How To Get a $1000 Dollar Loan Online Today

By Allison Martin

Need fast cash? If your next payday isn’t right around the corner and you have little to no money saved, consider a $1000 loan online. They’re a convenient option to get you the funds you need by tomorrow. 

Available Options For Getting a $1000 Loan  

Wondering where to find a $1000 loan? We’ve organized a list of options with their pros, cons, and fees associated with borrowing. 

Traditional Payday Loans

You have high chances of getting approved.– Typical APR is 400% or more.
– Financing fees that vary per state.
– 24-hour waiting period. 
– Can negatively affect credit.

Payday loans are a way for credit-challenged borrowers to get a $1000 loan. There are no credit checks, and it only takes a few minutes to apply online. 

When you’re approved and the funds hit your bank account, you can use the money as you see fit. You can pay a utility bill to avoid a late fee or lapse in service, or cover the costs for an unexpected emergency. Or if you’re running low on food and need a few items to hold you over until you get paid again, a payday loan could come in handy. 

The list is endless for reasons why you may need a payday loan. However, you should know that they come with steep interest and fees. In fact, some states charge APRs over 400% or higher.

Another issue with payday loans is the danger they pose to your financial well-being if you’re unable to pay in full by the due date. The lender will automatically draft a payment from your bank account for what they’re owed. If the funds aren’t there, expect fees from both your financial institution and the payday lender

Some states allow lenders to grant an extension or refinance the loan, but it comes at a cost. This perpetuates a vicious cycle of dependency on this option to keep the lender off your back. 

If you do 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 (plus all the interest and fees) or work out an arrangement within 30 days, the collection agency may report the delinquent account to the credit bureaus. 

Payday loans should only be used as a last resort. 

Pawn Your Items

Get cash the same day.– You will only get a portion of the cash your item is worth.
– The pawn shop will keep and possibly sell your item if you are late to pay them back. 
– You will pay interest and fees to initiate the loan. 

Prefer not to borrow from an online lender? A pawnshop will give you a loan in exchange for your items. Typically, loans are 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. 

Keep in mind that you’ll need the ticket you received when you initiated the transaction to pay off the loan. Also, expect to pay interest in fees on the loan. 

The benefit of pawnshop 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 terms of the loan. 

But know that if you don’t repay the loan on time, the pawnshop 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 pawnshop loan may not be a bad idea if you’ve exhausted all your other options. 

Borrow from Friends and Family

A family member may be willing to help– Could be an uncomfortable conversation. 
– You might not have anyone you can ask. 

Ask friends and family if they can help you get over your financial hump. It’s an interest-free option to access cash, but only borrow what you need and do everything in your power to repay the loan on time. Otherwise, you risk ruining valuable relationships and burning bridges over a loan. 

Before you take this approach, though, be mindful of who you’re asking for a loan. Is the person in decent financial shape and proactively manage their 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. Also, know that there are individuals who will say yes to appease you without thinking through the financial strain it could cause. 

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 and avoids issues down the line. And if you foresee repaying the $1000 dollar loan in a lump sum, communicate this upfront and draft up a repayment plan. 


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Want a loan product 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 an affordable loan of up to $1000 that reports to the 3 credit bureaus so you can start rebuilding your credit. It’s $19.99 to unlock this feature, and you’ll have access to no-interest cash advances too. 

Cash advances through the Instacash feature are available for up to $250 and can be a good choice if you don’t need the full $1000, or if you need a little more. Funds are deposited into your bank account in minutes, and there are no credit checks. And you’ll have access to other perks, like managed investing and fee-free checking, if you want them. 

How $1000 Loans Can Affect Credit

Not all $1000 loan products impact your credit. As mentioned earlier, payday loans only impact your credit if you fail to repay them. Otherwise, they will never appear on your credit report, and credit checks aren’t required to get approved. 

Pawn shop loans don’t affect your credit even if you don’t pay; they sell off your item to get the money they’re owed. 

If you apply for a Credit Builder Loan from MoneyLion, you’ll have the luxury of getting the cash you need and building your credit score. Plus, you won’t have to spend a fortune in interest and fees over the life of the loan to receive this perk. 

The Cost of Borrowing

Before you apply for a loan, run the numbers to gauge the actual cost of borrowing. You may find that the interest you’ll pay outweighs the benefit of the loan. To illustrate, assume you take a $1000 payday loan with a 400% APR interest rate and a $30 flat fee. If the repayment period is 15 days, you’ll pay $122.01 in interest and fees alone.   

In this case, it is best to consider other more affordable loan options, like the credit builder loan or Instacash advance from MoneyLion. 

Get Approved for a $1000 Dollar Loan Today! 

If the bank said no to a personal loan, an online lender might say yes, even if you have less than perfect credit. You can use the funds to get relief if you have past due bills, medical emergencies or need a few extra dollars in your pocket to hold you over until the next payday.

There are costs to consider, and not all $1000 dollar loans are the same. Some options could cost you more than you bargained for and may not be worthwhile. 

Consider MoneyLion to get up to a $1000 dollar loan. There’s no credit check, and the credit builder loan works hard for you to help you build your score, or you can get an advance through Instacash and have peace of mind knowing that you won’t have to pay a fortune in interest and fees.

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