Tuesday 25 April 2017

Where Can I Get 1000 Dollar Loan With Bad Credit? - I am Desperate Need Help

Where can I Get a 1000 Dollar Loan With Bad Credit?

21-year-old Steve emailed me with the following question...

Reader Question

I'm after a $1000 personal loan. Where can I get a 1000 dollar loan with bad credit? I recently checked my Experian credit score and had poor credit. I doubt I'll be able to get a loan from the banks because of my bad credit and was looking for alternative ways to borrow 1000 dollars quickly.

Is there any way I can get a 1000 dollar loan guaranteed? Also is there any way to get 1000 dollar loan with low interest?  

My Answer

Hi, Steve and thanks for asking the question. 

With bad credit, you will be able to get a 1000 dollar loan however the interest will be very high. 

In this post, I will be sharing 10 ways you can get 1000 dollar loan with bad credit. 

Before I do this I wanted to answer the questions you asked in your email and offer some advice on repairing your credit score quickly.

Reader Questions

Q1: Where Can I Get a Loan With Bad Credit?

There are plenty of ways to get a loan with bad credit. You will need to be employed and over the age of 18. You will need to be employed for over 6 months to be seriously considered for a loan and you must be a US Citizen. 

Normally to be considered for a bad credit loan you must earn at least 1000 dollars a month after tax. One of the best places to get a 1000 dollar loan is Better Loans Mutual. You can submit your details in 3 minutes and get an answer in 24 hours and have the money in your account the next day. If you want to apply for this click the image below.

Q2: Is There a Way I Can Get a Loan Guaranteed?

To get a loan guaranteed regardless of your credit score you will need a cosigner to sign the loan. When a cosigner signs they are legally bound to pay off the loan if you default on the loan payments. 

The cosigner must have a good credit in order to sign the loan.

Q3: Is There a Way to Get a 1000 Dollar Loan with Low-Interest?

If you want to get a 1000 dollar loan with low-interest you will either need a cosigner or you will have to put a security against the loan. 

Both of these options will reduce the interest but it will still be pretty high. It's better to work on your credit score to get into the good credit bracket so you can apply for loans with lower interest.

Where Can I Get 1000 Dollar Loan with Bad Credit?

One: Direct Deposit 1000 Dollars from Credit Card

Some credit cards offer direct deposit to your bank account. 

Call up all your credit card companies and ask them if they can deposit 1000 dollars in your bank account. Also, ask if there are any promotions at the moment.

I remember I was able to get 2000 dollars for zero percent interest with a 2% transfer charge over 12 months. This means I only paid $40 for the direct deposit so long as I paid the direct deposit within 12 months.

Two: Spend 1000 Dollars on Your Credit Card

If you need the 1000 dollar loan to make a purchase you can use your credit card as an option.

Again, call your credit card companies up and ask them if they have any special deals on purchases. Explain that you want to spend some money on your credit card and you want the best deal possible.

I did this and was able to get zero percent interest for 6 months on credit purchases. 

Three: Apply for a Bad Credit Loan for 1000 Dollars

The only Bad Credit Loan broker I recommend is Better Loans Mutual as mentioned above.

Better Loans Mutual have a panel of over 100 lenders who will compete to give you the best deal. You can borrow between 1000 and 5000 dollars and it only takes 5 minutes the apply.

You must be over 18 and employed with at least 1000 dollars earned per month after tax. You also need to be a US Citizen. You can apply by clicking the image below.

Four: Secured Installment Loan for 1000 Dollars

Installment loans allow you more time to pay off your loan. They are becoming very popular and people with bad credit are welcome.

You can apply for a 1000 dollar installment loan through Better Loans Mutual above.

Five: Payday Loans for 1000 Dollars

I don't want to recommend Payday loans because they have very high interest rates and not all of them offer 1000 dollar loans.

If you are running out of options then this is something to consider. These loans need to be paid back on payday or within 3 months and have interest over 400% so it's very expensive.

Six: Cash Advance from Credit Card

Another way to use a credit card to get a loan is to use the cash advance facility they offer.

This is a very expensive option. One trick you can use is to ask for a zero percent cash advance by calling your credit card company and making a speculative request. 

Many borrowers have used this strategy with success.

Seven: Get a Better Mortgage Deal

If you're on a high-interest mortgage you should consider switching and getting a better deal.

If you can shave 1 percent off your mortgage you could be saving hundreds ever month. If you have equity in your property when your switch you could borrow an extra 1000 dollars on your mortgage and pay less than what you were initially paying.

Eight: Apply for a Cosigner Loan for 1000 Dollars

If you know someone who has good credit you could ask them to become a cosigner on a loan. This would increase your chances of getting a loan with bad credit.

Make sure you can afford the loan otherwise the cosigner will have to pay if you default on the monthly payments. 

Nine: Get a Secured Car Title Loan

You can use your car as collateral to get a secured car title loan. With a car title loan, your credit will not affect the decision.

Make sure you shop around for a good rate as you are putting up security for the loan.

Ten: Borrow From Friends and Family 

The best way to borrow is by asking your friends and family.

If they trust you they will lend you the money without charging interest. You could also get away with paying a small percentage.

To formalize the deal you could use a loan contract template and put up security and pay a small percentage of interest. You should also create a payment schedule and stick to it.

Improve Your Credit Score for Cheaper Loans

If you don't need the 1000 dollar loan immediately you should use your time to fix your credit score. Here are 10 quick ways to go from Poor Credit to Good Credit. I personally used these tips to increase my Experian Credit Score from poor to excellent.

Tip 1: Check if all the information is current on your credit file

Tip 2: Register to Vote and have the same permanent address for all credit cards and banks

Tip 3: Set up an automatic payment for all credit cards so you never miss a payment

Tip 4: Call every credit card company and ask for an increase in credit

Tip 5: Never spend more than 30% of your credit limit

Tip 6: Pay 10% more of your minimum payment every month

Tip 7: Pay a week before the payment is due

Tip 8: Dispute any old defaults and ask to have them removed

Tip 9: Remove all financial associations with people with bad credit

Tip 10: Don't apply for credit all the time

Where Can I Get a Loan With Bad Credit?

There are plenty of options to get a loan when you have bad credit.

If you do take out a 1000 dollar bad credit loan you will have to pay high-interest.

To lower the interest consider taking out a secured loan or a cosigner loan. 

To get the lowest interest rate loans you must improve and repair your credit score over the long-run.

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