The next best option for you is to approach a lender. But, amongst the many loan lenders in the market offering loans of different types and ranges, which one should you choose?
Traditional lenders: When you need a cash advance of no more than about a $1000, opting for a traditional lender may not be the best option. The first reason why, is that they can take days to approve your loan and when you’re in desperate need for money, that’s the last thing you want to do. Secondly, if you’re new to the trade of lending and borrowing, you may find it difficult to get approved by them and the same is the case with borrowers who have bad credit ratings. In these two cases (of having no credit history or bad credit), your lender may ask you to offer them collateral in order to avoid the risk of losing their money in case you fail to repay. Is it really worth it to go through all the hassle just to get a short term loan of a few hundred dollars? Think about it.
Store based direct lenders: Store based lenders can be more useful as compared to traditional lenders when you need a small cash advance. They, in most cases, approve loans of those borrowers who have bad credit as well. However, when you choose to apply for a loan with a store based lender, they have their own set of disadvantages.
Firstly, the fact that you have to travel all the way to a store makes life difficult for you since you have to give up on a whole day’s work just to apply for a small cash loan. Secondly, you may have to go through a ton of paperwork which is also time consuming, and stand in long queues waiting for your turn. Is all of this really worth it just to get a $1000 loan for bad credit? Other than that, you may also be unsure about whether you indeed will receive a loan from this lender or not, till the time you actually step foot into his shop and apply. This will make you go from lender to lender just to apply for a $1000 loan and miss out on an entire day’s work which you could’ve used to make money instead.
Online direct lenders: When in need of a $1000 cash advance, your best bet is to apply for a loan with an online direct lender. Why? Probably the following will answer your question:
• Fast application: Since you don’t have to go around filling forms, the applications of online payday loans are quick.
• No travelling: You don’t have to travel all the way to a store just to apply for a small cash advance of a $1000 or less. You therefore don’t miss out on an entire day’s salary from work.
• 24/7 Accessibility: You now don’t have to worry about visiting your lender only during their “opening hours” since online direct lenders are available to you 24/7. You can apply at any time of the day (or night) depending on what time is most convenient for you.
• Bad credit holders are welcome: This one is an advantage even with store based lenders, but let’s list it out here as well just to reassure you. Most direct lenders offer cash advances to people with bad credit as well which is a huge advantage to those whose loans get rejected by other lenders only because of their mistakes made in the past.
$1000 Loans for Debt Consolidation
Apart from the fact that $1000 loans can be used for personal reasons such as to pay off medical bills, to get your car or bike repaired or to cater to an immediate travel plan, $1000 loans are a good amount to repay existing debts as well. Once you get a loan of a high amount from a direct lender, you can use it for debt consolidation and in turn be liable to repay just a single lender. With these loans, you can get out of your debt cycle very easily.