What are some good $1,000 loan options?

Question

You can get a personal loan of $1,000 to $100,000. The amount depends on the lender and your overall creditworthiness when you apply. That means your credit score, income and existing debts will have a big impact on how much of a personal loan you can get approved for.

Each personal loan company has its own minimum and maximum loan amounts, along with unique policies to determine how much different types of applicants should receive. Below, you can see how big (or small) of a loan you might be able to get from some of the most popular lenders.… read full answer

How Much Personal Loan You Can Get by Lender:

Lender	Personal Loan Amounts
American Express	$3,500 - $40,000
Avant	$2,000 - $35,000
Discover	$2,500 - $35,000
LendingClub	$1,000 - $40,000
LightStream by SunTrust Bank	$5,000 - $100,000
Marcus by Goldman Sachs	$3,500 - $40,000
Prosper	$2,000 - $40,000
SoFi	$5,000 - $100,000
Wells Fargo	$3,000 - $100,000

One good way to see what personal loan amounts you may be able to get is to use WalletHub’s personal loan comparison tool. You can filter for how big of a loan you want, along with other factors like your credit standing, on the left side of the page.

Once you compare your options, it’s a good idea to see if you’re pre-qualified before you apply. Pre-qualification shows you which lenders are likely to approve you, along with the rates that you’re likely to get if approved. You can get pre-qualified for multiple lenders at once using WalletHub’s free pre-qualification tool.

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Answer 1 · 2019-09-04 05:42:25

Adam McCann, Financial Writer

@adam_mccann 09/04/19 This answer was first published on 08/15/19 and it was last updated on 09/04/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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. 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: 6.95% - 35.89% APR. 1% - 6% origination fee.
PNC: 5.99% - 25.99% APR. 0% origination fee.
Upstart: 4.73% - 35.99% APR. 0% - 8% origination fee.
First Tech Federal Credit Union: 10.25% - 18% APR. 0% origination fee.
NASA Federal Credit Union: 13.15% - 18% APR. 0% origination fee.
Pentagon Federal Credit Union: 6.49% - 18% APR. 0% origination fee.

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.

What are some good $1,000 loan options?

Adam McCann, Financial Writer

Places to get a $1,000 loan:

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