When people are desperate to borrow money with very bad credit score like 500, they usually have to look for loan sharks. There are many high risk loan lenders online today, so its easy to get a $1000 personal loan. We refer to such lenders as loan sharks, even though they are legitimate and registered with the local states for making short term loans to consumers. These companies prefer to provide easy credit signature loans to people who cannot borrow from banks and other traditional sources, simply because they can charge higher interest rates up to 400% APR. It may sound a lot, but some borrowers are able to make use of such financing and avoid other serious consequences. If you can pay off a $1000 loan fully on time, it usually cost around $1200 for 30 days.
If you have very bad credit history, it is difficult to get any type of financing especially unsecured personal loans. Alternative lenders may become the only possible option right now, unless you can afford the time to improve your FICO score. A high risk lender for $1000 provides you a financing opportunity which is otherwise not possible now, but not everyone can benefit due to the higher borrowing fees. So it is important to review the lending terms and fees before you take the loan. There are various interest rate increases and fee penalties if you do not pay on time. Legalized loan sharks are allowed to have higher loan rates because of the increased default risk as many borrowers tend to have financial difficulties and may not pay back. You need to be double sure you can make payments regularly and as fast as possible.
If you are willing to borrow $1000 from loan sharks, you can find many online. It is easy to compare loan rates on the Internet as well as check out their specific loan conditions. You can also review their business profile and check for customer complaints at the Better Business Bureau if they are listed there. simply submit your name, SSN and employment details for a no-obligation loan offer to see what they can provide.
Most online loan sharks provide $1000 unsecured loans for bad credit with instant decision. Since there is no need to evaluate collateral, they can quickly approve and wire the money to your checking account. This can be as fast as getting $1000 anytime using their lending websites. It is exactly this convenience that many people are using direct loan lenders for $1000 loans online. There are minimal paperwork and you usually do not have to fax your tax forms or pay stubs in order to get a loan today.
If you need a $1000 personal loan to finance a car purchase, some lenders also provide specific down payment personal loans. For example, you are really cash strapped and need a car loan to finance the purchase. Do note that your car will be used a loan security until it is fully paid up.
As mentioned earlier, the main benefits of online loan sharks for people with poor credit are the fast and easy approval. You can borrow $1000 dollars even with very bad credit and the money is directly wired to your bank account. Even though these high risk loan companies are legit, it is a fact that you can owe them a lot of money if you cannot pay back on time. This can happen even if you only take a $1000 loan but cannot pay back for more than 90 days.