Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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These personal and installment loan providers offer $1,000 loans to people with credit scores below 580. With Stilt and Boro, you don’t need a credit score to qualify — even if have no credit profile. But watch out for high interest rates on installment loans, which can top 300% in some cases.
|Provider||Requirements||Best for||Finder rating|
|Net Credit||Varies depending on your state of residence.
Depending on your state of residence, your personal loan might not be offered by NetCredit but through its partner lender, Republic Bank & Trust Company, Member FDIC.
|Credit scores under 550||★★★★★|
|Monevo||Credit score of 450+, legal US resident and ages 18+.||Comparing personal loans||★★★★★|
|Boro||College student or recent graduate, live in an eligible state, 18+ years old||College students with no cosigner|
|Stilt||Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.||Nonresidents and recent immigrants||★★★★★|
|LoansUnder36||Steady source of income, verifiable bank account, US citizen or permanent resident and at least 18 years old||Finding a loan with an interest rate under 36%||★★★★★|
|Opploans||Direct deposit, meet minimum income requirements, live in eligible state||Installment loans that can improve your credit||★★★★★|
|Fast5Kloans||Regular source of income, verifiable bank account, US citizen, ages 18+||Comparing payday and installment loans|
|MoneyLion||Must be a MoneyLion Plus member, have a job that pays with direct deposit, a checking account with a positive balance, a verifiable identity, proof of ability to repay and live in an eligible state.||Repeat borrowers||Read more|
These providers offer $1,000 loans to people with credit scores above 580. Generally, the higher your credit score, the lower the rate you’ll qualify for.
|Provider||Min. credit score||APR||Finder rating|
|Upstart||600||8.94% to 35.99%||★★★★★|
|Upgrade||600||6.94% to 35.97%||★★★★★|
|LendingClub||640||8.05% to 35.89%||★★★★★|
|Credible||580||2.49% to 35.99%||★★★★★|
|Fiona||670||4.99% to 35.99%||★★★★★|
|PNC Bank||Not stated||Starting from 7.24%||★★★★★||Read more|
|Laurel Road||680||7.50% to 24.75%||★★★★★||Read more|
Whether you can get a loan for $1,000 depends on if you meet the lender’s requirements. There are options for $1,000 loans for borrowers with all credit types. But in most cases, you can have trouble qualifying if you are under 18, don’t have a steady source of income or aren’t a US citizen or permanent resident.
There are some exceptions, however. Boro installment loans are available to college students who don’t have a job or credit history. And both Boro and Stilt both offer financing to nonresidents in the US on an eligible visa.
How much your loan costs depends on the APR and the loan term.
Installment loans might work with bad credit borrowers, but they’re expensive. It’s common for rates to top 100%and usually you have between three and 12 months to repay an an installment loan. A shorter loan term might give you higher monthly repayments but it’ll help you save on interest.
Use our calculator below to figure out how much a $1,000 loan will cost you.
|Loan terms (in years)|
If your credit score is below 580, you have the following options.
You can get a $1,000 personal loan with no credit check with lenders like Stilt or Boro. Some installment loan providers also offer no credit check loans. But these tend to be more expensive than financing from a lender that checks your credit score. Most bad credit personal loan and installment loan providers will consider you for a loan even if you have a few bad credit listings on your file.
Check the eligibility criteria listed for both bad credit and no credit check lenders and see which one best meets your needs.
How you compare your options largely depends on whether you’re applying for a payday loan or a standard $1,000 loan. Below, we’ve broken down what you need to know.
While there is no definite way to make sure a lender approves your application, it could help your application to keep the following in mind:
It’s important that you have a fair idea of what your repayments will look like before you apply for your $1,000 loan. Once you know how much you have to repay, take into account your existing salary and expenses and then determine if you can afford to make the repayments. You can use a loan calculator to find out how much you might have to repay weekly, biweekly, or monthly.
When you look for a $1,000 loan, bear in mind that it can come with associated risks:
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
|24 months||Compare more|
Answers to common questions about getting and repaying a loan of this size.
Generally, title loan and installment loan providers have higher approval rates than personal loan providers. But they’re not necessarily the best choice. There are personal loan providers
Most short term lenders operate solely online and have dedicated loan approval systems that make it easy for you to apply. This means not many lenders require you to fax any forms to them – your finances and identity are usually verified online.
Most lenders will direct debit the specified loan amount on the repayment due date. This direct debit will be from your selected bank account.
Fees vary by lender and depend on factors such as the amount you borrow and your pay back duration. There are additional fees for late payments and if you default. It’s important to make sure you can pay the loan back on time.
It’s important to get in contact with your lender as soon as possible before the loan repayment is due. If you do this, you may be able to avoid late payment fees. Many lenders will be able to reschedule payments. In any situation, speaking to your lender is a good place to start.
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