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If you’re looking for a $1,000 loan, you can get an installment loan or payday loan. Installment loans are a type of personal loan that have higher rates but more lenient eligibility requirements than traditional personal loans. Payday loans are loans of up to $1,500 that you typically repay by your next payday. Since they are very expensive, borrowers should use them as a last resort.
Compare lenders that offer $1,000 installment loans.
The process to get an installment loan online is straightforward:
Compare $1,000 installment loans
Compare online lenders that can offer $1,000 payday loans.
| Province | Maximum allowable cost of borrowing |
| Alberta, British Columbia, New Brunswick, Ontario & PEI | $15 per $100 borrowed |
| Manitoba, Saskatchewan & Nova Scotia | $17 per $100 borrowed |
| Newfoundland and Labrador | $14 per $100 borrowed |
| Northwest Territories, Nunavut & the Yukon | Up to $60 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
There are no legitimate bad credit loans with guaranteed approval for $1,000. Reputable lenders will always evaluate an applicant’s financial situation before approving them for a $1,000 loan. If you encounter a lender advertising a $1,000 bad credit guaranteed approval loan, it’s either a scam, predatory or it has fine print that actually doesn’t make it guaranteed. Be sure to apply to a legitimate lender so you don’t put your personal information and finances at risk.
If you’re looking for a $1,000 loan with bad credit, apply to legitimate lenders with flexible requirements.
| Personal loan provider | Key features | Eligibility requirements | |
|---|---|---|---|
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| Requirements: min. credit score 300 | Go to site |
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| Requirements: min. credit score 300 | Go to site |
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| Requirements: min. income $13,000/year, min. credit score 500 | Go to site |
Best bad credit loans in Canada
If you’re looking to get approved for a $1,000 loan, basic requirements for lenders include the following:
Below, we’ve broken down some factors you’ll need to take into account before you apply for and accept a loan.
How do you know if a payday lender is legit?
The actual amount you will pay for your $1,000 loan will depend on the type of loan you apply for, your loan term and your interest rate.
For example, if you live in Ontario, a $1,000 payday loan will have a borrowing fee of $150 for a total loan cost of $1,150.
A $1,000 installment loan with an interest rate of 46.96% and a 6-month term will cost $141.34 every month for 6 months for a total loan cost of $1,141.34, which is slightly less than a payday loan. If you stretch that to an 8-month term, it’s around $184 per month for a total loan cost of $1,184, which is more than a payday loan.
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No credit check loans are available, but consider whether applying for a loan with no credit check is necessary. Lenders will likely still require you to list all forms of income and any debts you currently have on your application in order to ensure you’ll be able to pay back your $1,000 loan in time. Also, most payday lenders will consider you for a loan even if you have a few bad credit listings on your file.
Keep in mind that every legit lender will have some sort of criteria for you to meet. Without a credit check, you’ll still need to meet other requirements, like minimum age and proof of stable income, to qualify for a loan. If a lender advertises “guaranteed” loans, it’s likely a scam.
While there is no definite way to make sure a lender approves your loan application, you can increase your changes of being approved by making use of the following tips:
Cash advance service Bree allows you to borrow up to $100 with no interest and no late fees.
Read this review on Planet Loan Inc. before you apply on their website.
If you’re thinking of applying for a loan from Faxless Payday Loan, read this first.
Your guide to Nyble, an early payroll service that offers lines of credit of up to $150.
Before you apply with appletreecash.com or applecash.ca, read this review to help you make an informed decision.
Get cash fast with an e-transfer payday loan in Manitoba.
Compare lenders that offer $700 loans with fast approvals and funding.
Have bad credit? Need quick cash? Compare payday loans in Edmonton and get up to $1,500.
If you’re currently employed, you can borrow up to $1,500 from payday lender Money Direct.
Better Than the Bank is an underwriting provider partnered with lenders that offer short-term loans.
