If you are looking to take out a 1000 dollar loan it’s probably smart that you ask a few specific questions to the lender before you take out the loan. Below is a list of 3 of the most important questions (along with answers of course) that you should ask before you sign on that dotted line.
1) How much will this loan cost me?
This is by far the most important issue that you will face when taking out any type of cash loan (especially if you are doing so from a payday loan lender). With payday or title loans you can expect to pay around 17 – 25% for a two week loan. That means you will pay around $200 to take out a $1000 loan.
2) I have bad credit. Are 1000 dollar loans with bad credit available?
Yes, they are. In fact, most lenders in this arena specialize in bad credit loans. No credit checks are required, but you cannot be going through the bankruptcy court filing currently. In addition, you can’t be currently defaulting an another similar loan. Other than that though, you will not be denied for having bad credit, no credit, or little credit.
3) What is really required to take out this loan?
There are three main requirements for a payday loan – you have to have a job that makes a certain amount of money (usually around $1000 per month) and be able to verify it, you have to have a valid checking account open for a few months, and you need to be over the age of 18. If you are looking at a title loan then you will also need to have a car (and have equity in the car), along with proof of where you live (in case they need to come after the car).
Bottom line – make sure you know the answers to these three questions, especially the cost one. If you don’t then you should reconsider taking out the 1000 loan.
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