Get a $1,000 loan

Not all lenders offer $1,000 loans, but there are a handful of options for all credit types — even if you have no credit score at all. We compared over 120 personal loan providers and connection services to help you find the right $1,000 loan for your needs.

8 lenders that offer $1,000 loans

These lenders offer personal loans as low as $1,000. Compare credit requirements, APRs and our star rating before clicking Go to site to check your rate.

How much does a $1,000 loan cost?

The typical cost of a personal loan is 6% to 36% APR — which includes the interest and fees you’ll pay on the loan over one year. However, most lenders have a minimum term of two years.

If you repay the loan over two years, that works out to a monthly payment of about $44 to $59 and a total cost of $64 to $417 in interest. However, lenders typically charge higher rates on small loan amounts, even if you have excellent credit. So you likely won’t be eligible for the lowest rate available if you borrow $1,000.

While most lenders don’t offer terms shorter than two years on a personal loan, most also allow you to make extra payments at no cost. Paying off your loan early will increase the monthly cost but can significantly reduce the total cost. Consider paying more than required when you can.

Watch out for fees

Some lenders also charge an origination fee, which is included in the APR and can reach as high as 5% or even 10%.

This means the lender may add as much as $50 or $100 to your loan balance when you take out the loan or subtract it from the funds you receive. If your lender charges an origination fee, ask how it works so you can decide whether you need to borrow more to receive $1,000 in funds.

Calculate how much your loan will cost

Use our calculator below to determine how much a $1,000 loan will cost.

How long does it take to get a $1,000 loan?

Most online lenders can fund your loan within a business day or two. Lenders tend to process smaller loan amounts the fastest and likely won’t require any extra documentation to triple-check your ability to repay.

If you use a connection service to find a lender, your turnaround time may vary depending on the type of lender you choose. Banks and credit unions can take a few weeks to fund a loan if you’re a new client — but it may only take a day or two if you already have a relationship with the lender.

It often takes longer to get a loan if you don’t have a full-time job — including self-employed borrowers, part-time workers and anyone relying on income from something other than employment. That’s because verifying your ability to repay the loan can take longer. But since $1,000 is on the small end, it likely won’t take as long to get your funds as it would for, say, a $50,000 loan.

How to qualify for a $1,000 loan

Requirements vary by lender, but typically you must meet the following requirements to qualify for a $1,000 loan:

1. Credit history. While many bad credit lenders offer $1,000 loans, most require you to have an established credit history
2. Sufficient income. Most lenders require you to make at least $24,000 to qualify for any loan amount.
3. Few other debts. You need room in your monthly budget to cover your payments after bills and other expenses.
4. Over 18. It’s illegal for minors to sign a contract, meaning you must be at least 18 to take out a loan.

How to increase your chances of approval

While there’s no definite way to make sure a lender approves your application, it could help to keep the following in mind:

1. Establish eligibility criteria. Review the list of loan eligibility requirements available on each Finder loan review page before you apply. Call the lender if you have doubts about eligibility.
2. Go through your credit report. Get a free copy of your credit report online before you apply. Understanding your credit history will put you in a better position to know what loans you can and can’t apply for.
3. Prequalify. Most lenders allow you to check your rate using a soft credit check. This won’t affect your credit score the way an application would, since lenders use a hard credit check that shows up on your credit report.

Alternatives to $1,000 loans

Consider these alternatives before you apply — especially if you have a credit score below 670:

• Payday alternative loans (PALs) are a low-cost alternative to bad credit loans. The National Credit Union Association caps rates at 28% and fees.
• Credit card cash advances can get you $1,000 fast — for a fee of about $35 and higher rates than you’d normally pay. But it may be less expensive than a high-cost installment or title loan from a bad credit lender.
• Cash advance apps don’t offer loans as high as $1,000 but can sometimes advance part of your paycheck at no cost.

5 factors to compare $1,000 loans

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.

1. Eligibility. Don’t waste time applying for a loan you can’t qualify for. Check your eligibility first.
2. APR. For a $1,000 loan, expect an APR higher than the minimum available through the lender — even if you have perfect credit.
3. Loan terms. Try to find the shortest term that you can comfortably afford to save on interest.
4. Fees. While fees are included in the APR, be aware of the charges you might have to pay up front.
5. Reputation. While customer reviews don’t always accurately reflect a lending institution’s values, reviews can give you insight into how the company handles conflict. I recommended checking each lender’s Better Business Bureau profile to see if they have any active lawsuits or notice any trends among the negative reviews.

Visit our guide to personal loans to learn more about how they work.

Looking for a different loan amount?

• $1,500
• $2,000
• $3,000
• $5,000
• $10,000

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Anna Serio

Editor

Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio

Anna's expertise

Anna has written 251 Finder guides across topics including:

• Personal, business, student and car loans
• Building credit
• Paying off debt