two weeks or if they can have you pay them with a post-dated check.
If you don't have insurance or find yourself in a bind where you can't get the medical care you need unless you take out loans for 1000 cash, then you may want to consider doing so. Obviously, nothing is more important than your health and there are times where you can't wait one or two weeks to fix yourself.
Sometimes things simply happen and you need cash fast. Maybe your roof just caved in, or your plumbing broke down, or another similar emergency arose and you absolutely have to fix it now. Things happen in life, and sometimes a temporary loan can help you get through. Again, just make sure that you most definitely cannot wait until your next paycheck to take care of these problems.
TIMES WHEN TAKING OUT PAYDAY LOANS IS NOT A GOOD IDEA
There are also times in life when taking out a $1000 cash loan can be a terrible decision, and it's important to be able to distinguish the difference. Essentially, it is not a good idea to take out a 1000 cash loan with bad credit just because you don't have good credit and don't want to go through the process to fix it. This only makes the problem worse, not better. In addition, ANY situation where you do not absolutely have to have the cash now is not a situation to take out the loan. Here is why:
Let's assume you take out one 1000 loan. You plan on paying it off in two weeks, and you really think it's a good idea to get the cash now, even though your car could wait two weeks and you could ride the bus or your bike to work in the interim. You pay about $200 to take out the cash loan, and you realize this but don't think about it too much since you know your paycheck will come in two weeks and will cover it all. That is, until the pipes in your house break and you have to fix that as well. Now, you can extend the payday loan which would allow you to pay off the pipes and you can then take care of the loan in an additional 2 weeks. Well, now you have paid $400 and realize that you cannot pay off that loan and your rent and still eat. So, you go to another lender, take out another loan....and the cycle starts over again.
This is why people end up taking out 8 to 12 such loans, on average, per year. Don't get caught in this trap - and the surest way to not get caught is to not take out a loan you don't need in the first place.