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Those who are seeking a $1,000 cash loan need to be very careful because many cash loans come with fees, interest and terms that can cost a borrower hundreds of dollars.

Finding a lender willing to make a $1,000 cash loan is relatively easy because cash loans are very profitable for lenders. Unfortunately, finding a $1,000 cash loan that won’t cost you an arm and a leg will be tough.

It is possible to find a $1,000 cash loan that won’t cost you $100 or more but it will take some work. The key to not paying too much for a cash loan is to shop around and pay attention to the details.

What to Look for in a $1,000 Cash Loan

There are two things that a borrower should look for in a $1,000 cash loan: the lowest interest rate possible and no fees. Getting a cash loan with a lower interest rate and no fees will save you some money.

Look for the cash loan with the lowest interest rate, the interest rates on cash loans will still be steep but you can probably one with a lower rate. Interest rates on cash loans will be higher but a savvy shopper should be able to find rates of 20% or under in online cash loans.

As always persons with bad credit will pay a higher interest rate. If you have good credit: take advantage of it by asking the lenders if they will give you a lower interest rate.

Don’t just look for a cash loan with a low interest rate pay close attention to the fees charged. Many cash lenders will offer low interest rates but add fees to the loan. For example a $25 fee every time you renew the loan or a high late fee.

You might actually save money by getting a loan with a higher interest rate on which no fees are charged. Interest can add up but it will usually be cheaper than fees.

Have a Plan to pay it off

Never take out a $1,000 cash loan unless you know you’re going to pay it off. If you don’t pay off a cash loan the lender will report you to credit bureaus and debt collectors. This could quickly get you into a lot of trouble.

Sit down and figure out how much you will have and how long it will take you to pay the loan off. If you can’t figure out how long it will take or how you’re going to get the money don’t get the loan.

If you do have the money, draw up a plan for paying off the loan as fast as you can. Remember that interest will be added to what you have to pay. This means that the longer you take to pay off the loan, the more you’ll pay in the long run. The sooner you pay off the loan, the less you will pay.

Finding a $1,000 Cash Loan 

Online lenders will probably give you a much better deal on a $1,000 cash loan than store front or local lenders. Doing an online search for such a loan will probably help you locate lenders who offer better terms and lower interest rates.

Another tip is to try and avoid cash or cash advance lenders. Instead look for hard money lenders, hard money lenders specialize in lending to those who need money but can pay it off fast. Using a hard money lender could save you money. A hard money lender may also be easier to deal with and more likely to change the terms of the loan if necessary.