How much would a $1,000 loan be a month?
The monthly payment on a $1,000 loan ranges from $14 to $100, depending on the APR and how long the loan lasts. For example, if you take out a $1,000 loan for one year with an APR of 36%, your monthly payment will be $100.
Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|---|---|
$20,000 | 3 | $617.45 |
$20,000 | 5 | $415.07 |
$25,000 | 3 | $771.81 |
$25,000 | 5 | $514.57 |
Loan duration | Average monthly payments ($2,000 loan) | |
---|---|---|
Poor credit | Good credit | |
1–12 months | $248.09 | $194.43 |
13–24 months | $165.10 | $112.06 |
25–36 months | $92.77 | $74.67 |
You will likely need a minimum credit score of 580 to get a $1,000 personal loan. Most lenders that offer personal loans of $1,000 or more require bad credit or better for approval, along with enough income to afford the monthly payments.
The specific credit score you need to qualify for a $1,000 loan can vary quite a bit among lenders. Most lenders look for good to excellent credit scores (670 or higher), but there are some that are willing to work with people who have less-than-perfect credit.
The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.
Payoff period | APR | Monthly payment |
---|---|---|
12 months | 15% | $1,805 |
24 months | 15% | $970 |
36 months | 15% | $693 |
48 months | 15% | $557 |
Payoff period | APR | Total interest over life of loan |
---|---|---|
12 months | 15% | $83 |
24 months | 15% | $164 |
36 months | 15% | $248 |
48 months | 15% | $336 |
Credit Score | APR | Estimated Monthly Payment with 36-Month Term |
---|---|---|
800 | 10.99% | $82 |
750 | 13.99% | $85 |
700 | 19.99% | $93 |
660 | 22.99% | $97 |
8.00% | |
---|---|
Two-Year Repayment | $452.27/month, $854.55 in interest over time |
Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Can I get a $1000 personal loan?
$1,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.
Payactiv would be our top pick for ease, speed, cost, and loan amounts, but you can only get Earned Wage Access through Payactiv if your employer is a partner. Borrowing limits are set by your employer, too. But you could potentially borrow up to $1,000 if you have direct deposit set up and up to $500 if you don't.
- Sell stuff you already own.
- Deliver food.
- Pick up a part-time job.
- Rent out unused space.
- Start freelance writing.
- Try affiliate marketing.
- Drive for a ridesharing service.
- Find odd jobs.
To get a quick loan under $1,000, you can search for an online lender whose eligibility criteria you can meet and apply online. Once approved, you can get your money within a few days. Some lenders offer same-day funding when you are approved.
A bank loan is an unsecured personal loan you get from a bank that you pay back in fixed, monthly installments. These loans come in a wide range of amounts — from $1,000 to $50,000, though some banks may lend up to $100,000 — and repayment terms of two to seven years.
What is the monthly payment on a $5,000 personal loan? The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
You can use a personal loan to make many types of purchases, including a car. Auto loans tend to have lower interest rates than personal loans, and longer repayment periods. Auto loans generally have lower interest rates because they use your car as collateral.
Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
Is it easy to get a 20k loan?
As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments.
The monthly payment on a $3,000 loan ranges from $41 to $301, depending on the APR and how long the loan lasts. For example, if you take out a $3,000 loan for one year with an APR of 36%, your monthly payment will be $301.
While a $2,000 personal loan is relatively easy to get, interest rates and fees vary widely depending on your credit history and personal finances.
Yes, it's possible to get a $2,000 personal loan with bad credit — a smaller loan is generally easier to get approved for with a lower credit score. Some lenders have minimum credit score requirements as low as 550. But keep in mind that you'll likely be charged a higher interest rate if you're approved.
Many banks, credit unions and online lending institutions, including Rocket LoansSM, offer $2,000 personal loans. The type of lender you choose may depend on the conditions surrounding your loan. For instance, your interest rate and how long it takes to get your loan funds usually vary by lender type.
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