Guide to Getting a $1,000 Personal Loan

Q: What is the monthly payment on a $1,000 personal loan?

The monthly payment on a $1,000 personal loan will depend on your interest rate and the length of the term. For example, if you have a $1,000 loan at 13% APR for 6 months, your monthly payment will be $173.04. If the loan term was 12 months, your payment would be $89.32 per month. The shorter the term, the higher your monthly payment will be, but the less you’ll pay in interest overall.

Q: Can I get a $1,000 personal loan?

Yes, it is possible to get a personal loan for $1,000. Not every lender offers small loans like this, but a number of banks, credit unions, and online lenders do. For a loan of $1,000, you will need to meet the lender’s minimum credit score and provide information such as proof of income and employment.

Q: What credit score is needed for a $1,000 loan?

Each lender has a different minimum credit score they require for a $1,000 personal loan. Small personal loans like this tend to be unsecured, which means you don’t put up collateral to back them. Because of that, unsecured personal loans generally require you to have a higher minimum credit score than secured loans.

Jason SteeleUpdated March 14, 2023

Share this article:

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

If you need a fairly small sum of cash quickly, a personal loan of $1,000 could help. While it can sometimes be difficult to find a $1,000 loan, a number of lenders do offer them. And the good news is that it may be easier to get approved for a small loan than a large loan.Read on to find out how to get a $1,000 personal loan and the typical requirements you’ll need to meet.

How Can You Get a $1,000 Personal Loan?

Not every lender offers loans of $1,000, but you may be able to find them from a bank, credit union, or online lender. Some lenders even offer loans for less than $1,000. Typically, how much of a personal loan you can get will depend on the lender as well as how creditworthy you are.For a $1,000 personal loan, you will likely need to meet the lender’s minimum credit score and provide some information about your financial situation. This may include proof of income and employment.

Places to Get a $1,000 Personal Loan

Banks, credit unions, and online lenders provide personal loans. As we said, not all lenders offer personal loans of $1,000, however, so you check with individual lenders before applying.If you have a checking or savings account with a bank, you might get approved more easily for a loan there since you are already a customer. Credit unions tend to have better rates and terms than banks, and they typically have easier personal loan requirements. However, you will likely need to join the credit union to be eligible.Applying for a loan with an online lender can be convenient, since you can generally complete the process on your computer. You may be able to get preapproval for a loan online and also compare rates from multiple lenders. Personal loans from online lenders tend to move quickly. It typically takes five days or less to fund an online personal loan, and some lenders may even deliver the funds to you the same day you’re approved.

What Can You Use a $1000 Personal Loan For?

One of the benefits of a personal loan, including a $1,000 personal loan, is that it’s flexible and can be used for a variety of purposes. Some common personal loan uses for a $1,000 loan might include covering a car repair or minor home renovation, or paying an unexpected medical bill.Another funding option to consider if you need a small amount of money is a credit card. When comparing a personal loan vs a credit card, think about how quickly you can repay the money. While personal loans may have lower interest rates than credit cards, if you qualify for a 0% APR introductory credit card, this could be a good option for you — as long as you can pay the balance in full before the introductory period ends.

Is It Easy to Get a Personal Loan for $1,000?

Getting personal loans of $1,000 are typically easier than getting large personal loans. However, getting approved for a personal loan, even a small one, is not necessarily simple, especially if you have bad credit. Recommended: Applying for a Flex Loan

Requirements for a $1,000 Personal Loan

Every lender has different requirements for being approved for $1,000 personal loan offers. In general, you will need to be at least 18 years old, a U.S. citizen or permanent resident, and have a steady source of income.Most lenders will require you to have a certain credit score for a small personal loan. Typically, the higher your credit score, the more likely you are to be approved and offered a better interest rate. Because small personal loans are unsecured, which means they don’t require you to put up an asset as collateral to back the loan, they may have a higher minimum credit score to meet. Along with your credit score, lenders will check your credit history to see if you have made past payments on time.You will also likely need to provide proof of income. Lenders want to make sure you earn enough money to be able to afford the loan. Finally lenders will also look at your debt-to-income ratio. Debt-to-income ratio is calculated by adding together your monthly debt and dividing it by your gross monthly income. Generally, a low debt-to-income ratio is best, ideally under 36%.Recommended: Personal Loan Tips That Can Help You Get Approved

Finding the Right Lender

You should always research any lender you are considering to make sure they are reputable. Choose a lender that offers a competitive interest rate and good terms and conditions. Also, consider how customer friendly the lender is. Are they available for assistance, if you need it? Do they have convenient hours? Check their customer reviews to see what kind of experience they deliver.Finally, if you think you may eventually need more than one loan, find out how many personal loans you can have at once with the lender. Some lenders may only approve one loan per borrower.

Personal Loans With Lantern

Getting a personal loan for $1,000 could come in handy to cover a sudden expense like a car repair or medical bill. And a small personal loan can be easier to qualify for than a larger loan. Shopping around and comparing personal loan options will help you get the best deal — and Lantern can help. Our online marketplace makes it quick and easy to get offers from multiple lenders all at once so you can compare rates and terms to find the best fit for your needs. Compare personal loan amounts and interest rates with Lantern.

Frequently Asked Questions

What is the monthly payment on a $1,000 personal loan?

Can I get a $1,000 personal loan?

What credit score is needed for a $1,000 loan?

Photo credit: iStock/chabybucko

LCPL1222010

About the Author

Jason Steele

Jason Steele has been writing about credit cards and award travel since 2008. One of the nation's leading experts in this field, he has contributed to dozens of personal finance and travel outlets and has been widely quoted in the mainstream media.

Share this article: