Options for Getting 1000 Loans

When it comes to 1000 loans, it's very easy to think that you don't have many options.  However, this is not the case and in this article we will talk about two different options that you have when you are looking to get a loan for 1000.  The first of these options is the more traditional way of taking out a payday advance loan, and the second option is a much newer approach of borrowing via a peer to peer lending network online.

Remember, however, that getting 1000 personal loans is not always the easiest thing, especially if you have bad credit.  However, as long as you have some form of income you can overcome this obstacle and obtain the loan that you need.

The first option for getting 1000 cash loans is via the payday advance loan.  Payday advance loan companies have literally popped up on just about every street corner in every city across America...which leads us to the question - is getting 1000 cash loans from a payday loan lender a good idea?

The answer to that question is simply that it depends.  These loans can be great if you need something that is 1) quick, 2) easy, and 3) doesn't require good credit. In fact, many times this is the only type of non-family/friend financing available to those with bad credit.  However, this type of small loan is not a good long-term strategy, nor is it a strategy that you should use more than a couple of times (and try to only use it once or twice).  The reason for this is very simple--the costs of borrowing 1000 dollars from a payday loan lender are very high.  One study done by an independent consumer reporting service showed that the average interest rate on these loans came out at to astonishing rates:

• Rates for a 1 week payday loan: 911%
• Rates for a 2 week payday loan: 456%
• Rates for a one month payday loan: 212%

Of course, these rates are annualized rates, so you are not paying $9,110 in interest for a 1000 dollar loan.  What this means is that if you took out a loan for 1000 and did not pay it off for a year, and continued to pay the same amount of interest for the entire year as you paid for that first week, then the rate would come out to be 911% on the loan.  Fortunately, this is not how these loans work.  You don't borrow money from them then make payments on them (generally).  You simply write them a check for the amount of the loan plus interest and generation fees (which are also very high, mind you) and walk out with cash in your pocket.  Of course, if your check is bad, then they will come after you and you will pay a lot of interest at that point, so do not let that happen to you.

The second option for 1000 loans is via the peer to peer lending networks.  These networks are fairly simple to understand, and are a very interesting new way of lending in the online community.  The advantage of a 1000 peer to peer loan is that you can have good credit or bad credit and still get a loan, and while you will pay a higher interest rate for a bad credit loan, you will not end up paying anything like 911%.  So, this loan is cheaper than the payday advance loans.

Of course a peer to peer loan is not as quick as a payday loan, although it can be much faster than even a traditional loan from the bank--it will all depend on how many people you can convince to lend you the money.