Do you need $1,000 right now? The easiest way to obtain it is by getting one of our recommended $1,000 payday loans because they offer instant approval, express same-day disbursement, and the highest approval rate for bad credit and no credit history with no credit checks.
We’ve carefully selected the top 8 providers of $1,000 payday loans in the US to bring you easy access to funding under the best terms and conditions for any purpose.
Check out our ranking below to select your preferred payday loan company, send your application, and get the $1,000 you need now.
Ranking of the 8 Best Companies for Borrowing Payday Loans $1,000 in the US
Here’s our selection of the 8 best companies for borrowing a $1,000 payday loan in the US right now:
- Big Buck Loans: America’s Top-Rated $1,000 Payday Loan Company
- Honest Loans: Most Practical Online Application Process
- Low Credit Finance: Receive Multiple Offers with One Click
- Credit Clock: Best for Long-Term $1,000 Payday Loans
- Fast Loans Group: Ideal for Extremely Bad Credit
- Money Mutual: Fast Disbursement
- Heart Paydays: Alternative for Instant Approval
- Fast Money Source: Welcomes All Types of Customers
For more details about our recommended payday loan lenders, you can check our reviews below.
1. Big Buck Loans: America’s Top-Rated $1,000 Payday Loan Company
Big Buck Loans has become America’s top-rated $1,000 payday loan company thanks to their incredible benefits:
- 90% approval rate for all types of customers, such as bad credit, extremely bad credit, and low-income
- Easy online application with instant approval and same-day disbursement (2-4 hours)
- Competitive APR and finance charges for all types of customers
- Flexible repayment periods for short-term and long-term $1,000 payday loans
- Efficient and fast customer support service
With a clear record since its foundation in 2019, Big Buck Loans is our #1 recommendation when applying for a $1,000 payday loan, thanks to their unbeatable terms and conditions.
2. Honest Loans: Most Practical Online Application Process
Featured as the easiest online application process in the payday loan industry, Honest Loans is the right choice for borrowing $1,000 as soon as possible, in addition to the following benefits:
- Fastest online application for $1,000 payday loans
- Same-day disbursement in record time
- Competitive interest rate for bad credit
- High approval rate for all types of customers
It’s a solid alternative to Big Buck Loans, and hence, it’s ranked at #2 on our list.
3. Low Credit Finance: Receive Multiple Offers with One Click
Low Credit Finance has the largest network of direct lenders nowadays, bringing you the option to get multiple $1,000 payday loan offers with only one click, in addition to the following benefits:
- Easiest way to compare different $1,000 payday loan offers
- Competitive interest rates and fees
- Flexible repayment periods for short-term and long-term payday loans
- High approval rate for different types of customers
- Fast customer support service
If you want to check multiple offers, then Low Credit Finance is the right choice for you.
4. Credit Clock: Best for Long-Term $1,000 Payday Loans
If you want to repay your $1,000 payday loan over several weeks or months, then Credit Clock is the right choice for you, thanks to its flexible repayment periods. Here you have all the advantages of this company:
- Most flexible repayment periods for $1,000 payday loans
- Instant approval and same-day disbursement
- $1,000 payday loans available 24/7
- High approval rate for all types of customers
Therefore, Credit Clock is the right choice for long-term and emergency payday loans, thanks to their 24/7 availability.
5. Fast Loans Group: Ideal for Extremely Bad Credit
If you have extremely bad credit, let’s say in the range of 300-400 points, then Fast Loans Group is the right choice for you thanks to their promise of no credit checks, in addition to the following benefits:
- No hard credit checks or inquiries during the application
- Instant approval and same-day disbursement
- High approval rate for extremely bad credit
- High approval rate for no credit history
However, remember that they might charge a higher APR than our other recommended companies, such as Big Buck Loans, Honest Loans, or Low Credit Finance.
6. Money Mutual: Fast Disbursement
If you need money as soon as possible, Money Mutual is the right choice for you, thanks to their instant approval and express disbursement for $1,000 payday loans. In addition, they offer the following benefits:
- Easy online application with instant approval and express disbursement
- Competitive interest rate
- High approval rate for bad credit
- High approval rate for no credit history
- Clean record since 2005
Nonetheless, remember that Money Mutual offers a lower approval rate for customers who are currently unemployed.
7. Heart Paydays: Alternative for Instant Approval
If you’re looking for an alternative that offers instant approval and same-day disbursement, then Heart Paydays is the right choice for you. Because they also offer the following benefits:
- Express online application
- Same day disbursement
- High approval rate
- Flexible repayment options
- Fast customer support
Keep in mind that Heart Paydays usually charges higher interest rates than the rest of our recommended options, and it’s due to their very high approval rate.
8. Fast Money Source: Welcomes All Types of Customers
If you’re looking for the company that is most likely to approve you, then it’s Fast Money Source because it offers the highest approval rate from our ranking. Here you have all the benefits that make it an excellent choice:
- Highest approval rate for all types of customers
- Easy online application with instant approval
- Suitable for unemployed borrowers
- Flexible repayment options
The only downside of this payday loan provider is that they can take up to 24 hours to disburse the loan, making it significantly slower than our other recommended companies.
How to Get Your $1,000 Payday Loan
Our recommended companies make it easy to get your $1,000 payday loan fast; only follow these steps to send your application:
- Choose a payday loan provider from our ranking
- Visit the official website by clicking on its name
- Fill out the application form
- Wait for instant approval
- Review and accept the $1,000 payday loan offer
- Receive the $1,000 in your bank account.
The application process will take 5-10 minutes, the approval is instant, and the disbursement will take from 2 to 4 hours on average.
Make sure to fill out the application with real and accurate information to increase your chances of getting approved by the lender.
How to Qualify for a $1,000 Online Payday Loan
Here are the eligibility criteria that our recommended companies use when evaluating your $1,000 payday loan application:
- You must be at least 18 years old
- You must be a US citizen or permanent resident
- You must have a verifiable source of income
- You must have an active bank account
- You must have an email address
- You must have a phone number
Because the eligibility criteria are easy to meet, approximately 90% of applications are approved instantly. Even with bad credit, no credit history, low income, several credit accounts, or if you’re unemployed, it’s still possible to qualify for a $1,000 payday loan at our recommended companies.
What is a Payday Loan of $1,000?
Initially, it was a short-term loan that allowed you to borrow $1,000 instantly and repay it from your paycheck in 30 days or less. They were created in the early 1990s as a solution for Americans who needed providers of small loans, which at the time were nonexistent.
Nowadays, $1,000 payday loans are more important than ever because millions of Americans don’t have $1,000 in savings to cover emergency expenses. Thanks to their high approval rate, instant approval, and fast disbursement, they’ve become the ideal emergency personal loan.
Types of Payday Loans: $1,000 in the US
There are different types of $1,000 online payday loans in the US, and here you have a list of the most important ones.
1. Short-Term or Classic $1,000 Payday Loan
This is the classic $1,000 payday loan you plan to repay the day after you get your paycheck. This way, you can pay back your credit faster and hence reduce the interest rate. Our recommended companies can offer you $1,000 payday loans with a short-term repayment period.
2. Long-Term or Installments $1,000 Payday Loan
If you want more time to repay your credit, you can opt for a long-term or installment $1,000 payday loan. As the name suggests, you can repay this loan over several weeks or months. The final cost of the loan will be higher due to the interest rate and more extended repayment period, but it will bring you more freedom to administer your debt.
3. Extremely Bad Credit $1,000 Payday Loans
Because our recommended companies offer the highest approval rate in the industry, you can also find extremely bad credit $1,000 payday loans available. Even with a credit score of 300 points, you can rely on these special payday loans to borrow the $1,000 you need.
4. Guaranteed Approval $1,000 Payday Loans
These payday loans are strictly reserved for existing customers who repay them on time. Our recommended companies can offer guaranteed approval $1,000 payday loans after becoming a client and paying back your debt on time and in full. However, this is only available for new customers with a record.
5. Instant Disbursement $1,000 Payday Loans
Another benefit of becoming a responsible customer at any of our recommended companies is the possibility to borrow instant disbursement $1,000 payday loans. As the name suggests, they allow you to borrow $1,000 instantly, as opposed to the normal waiting period for new customers of 2 to 24 hours.
6. $1,000 Cash Advance
A $1,000 cash advance is the same as a $1,000 payday loan; it’s only another name that refers to the same type of personal loan. However, it can also refer to a $1,000 credit cash advance, which borrows $1,000 from your credit card line. This product is reserved for qualified customers with an active credit card.
Benefits of Online $1,000 Payday Loans
A $1,000 payday will offer you a series of benefits, especially when you need the money urgently. Here, you have a list of the most important advantages.
1. Infallible Way to Borrow $1,000 Fast
Because our recommended companies approve approximately 90% of applications, they bring you an infallible way to borrow $1,000 fast. Even with a very low credit score, low income, or zero credit history, our selected lenders can approve you to borrow the money you need.
Since the decision and approval are instant, and the disbursement takes 2-4 hours on average, they’re your best choice for borrowing $1,000 quickly.
2. Ideal for Any Type of Situation or Emergency
Our recommended companies don’t ask questions about how you’re going to use the $1,000. From paying pending medical bills and emergency car repairs to paying for tuition fees or even buying a new phone, you can use the $1,000.
3. Simple and Fast Online Application from Your Home
Forget about paperwork or going to a local office; our recommended companies allow you to complete your application online in 5-10 minutes. It’s an easy and fast process because you only need to enter simple information such as your full name, address, phone number, email, bank account, and details about your income.
4. Rebuild Your Credit History and Boost Your Credit Score
Because you’re borrowing an important sum, repaying it on time will help you rebuild your credit history and boost your credit score. Because our recommended lenders report to credit bureaus, they will help you to climb up categories in the credit score ladder and hence get access to bigger and better loans in the near future.
5. Borrow $1,000 at the Best Interest Rate in the US
This is an exclusive benefit from our recommended companies because we have only chosen the lenders and brokers that charge the lowest interest rate in the US for this personal loan. With a maximum APR of 35.99%, you can borrow $1,000 without worrying about the final cost.
6. Payday Loans Are Unsecured
Our recommended payday loan companies won’t require collateral when borrowing $1,000; hence, they’re 100% unsecured. This makes the process much easier and beneficial because you won’t have to risk any asset.
Why Credit Checks Aren’t Necessary for $1,000 Payday Loans
Banks, credit card companies, and traditional financial institutions perform hard credit checks to review your credit report. Since it’s recorded on your credit report, it will decrease your credit score even further.
Because our recommended companies don’t want to damage your credit history any further, and since they don’t use your credit score to determine your creditworthiness, they don’t perform hard credit checks or inquiries.
Soft credit checks let the payday loan lenders know more about your credit score and history without negatively impacting your credit. They only use your credit score to calculate the APR and finance charges for your loan.
What Factors Determine Eligibility for Payday Loans?
Since your credit score is not a factor that determines your eligibility, and hence credit checks aren’t necessary, our recommended companies rely on two elements when analyzing your application: your income and your debt-to-income ratio.
This is why they ask for details about your income source, to make sure it’s verifiable and enough to cover the costs of the $1,000 payday loan. The requirements for your weekly and monthly income will vary depending on the repayment period you choose.
They also consider your debt-to-income ratio (DTI) to determine how much of your income is free for taking on new debt. This is why our recommended companies require a DTI lower than 36% on average because it will make it easier for you to repay the $1,000 payday loan. Looking for a loan of a lower value? Check out the best options for $500 and $200 loans here.
Why Americans Need $1,000 Payday Loans: A Reality Check
According to the Bankrate’s Annual Emergency Fund Report, 57% of Americans cannot afford a $1,000 emergency expense. And since over 30M Americans have bad credit, a large percentage can’t borrow $1,000 from banks or traditional financial institutions.
This is why Americans need $1,000 payday loans because it’s an easy way to withdraw $1,000 for an emergency even if you have any of the following problems:
- Bad credit score
- Extremely bad credit (Poor)
- Limited or zero credit history
- Low income
- Unemployment
Hence, payday loans provide a relief in the situations when you need money urgently. The need for this type of credit has increased even more due to inflation and the current economic situation in the US.
Inflation Makes $1,000 Payday Loans Even More Necessary in the US
As reflected by the Bureau of Economic Analysis’s report, the Personal Saving Rate is the lowest since July 2005 at 3.4%. Compared to March 2021, which had a Personal Saving Rate of 26.1%, the decline is clear. This situation lets us see how hard it is for Americans to save money nowadays, hence another reason why they need a way to borrow $1,000 in an emergency.
Additional reports state that over 70% of Americans believe that the high and growing prices will make it very difficult for them to save money. And because millions of Americans have bad credit, payday loans have become their ideal solution to borrow money for any urgent expense.
Instant Approval and Disbursement for $1,000 Payday Loan: How Does It Work?
Our recommended lenders offer instant approval and same-day disbursement when applying for a $1,000 payday loan, but how is it possible? In this section, we’ll answer all of your questions about it so you can understand how our selected payday loans work.
Instant Approval Is Possible Thanks to High Tech Systems
Our recommended companies can approve your payday loan application instantly thanks to their high-tech systems and big data sets. Because they’re powered by Artificial Intelligence (AI), they can review and analyze the answers from your application to determine your creditworthiness. This is why they’re capable of making an immediate decision and approving your application instantly if you meet the eligibility criteria.
Instant Approval Isn’t The Same As Guaranteed Approval
New customers might think instant approval is the same as guaranteed approval, but it’s not. Our recommended companies don’t offer guaranteed approval to new customers since they must determine your creditworthiness first. Otherwise, it’d be misleading advertising.
As we have seen in the previous section, our recommended companies offer instant approval, and it’s possible thanks to their high-tech systems and big data sets powered by Artificial Intelligence (AI).
Payday Loan Disbursement Isn’t Instantaneous
Whereas the approval is instantaneous, the disbursement is not. This process can take 2 to 4 hours, especially at our fastest-recommended companies, such as Big Buck Loans, Honest Loans, and Money Mutual. Once you become a customer and repay your loans on time, you might get access to instant disbursement.
How Much Are Payments on a $1,000 Payday Loan?
Our recommended lenders will bring you a detailed breakdown of the payment(s) you’ll have to make after borrowing your $1,000 payday loan. However, if you want to get a preview, here you have three practical examples.
Payments for a Short-Term $1,000 Payday Loan with Extremely Bad Credit and APR
For this example, suppose you choose to repay the payday loan in 28 days with an APR of 35.99% due to your low credit score. Here you have a breakdown of the final cost of the loan:
- Loan Amount: $1,000
- Loan Term: 28 Days
- APR: 35.99%
- Finance Charge: $27.61
At the end of the 28 days, you’ll have to repay a total debt of $1,027.61.
Payments for a Long Term $1,000 Payday Loan with Fair Credit and APR
In this example, suppose you decide to borrow $1,000 from our recommended payday loan companies for 6 months with an APR of 25% due to your credit score. Here’s the breakdown:
- Loan Amount: $1,000
- Loan Term: 6 months
- APR: 25.00%
- Finance Charge: $125.09
You’ll have to repay approximately $1,125.09, and each monthly payment would be $187.51 approximately.
Payments for a Short-Term $1,000 Payday Loan with Bad Credit and Fixed Finance Charge
In this example, we’ll take out a $1,000 payday loan for 1 month with a fixed finance charge of $12.50 for every $100 we borrow. At the end of the repayment period, we’ll have to repay $1,125.
It’s Important To Know It
We’re bringing examples that might vary depending on your profile, credit score, income, and debt-to-income ratio. From charging a higher APR (maximum 35.99%) to additional fees, the payday loan lender will disclose the final cost of the loan once they send you the offer and contract.
It’s also important to know that some lenders might charge an APR, whereas others will charge a fixed finance charge that goes according to the regulations for payday loans in the state you live in.
What is the Problem with $1,000 Payday Loans and Late Payments?
Before taking out a $1,000 payday loan, make sure you can repay it on time. Because late payments will carry the following problems:
- You might have to pay late payment fees
- You will decrease your credit score due to late payments
- You will hurt your credit history
- You will decrease your chances of being approved for a new $1,000 payday loan
Select a repayment period that will allow you to repay the loan on time so you can administer your debt responsibility and take full advantage of our recommended $1,000 payday loans.
Methodology
Our team of finance and payday loan specialists has built this ranking after 300 hours of research, analysis, and careful selection. Here’s a breakdown of the factors they’ve taken into account when selecting our recommended $1,000 payday loan companies:
- Registered, approved, and licensed payday loan companies in all the states they do business in
- Highly reputable payday loan companies with an outstanding customer satisfaction rate
- High approval rate for all types of customers ranging from bad credit to low-income
- Easy online application with instant approval and same-day fast disbursement
- Competitive interest rate for all types of customers
- Efficient and fast customer support service
This methodology has allowed us only to recommend legal, regulated, trustworthy, and cost-effective payday loan companies ready to lend you $1,000 with instant approval, same-day disbursement, and the highest approval rate.
