Getting a 1000 Cash Loan Payday – Options and Tips
Looking for good options on securing a 1000 cash loan payday can be very difficult, especially if you have bad credit and need the cash immediately. However, even though this is a very tough situation to be in, it’s important to remember to not to get yourself in too much trouble financially by taking out too much in the loan and paying too much in interest costs and fees.
The problem that most people get into when taking out a 1000 cash advance loan is not that they have to take the loan out in the first place, it’s that they have to continue to take loans out. Continually taking out cash advance or payday loans will kill you financially and should be avoided at all costs. Use such loans in cases of true emergencies, and then plan ahead going forward how you can save up enough money for the next time an emergency comes up. If you don’t, then maybe these facts will help motivate you to keep the number of payday loans down to a minimum:
The average cost to take out a small payday or cash advance loan is around 17%. However, this is not the only cost you have–this is simply the upfront processing (or origination) fee that you pay. So, if you are taking out a 1000 dollar payday loan then you will pay about $170 to just get your $1000. Then you have interest on top of that, and the effective APR on these loans is terribly high – some statistics quote that the average interest cost for such a loan is over 450%! You don’t even want to know how much a 450% loan would cost you on $1000 for just one year.
So, what can you do if you are in a bad situation? Well, you would be ok if this 1000 cash loan payday was a one-time deal to get you out of a quick bind. Other than that, however, you should look to family members and friends to see if they can help, or you can look to newer peer-to-peer lending networks such as prosper and others that have been created in the last couple of years – your interest rate will be lower and much more manageable, helping you to get back on track of things financially.
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