If you are searching for a 1000 loan, then we can help. At ImmediateCashLoans.org we provide our customers with access to not only one payday loan lender, but to several – effectively searching through lenders and allowing them to ‘bid’ on you. We do this for a few reasons:
- To get you the best rate possible on 1000 loans
- To get you the most flexible terms possible
- To increase your chances of qualifying for the loan you need
Before you apply for your loan, there are a few things that you should take into consideration and know. Remember, taking out a loan is by default taking out an obligation to pay back that loan – so we want to make sure you know exactly how to do that before you make your final decision.
Options For Taking Out A 1000 Loan
It’s important to note that traditional banks and credit unions won’t typically offer loans for less than $3000 – $4000. The banks just haven’t found a way to make enough money from loans that small, and thus don’t offer them. In addition, they are not willing to extend loans to customers with bad credit. These are the reasons why we match you with a payday loan lender – you don’t need to worry about only taking out a small loan (small in terms of the banks’ point of view, not ours or yours), and if you have bad credit or don’t want to go through a credit check with one of the traditional credit bureaus then a payday loan is going to be your best/only option.
One option that you should explore, however, is a personal loan from a friend or family member…but do so carefully. Many times I have seen families and friendships come to an end because of money issues. Sometimes its just better to pay the interest on a short-term cash loan instead of saving the difference and ruining a great relationship. I only recommend to go this route if you are 100% absolutely sure that you will be able to pay the loan back very quickly (in the next week or so) – and by sure I mean really 100% sure, don’t lie to yourself or your family/friends on this one.
Requirements of Payday Loans / Cash Advances
In order to qualify for a payday loan or cash advance there are very few requirments:
- You must be over the legal age, so you have the legal capacity to enter into a binding contract with the lender.
- You need to have an active checking account, and it can help to have had that checking account open for 6 months (although this is not a hard requirement)
- You must have a regular source of funds so the firm believes you will be able to pay back the $1000 loan with no problems. Typically, this source of funds is a job, but can in some cases also be a disibility check or other financial support that you can show in your bank statements that you recieved regularly.
- That source of funds needs to be enough to enable you to pay the loan back by your next paycheck. Each lender will have slightly different requirements (another reason why we reach out to multiple lenders at the same time), but typically you can borrow about 30% – 40% of your next paycheck.
As you can see, you do not need to have good credit, nor will the company run a standard credit check in order to qualify you for the loan. The firm may, however, check other data bases to ensure you are not currently filing for bankruptcy or that you do not have other payday loans outstanding and due.
When Its A Good Time To Take Out A Payday Loan
Understanding when its ok to take out a payday loan is crucial to your financial health. You probably have heard many consumer advocate groups complaining about payday lenders. Such groups point to the high interest rates associated with such cash loans, and the fact that some people end up taking out too many loans and hurt themselves financially. However, what these groups don’t realize is that if you treat a payday loans as it should be treated it can actually be a very effective source of short-term cash for those in emergency situations. With that being said, let’s look a little closer at what situations would justify taking out such a 1000 dollar loan:
- You are about to be late on a credit card bill. This is one of the most common reasons people take out cash advances – to pay off their credit card(s) and avoid paying both a late fee AND having their interest rate increased by several percent (up to as much as 29% in some cases). If an average late fee is around $35-$40, and if your interest rate goes from 15% to 30%, you can see how quickly that will cost you a lot more than taking out a small payday loan one time. However, if this is the case, I would actually not recommend borrowing the full $1000, unless that is the minimum payment that is due on your credit card. Instead, I recommend taking out enough to just cover the minimum amount, typically just a few hundred dollars or less. That way you don’t end up paying higher interest rates on the payday loan, but you still avoid paying the late fee and having your interest rate raised to rediculous levels.
- If you have other bills due that have high penalty fees. Very often, if you are late paying a utility bill you will have a late penalty that can be larger than the total amount you would end up paying if you took out a quick $1000 loan from a payday lender. With this, just do the simple math -average rates on payday loans are usually around $15-$18 per $100 borrowed. So, if you need to borrow 1000 you can expect to pay around $150 to $180 in interest over a two week period, or at least by the time your next paycheck comes. Of course, most utility bills are in the $25 – $75 range, so you would probably only need to borrow $100 to get you by.
- To avoid paying a bounced check fee. Many bounced check fees can be $30 or more, meaning that if the check is for less than $200 you would be better off taking out a quick loan to cover the check. If it’s a $1000 check, you need to take into the $30 bounced check fee, plus the fact that the store might have a penalty for the bad check, and the fact that you will then be forced to pay the store ASAP.
Remember, however, that just because you fall into one of the above situations it doesn’t mean that you should always take out a payday loan. Only take out the loan if you can pay it back with your next paycheck – nothing is worse then needing a new payday loan to pay off the old one, or even paying off the old payday loan to only then need to take out another a few days later. If you have any questions at all about whether a payday loan is right for you, contact us and we will be more than happy to help.
