Where to get a $1,000 loan

If you’re planning to take out a $1,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.

Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.

We’ll review lenders you may want to consider and guide you through the process of applying for a loan.

Monthly payments for a $1,000 personal loan

Loan durationAverage monthly payments ($1,000 loan)Poor creditAverage creditGood creditExcellent credit1-12 months13-24 months25-36 months37-48 months
Average monthly loan payments are based on aggregate TransUnion credit report data from Credit Karma members with active personal loans as of December 2022
  • The best $1,000 personal loans
  • How to get a $1,000 loan
  • FAQs about $1,000 loans

The best $1,000 personal loans

PNC Bank

A PNC Bank personal loan might be worthwhile if you need a personal loan and have good credit or can apply with a co-applicant with a solid credit history. But it’s not available in every state, and you’ll need to borrow a larger sum of money to lock in the lowest rate.

Affirm

The Affirm app is worth considering if you want to make online or in-store purchases and pay for them with four (potentially interest-free) installments. But you might need a down payment, and if you spread out your payments over a longer period, you may face interest.

Personify

Personify Financial might be a good option if your credit isn’t great and you need to borrow a small amount of money quickly. You’ll likely have to pay a very high interest rate and an origination fee, which can make your loan more expensive. But the lender offers prequalification, which can help you see your potential rate and other terms before applying.

Read more  How to Get a Personal Loan for Legal Fees

PenFed Credit Union

PenFed Credit Union is worth considering if you have good credit and need a small personal loan. You don’t need to be a member to apply, but the credit union charges late fees and returned payment fees.

Upgrade

Upgrade offers some flexible loan terms and amounts, and you’ll have the option to prequalify. The lender doesn’t charge prepayment penalties (which is good if you pay your loan off early), but it does charge an origination fee that will add to your costs.

How to get a $1,000 loan

Before you take out a loan, you’ll want to consider what you want to finance with the money.

For instance, if you want to renovate your kitchen, you may want to take out a home equity loan instead of a personal loan. But if you don’t own a home and want to consolidate debt, a personal loan will probably make the most sense.

It’s also a good idea to apply for prequalification with several lenders before you make a final decision. Prequalification lets you preview your potential rate and compare loan offers without a hard credit inquiry. Just keep in mind that if you decide to move forward with a lender, they’ll likely run a hard credit inquiry that can affect your scores temporarily.

There are some basic pieces of information you’ll want to have available before you apply, including …

  • Paystubs
  • W-2s
  • Driver’s license/Social Security number/identification
  • Monthly expenses, such as housing or other debts
  • How much you want to borrow
  • Information about any collateral (if you’re applying for a home equity loan, HELOC or secured personal loan)
Read more  What property buyers should know about land loans

Depending on your lender and bank, you may be able to receive your money within a few days of approval.

FAQs about $1,000 loans