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1000 dollar loan no credit check: Easy Help In Emergency Situations

Category: Questions & Answers

A 300- to 500-dollar personal loan for someone with bad credit is reasonable to cover for minor emergencies like changing a busted faucet valve or a car tire. But you may need a 1000 dollar loan no credit check if the situation is more complicated like a busted plumbing system or car wreck. Trell wants to know how to get approval for a 1000 dollar loan no credit check:

“Is taking out a loan of more than five hundred bucks possible, too, for people with bad credit? I’m afraid my $300 payday loan is small and not enough to cover for the house roofing when a recent storm ripped off the garage section.” – Trell, Spokane, WA

It’s a fact that US individuals who have bad credit can get a 1000 dollar loan with no credit check, in a similar way to those in the UK and Canada. A direct lender can even agree to a same-day loan where you get the cash right away. But there are factors to consider on how to get a higher loan amount aside from the fact that you must be at least 18 years old.

Check state laws if 1000 dollar loan no credit check is allowed

Find out the legal status of personal loans in your state. Some states allow personal loans, while others prohibit them outright. What is more, there are some American states that placed resitrictions on the exact loan amount you can get.

Unfortunately, in your state the maximum that you can secure is $700 or 30% of your salary, whichever is higher according to the Consumer Federation of America. Ironically, just down south in Oregon, the maximum amount is not specified, where a borrower can take out a higher loan amount.

Have a steady income

You also need a steady income whether from a job or a small business. The more secure your job is—length of employment and salary scale count—the more chances you can take out a 1000 dollar loan no credit check. Because of stiff competition in the loan industry, many lenders are now offering fast and easy processing.

Have a bank account

Your bank account will be the conduit where you receive the cash (for online lenders) or transfer payments. It also makes you more easily tapped in case of a loan default. In short, a bank account gives lenders some legal and financial security before they give you the loan approval.

Have Internet access

While many lenders limit the loan from $300 to $500 in your area, there may be a direct lender that can offer you a 1000 dollar loan no credit check. But how do you find that willing lender? You can try one of the lending sites offering a quick search that matches your requirements. Many of these sites today use advanced search technologies that drastically cut the time in finding the loan with the best amount, rates and fees for you.

Read more:  Best Free Bookkeeping Software: How To Decide Which One Will Meet Your Needs?

Caution is Essential

Getting a loan without a credit check is no manna from heaven. Such a loan is likely to be expensive, or you could fall prey to scammers. Think and act smart as suggested here, to stay on the safe side.

CONCLUSION

Getting a 1000 dollar loan no credit check is possible even for people with bad credit. But in case you can’t secure one for any of the reasons stated above, don’t despair. These loans have prohibitive rates and fees. You’re probably saving yourself from these costs in the long run.

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. No stranger to small business hiccups and drama, having been involved in a few internet startups. Prior to his for-profit ventures, he has had managed corporate communications for a Kansas City-based Children International unit.

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6 Comments »
Justin says:

Well, you mentioned the weather ripped off the entire garage or just the roof? Which reminds me in cases that you need to evacuate because of a severe, garage-ripping storm, surely, there’s no time to secure your documents. How can you take out a loan fast when your financial docs are swimming in the flood? Do these lenders consider this type of emergency?

Reply to this comment »
Ben Morris says:

There’s an FTC advisory for this, Justin. Here are the usual docs or data that you need to apply for this type of loans: for your credit score you can call for free 1-877-322-8228 and ask for a report. For birth certificate contact the Vital Statistics Office of your county. For Social Security Card, call your local Social Administration Office. For tax returns, ask your local IRS Center. For mortgages, call your lender. Most of these documents are kept in secure servers so it’s likely that you’ll have them in a week’s time. Then you can make that loan. FTC also suggests that you start calling your creditors, utilities, mortgage company, any other financial company that you owe money to request for a waiver.

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Rachel909 says:

The irony is a 1000 dollar loan isn’t for the broke. How can you pay it off in 3, 6 months or even a year if you’re just earning double per month of the loan? In fact if you need to borrow 1000 despite earning 2k or 3k a month for instance, why do you think living off on a 1k per month budget is suddenly possible? Debtors believe they can create a new income source within the payment period but that’s often wishful thinking. I’m not saying a 1000 loan is no good. It works fine for those that earn about 5x of that loan amount but who happened to have a bad credit score (got booted out of employment last year). We’ll probably see more of this kind of loans now that many unemployed professionals start earning their rightful level of wages again.

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Tomas Bolarol says:

I’m seeing more lenders offering bigger loans today. Maybe because more Americans are trooping back to work after the recession. Well and good, but I’d be careful taking out a thousand bucks. It sounds like half of your salary will be taken out on your next paycheck. Are you prepared for this? If not, you’re in for a debt spiral. But if you’re a business owner, maybe this can work if your problem is cash flow and not necessarily just cash. Great tip about the loan cap. I should look what’s in my state.

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Melanie Saunders says:

These loans have helped me when I had needed money and my investment was frozen in the bank. Of course it has its dark side when one gets addicted to constantly borrowing money. But I'm glad i can get hold of these loans when I am in dire need of financial help! Cool article, Rob! Keep up the good work!

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Sanjay Agarwal says:

Loans like this have somehow helped me get through the worst times when i was transitioning jobs. It takes a certain degree of self-discipline to remind yourself that you have to consciously set aside money for paying it back. Many people abuse loans and end up with so many delinquent accounts. Just check out all the reality shows that cover people who are buried and debt and still hoarding stuff! But when used properly, loans not only save us during emergencies but enable us to have a better quality of life.

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