Need fast cash? The Federal Reserve found that 39% of Americans could not cover a surprise $400 expense. If your next payday isn’t right around the corner and you need money ASAP, consider a $1,000 loan online. It’s a convenient option to get you the funds you need as soon as tomorrow.
5 Available Online $1,000 Loan Alternatives
Check out some of our suggestions for getting a $1,000 loan. These are all great alternatives to payday loans.
1. Take out a Credit Builder loan
Sometimes all you need is a small loan that keeps you going. Want a loan that others don’t have to know about and won’t cost you a fortune in interest or fees? Consider a Credit Builder loan from MoneyLion.
You can have the best of both worlds with Credit Builder loans because they are affordable loans of up to $1,000. Plus, MoneyLion reports your on-time payments to the three major credit bureaus so you can start rebuilding your credit just by paying the loan back on time. It only costs $19.99 to unlock this feature, and you’ll have access to no-interest cash advances, too!
Pro: You can sign up in just a few minutes, so it’s a quick and convenient option.
Con: You haven’t signed up for it yet!
2. Try the Instacash cash advance from MoneyLion
Cash advances through the Instacash feature are available in amounts up to $250. Instacash can be a good choice if you don’t need the full $1,000 all at once.
With Instacash, funds are deposited into your bank account within minutes. Plus, there are no credit checks and once you have the app, you can begin exploring options like managed investing or fee-free checking.
Pro: It offers access to instant lending without any credit checks involved.
Con: You haven’t signed up for it yet!
3. Pawn items
Need money ASAP but prefer not to borrow from an online lender? A pawn shop will give you a loan in exchange for your items. Loans are typically between 30 and 50 percent of the item’s resale value, and you’ll have 30 days to repay the loan and retrieve your item. Expect to pay interest on the fees associated with your loan.
The primary benefit of pawn shop loans is that there are no credit checks or lengthy applications to get approved. Visit a local pawn shop, receive an offer, and walk away with cash if you accept the loan terms.
But know that if you don’t repay the loan on time, the pawn shop will sell your item to recoup what they’re owed unless they agree to grant you an extension. While you’ll lose your item forever, you won’t be indebted to a lender, and your credit score won’t suffer. So, a pawn shop loan may not be a bad idea if you’ve exhausted all of your other options.
Pro: You’ll get cash the same day, and you won’t have to worry about membership fees.
Con: You will only get a portion of the cash that your item is worth, and the pawn shop will end up keeping your item if you do not pay them back.
4. Borrow from family and friends
Ask friends and family if they can help you get over your financial hump. It’s an interest-free option to access cash, but make sure you only borrow what you need. Do everything in your power to repay the loan on time. Otherwise, you’ll run the risk of ruining valuable relationships and burning bridges over a loan.
Before you take this approach, be mindful of who it is you’re asking to loan you money. Is the person in decent financial shape to help you? Do they proactively manage their own finances, or do they often struggle to make ends meet?
If it’s the latter, asking for a loan could put them in a bad financial position, particularly if you don’t repay on time. That’s not fair to them. Also, know that people in your life might say yes to appease you without thinking about the financial strain it could cause them. Be honest.
The best way to approach loans from friends and family is by putting things in writing. This ensures both parties are on the same page, which avoids issues down the line. And if you do not foresee repaying the 1,000 dollar loan in a lump sum, communicate this upfront and draft a repayment plan.
Pro: A family member might be willing to help you.
Con: It could be an uncomfortable situation that hurts your relationships in the long run.
5. Earn money from a side gig
If you are struggling to get a $1,000 loan, you may need to change your perspective. Side hustles are a great way to make money quickly. Try driving for Uber or delivering with Uber Eats. You may be surprised by how much money you can rack up in just a few days. The best part is that you won’t have to pay interest or repay a loan!
Pro: You don’t have to qualify for a loan or pay interest.
Con: It can be time-consuming.
Online Loans to Avoid
There are a few options we advise against when it comes to online loans so make sure you read up on the various options before you make your final decision.
Payday loans are a way for credit-challenged borrowers to get a $1,000 loan. There are no credit checks involved, and it only takes a few minutes to apply online. But sometimes, it can be too good to be true. You should also know that they come with steep interest and financing fees. Some states even charge APRs of 400% or higher.
Another issue with payday loans is the danger they pose to your financial well-being if you cannot pay the loan back in full by the due date. The lender will automatically draft a payment from your bank account for what you owe the lender. If you don’t have the necessary funds in your bank account, you can expect to face fees from both your financial institution and the payday lender.
Some states allow lenders to grant an extension or let you refinance your loan, but it comes with an additional cost. This perpetuates a vicious cycle of dependency that keeps you wrapped up in a cycle of debt with your lender.
If you finally throw in the towel, the lender will sell the account to a debt collector. And if you’re unable to remit payment in full — including all of the interest accrued and the various fees — or work out an arrangement within 30 days, the collection agency may report your account to the three major credit bureaus as being delinquent.
Credit cards with bad credit
Charging expenses on a credit card is one answer to how to get cash the same day. But this might not be the best option because it will cost you hundreds to thousands of dollars in interest rates as a result of bad credit.
Plus, credit cards are hard to pay back. They charge interest and the interest rates tend to be relatively high, keeping you stuck in a position of debt. Very little of your payments will go towards the principal balance. Instead, most of your payments will pay off interest and nothing more. Check the fine print on your credit cards before going down this road.
Tribal loans are often marketed as alternatives to payday loans, but don’t assume that they are better than payday loans. Some tribal lenders are unregulated by the government because they claim sovereignty which separates them from the U.S. government.
Additionally, some online lenders illegally disguise themselves as tribal lenders when they are payday lenders illegally practicing in another state. In those instances, you might think you’re taking out a tribal loan but it’s really a dangerous payday loan in reality.
How $1,000 Loans Can Affect Credit
Make sure you understand how getting a $1,000 loan fast can affect your credit. Don’t make decisions too quickly, or you could hurt your financial future in the long run.
Get money when you need it with MoneyLion
Consider MoneyLion’s Credit Builder Plus program to get up to a $1,000 dollar loan. There’s no credit check, and the Credit Builder loan works hard for you. It helps you build your score! Or you can also get an advance through Instacash and receive peace of mind knowing that you won’t have to pay a fortune in interest and fees. Stay on track with our Safety Net feature and get cash when you need it.
How can I get a 1,000 dollar loan fast?
Can I get a personal loan with a 500 credit score?
Possibly, but the terms might not be in your favor. Check out our Credit Builder Plus Program to work on increasing your credit. It’s a credit-building program and loan program all in one, so you’ll check off many boxes with this membership.
Is it possible to get a loan without a credit check?
Yes! But you will likely pay higher interest rates. You might have better luck with a side hustle as a way of earning some quick cash.