How to Get a $1000 Loan

How to Get a $1000 Loan

Looking to pay a hefty medical bill or cover auto repairs? A $1000 loan may be an answer for urgent needs, and thankfully, it’s easier than you might think to secure.

Medium-sized expenses come in many forms. Whether it’s a home renovation or a tuition bill, it’s common to need a temporary financial buffer when expenses pile up. Fortunately, a range of lenders are available to help bridge the gap.

How to Borrow $1000 Quickly

A $1000 loan is in a unique category—it’s too big for most cash advance and ATM daily withdrawal limits, but it’s smaller than many lenders consider for a traditional personal installment loan.

Some lenders, however, specialize in smaller loan amounts, making an unsecured personal loan an effective option for quickly borrowing $1,000. You can receive a decision within minutes of submitting your application, and funds in as little as one business day.*

Steps to a $1000 Unsecured Personal Loan

Ready to get started? Before you commit, consider these steps to make sure you’re on the right path.

#1: Decide How Soon You Need $1000

When it comes to getting a $1000 loan, there are some factors that will help identify what choices you have—the first is simply how fast you need the loan.

When it comes to taking out a loan, the more time you have to plan ahead, the better the deal you’re likely to secure. If the need isn’t urgent:

• You can shop around for the best terms
• You can take several months to improve your credit score for a better interest rate
• You can work toward saving up instead of borrowing

#2: Choose a Repayment Plan

Will you be able to pay the loan back all at once, or would monthly payments over a period of time work better? How much can you afford to pay per month? Figure out your monthly expenses and income stability going forward to help guide you in selecting your repayment plan.

For installment loans, the monthly amount depends on three factors:

1. Loan amount
2. Loan term
3. Interest rate and fees

In general, the monthly amount will be smaller with a longer loan term and/or lower interest rate.

#3: Check Your Credit Score

When it comes to borrowing, here’s a rule of thumb to remember: the higher your credit score, the lower your interest rate. If you have a poor (500 – 619) or bad (300 – 549) credit score, you’ll likely need a lender that doesn’t have strict minimum credit score requirements.^[1]

You can order free copies of your credit reports at AnnualCreditReport.com. RISECredit.com also allows you to instantly check your TransUnion credit score for free using their Credit Score Plus tool. In addition to seeing what your score is, check to see if there are any mistakes to correct and whether you have any late payments or other red flags on your account that may affect your borrowing power.

#4: Shop Around

Doing your homework can help you get the best deal. Take the time to consider what type of loan will work best for you and then compare lenders with requirements you can meet. Look at:

• Repayment term flexibility - Can you choose how long it takes to repay?
• Upfront fees - How much are any upfront costs such as origination or application fees?
• Penalty fees - Review the potential costs for late payments, early payments, etc.

Once you narrow down a selection, try to use a prequalification option to get an initial loan offer and estimated interest rate so you can compare a few lenders.

#5: Submit Your Application

Lenders differ on exactly what documents or details are needed during the application process. For most, you'll need:

• Proof of income
• Legal identification
• Bank account(s)

How to Choose a $1000 Loan Provider

Choosing a lender is a bit of a matchmaking process. Before committing to a loan offer and interest rate, they’ll usually check out your financial profile for:

• Credit score - Many banks look for 620 or above, while online lenders may be more flexible.³
• Debt-to-income (DTI) ratio - Are you already in more debt than your income can handle?
• Income stability - Traditional lenders may request a two-year income history through pay stubs or tax returns.

On your end, you’re looking at what interest rates, potential fees, and loan terms are available in order to choose the lender with the best deal for you.

What Are the Monthly Payments on a $1000 Loan?

Monthly payment amounts are calculated based on the amount of the loan, the interest rate, and the loan term (how long you have to repay it). Tweaking any of those three variables will give you different results.

The best way to determine your exact monthly payment is to use a loan calculator. Many free online calculators are available⁴. Simply input the loan amount ($1,000), the interest rate offered by your lender, and the loan term you're considering. The calculator will instantly provide your estimated monthly payment. 

Remember, the interest rate you get depends on type of loan, lender requirements, and (for most loans) your credit score and history.

Other Way to Borrow $1000

Unsecured personal loans aren’t the only way to borrow $1000. Depending on your individual circumstances, you may be able to borrow with:

• Car title loan - Borrow against your fully owned car's current value in some states⁵
• Family or friends - Write up a formal contract or use an app like Zirtue to manage it
• Cash advance loan - Use a current or new credit card with $1000 cash advance option
• Line of credit - Apply for a personal line of credit from your bank or credit union

What Is the Easiest $1000 Loan to Get?

Covering an unexpected $1000 need might be doable for people with emergency funds in place, but the reality is that 78% of Americans are living paycheck to paycheck and need a little help for unplanned expenses.

Many online lenders specialize in small-to-medium-size loans, including loans to those with challenging credit scores and histories. Some traditional banks and credit unions will offer a personal loan as small as $1000, but be aware it may also come with additional fees.⁶

If you find yourself in need of funds quickly without going through a lengthy approval process, then consider choosing:

• An online lender such as RISE Credit open to any borrow with any credit score
• A bank or credit union you have a positive, long-standing relationship with
• A credit card cash advance
  

Ready to Apply?

Looking for a fast and simple way to apply for a $1000 loan?  RISEcredit.com welcomes applications from all potential borrowers, regardless of past credit struggles. We keep our door open, with a lending process that starts with an easy, no-obligation online application.

You'll get a decision back from us within minutes and can decide whether or not to proceed, how much to borrow, and which flexible loan terms work best for your budget.