How To Get A $1000 Dollar Loan Even If You Have Bad Credit
Most of working class America work from one paycheck to another. We hardly have any savings. Thus, when an unexpected financial emergency hits us unexpectedly, we have to run from pillar to post to arrange for the required funds.
Banks and private lenders are two sources from where we can get financial loans in our hour of need. However, the former has strict rules and regulations which may not exactly serve our needs.
Despite the fact that you may have a steady source of income banks may not approve your loan application if your credit score is bad. Additionally, with banks, the process of loan application is lengthy and tedious; they are looking for larger loan amounts and may not necessarily approve a 1000 dollar loan; and the disbursement of the loan can take some time which does not eventually service our need of urgent funds.
Most private lenders do not carry the baggage of the above restrictions. Private lenders can be payday loan lenders, installment loan lenders, pawn shop owners, etc. They do not have any requirement for a good credit score, nor do they see any limitations to the amount of money that can be borrowed; it can be as low as $500! Also, the process of application and disbursal of such loans is fast, easy, and simple.
How to go about getting a 1000 dollar loan?
Pawn shop loans and payday loans are the two options that immediately come to the mind for a 1000 dollar loan.
For pawn shop loans, you require an item of value that you can place as collateral and get the loan. Pawn shops generally offer a loan that is a fraction of value of the actual value of the collateral. Hence in order to get a loan of $1000, you would need to pawn something really valuable. Also, if you are unable to repay the loan, then you run the risk of altogether losing your belonging that you place as collateral.
If you have had a steady income with one employer for a period of at least six months, then a payday loan seems to be the best option for a 1000 dollar loan. Lenders of payday loans do not check the credit history of the borrower. All that is needed is a bank account and auto-debit authorization of repayments to the lender. The process of application is online and very easy, while disbursement of the $1000 loan is fast, often within 1 or 2 days in most cases.
It is important to note that since payday loan lenders do not seek any collateral, they mitigate the risk by charging high interest rates and other fees. Hence, borrowers have to be careful about the interest rates and other charges, verify whether it is affordable and within their budget, and then sign the contract to avail the loan.
Another important thing to remember is to repay the 1000 dollar payday loan on time. If you fail to repay, then the interest, penalties, late payment fees, and other charges will keep accumulating and within no time you may fall into a debt trap. Make sure you can afford to repay on time before taking out the 1000 dollar loan and use the funds only for the purpose that it was needed, such as payment of medical bills, car repair, and home appliance replacement, etc.