There are several options available for a 1000 loan, based on your credit score, location, and how quickly you need the money. You may want to evaluate how badly you need the money right now before you consider your borrowing options, as they can be quite expensive, especially if you have bad credit.
Credit unions and bank will sometimes offer personal loans that might replace a payday loan. The rates and fees will differ depending on what institution is offering the loan, and while some credit unions will lend to people with bad credit or no credit, not all will. If you have bad credit, chances are you will need a co-signer to obtain this type of loan. This would have to be someone will good credit, who is willing to take responsibility for your loan, should you default. Some benefits to this type of loan are: lower interest rates, longer period to pay off your loan, and a more reputable lender.
Another option, which is usually unadvisable, is 1000 cash loans from a payday lender. Thirty-two states allow payday loans, but the laws regulating them are different in each state. Make sure you find out what the specifics are in your state. Some states cap the maximum loan amount at less than $1000. On a $1000 loan, you will probably pay about $175 to borrow the money for only two weeks. That is an APR of about 450%. This is an extremely expensive way to borrow money, especially if you end up needing to roll over the loan amount and borrow for an additional period of time. Rates and fees will vary, so you may end up paying even more than that. With payday lending, the due date on the loan is usually the date of your next paycheck, at which point the money is either automatically withdrawn from your bank account ($1175 in our hypothetical case) or you return to redeem a check you provided previously, written in the total amount due.
If you have bad credit, and you need $1000 now, you may be tempted by the quick, convenient, no-credit-check payday loan option. But make sure you first consider the drawbacks. The disadvantages of payday loans include: high APR, short pay-back periods, and a high chance of getting caught in a debt cycle, which can be extremely difficult to get out of. If you can put off borrowing the money, or borrow at a lower rate from a traditional lender, you will be better off.