Adam McCann, Financial Writer
@adam_mccann
Good options for a $1,000 loan include LendingClub, PNC, PenFed and Upstart. The biggest, most popular lenders in the U.S. don’t usually offer loans as small as $1,000 while most have minimums of $2,000 or more.
Overall, the best place to get a $1,000 loan is PNC. It offers some of the lowest rates on the market, with a minimum APR of 5.99%. And PNC does not charge an origination fee to process the loan. Borrowers typically receive approval and funding within 3 business days of applying, too.
However, some borrowers may have a better chance of finding a $1,000 loan at a local credit union. Most credit unions limit membership to people who live, work or study in a certain area. They also usually accept relatives of members. But some credit unions will accept anyone, at the cost of a small donation. For example, Pentagon Federal Credit Union offers loans of $500 to $25,000. And anyone can join by making a one-time donation of $17 to either the National Military Family Association or Voices for America’s Troops.
Places to get a $1,000 loan
- LendingClub: 7.04% - 35.89% APR.
- PNC: 5.99% - 25.99% APR.
- Upstart: 5.35% - 35.99% APR.
- First Tech Federal Credit Union: 10.25% - 18% APR.
- NASA Federal Credit Union: 13.15% - 18% APR.
- Pentagon Federal Credit Union: 6.49% - 18% APR.
Typically, the credit score needed to get a personal loan can be anywhere between 600 and 700, depending on the lender. The majority of lenders require something in the 640 - 660 range.
One alternative to a $1,000 loan is to apply for a low interest credit card with a credit line well in excess of $1,000. You don’t want to max out your limit when borrowing the funds you need, as it will hurt your credit standing. But a credit card will enable you to borrow money and then repay that amount over time. People with good or excellent credit could even get a card with a 0% introductory APR.
2023 Best Small Personal Loans Offer
Compare OffersPeople also ask
Did we answer your question?