Option 1 – Credit Card Cash Advance Loan for 1000
This is your cheapest option for 1000 personal loans, if you need them within a few days (and you don’t want to borrow the money from a family member or a friend). The actual interest rate will depend on the rate for your card specifically, but most credit cards charge between 10% (for the best cards) to around 30% APR. While this may seem high, and it is, this amount is bearable for time periods longer than one month. Remember, however, that fees and higher interest rates await those who do not pay at least their minimum payments every month.
Option 2 – 1000 Payday Loan
This is generally your easiest option if you need a 1000 dollar loan with bad credit. However, this is also going to be the option that has the highest APR rates. Currently average rates are around 450% APR, with some rates going as high as 700%. The loan is due usually in one or two weeks, or by your next paycheck. However there is a law going through the legislative process which would change both the rates charged and the timeline for when the loans are due, and we will update you when/if that goes through and is signed into law. One big advantage of payday loans over title loans is that they are an unsecured 1000 personal loan, which is why I listed it at option number 2.
Option 3 – 1000 Title Loan
Title loans are another option if you needa 1000 personal loan bad credit option. The average interest costs of such loans are actually lower than payday loans, but because they are secured short-term loans I put them at option number 3. Title loans are also due usually in one month or less, and this posed an extra risk to you as the borrower – if you don’t pay off the debt in full then you might lose your care, which will only further your debt problems even more since most people rely on their car to get them to and from work.
Summary
Overall, indpendent of which option you choose for taking out the 1000 dollar personal loan you will want to pay it back as soon as possible, and then work on trying to save a little bit of money for an emergency fund for the future.
I really need a 1500.00 loan to get out of bad debts and fix my car. i really cant afford a new car until the fall and if i fix this one up it will last me and i need to strenghthen my credit
thank-you
Cindy,
My first question would be – do you have any equity value in your current car? There may be a lender willing to extend a loan to you based on that equity value, which may be a decent option given your situation. However, as far as strenthening your credit goes, payday loans don’t usually help your credit rating (too short of a loan for one reason), and it can be the same with title loans, so check with the lender and ask them if they will report your ontime payments and if it will help boost your credit rating.