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Discover the Convenience of $1,300 Loans

Take control of your financial stability with $1,300 loans. Intended to serve your short-term financial needs, $1,300 loans are accessible, affordable, and secure. Start your hassle-free application journey today.
Offers: 5
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
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300
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100.00 – 2000.00 $
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Effective interest rate on the product

0.05 – 2.50 %
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Loan term for the financial product

5 days – 3 months
Rating by Finanso®
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3.09
(20 Ratings)
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650
1000
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Effective interest rate on the product

from 4.00 %
Term
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Loan term for the financial product

to 1 months
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4.25
(20 Ratings)
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0
300
650
1000
$500-$4,000
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Effective interest rate on the product

up to 160%
Term
i

Loan term for the financial product

9-18 months
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Check Into Cash
Payday Loan
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4.06
(20 Ratings)
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$50-$1,500
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APR 390%
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Loan term for the financial product

up to 30 days
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Ace Cash Express
Personal loan
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3.502
(22 Ratings)
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$2000
Rate
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Effective interest rate on the product

2.4% per day
Term
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Loan term for the financial product

6 Months
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Loans Calculator of February 2024

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The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
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Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
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Discover the Convenience of $1,300 Loans

What are $1,300 loans?

A $1,300 loan with bad credit refers to a loan of $1,300 that is available to individuals with a poor credit history or low credit score. Bad credit typically means having a credit score below a certain threshold, which may vary depending on the lender or credit scoring model used.

These loans are specifically designed to cater to individuals who may have difficulty obtaining traditional loans due to their creditworthiness. Lenders who offer loans to people with bad credit understand that past financial challenges or a lack of credit history should not necessarily prevent someone from accessing funds when they need them.

Features

  1. Shorter Repayment Terms. Most personal loans for $1,300 loans have shorter repayment terms than traditional ones. The repayment period typically ranges from a few months to a year. This shorter term allows multiple lenders to recoup their funds more quickly and helps borrowers repay the loan faster.

  2. Online Application Process. Many lenders offering $1,300 loans with bad credit have streamlined online application processes. This makes it easier and more convenient for borrowers to apply for loans. The application may require personal information, employment details, and income verification.

  3. Bad Credit Consideration. These loans are specifically designed for individuals with bad credit scores. Lenders understand that applicants may have a low credit score, a history of late payments, or even previous bankruptcies. Therefore, they are more willing to approve loans for borrowers with poor credit histories.

  4. Higher Interest Rates. Due to the increased risk associated with lending to individuals with bad credit, lenders tend to charge higher interest rates. This compensates them for the greater likelihood of default or late payments. It's crucial to review and understand the interest rate offered by the lender before accepting the loan.

  5. Quick Approval and Disbursement. These loans are known for their faster approval and disbursement times. Lenders understand that borrowers often need immediate financial assistance, so they aim to provide prompt decisions on loan applications. If approved, the funds are usually deposited into the borrower's bank account within a short period, often within 24 hours.

  6. Unsecured Loans. Loans for $1300 given to borrowers with poor credit are often unsecured payday loans, which means they do not demand collateral. This removes the need for borrowers to pledge assets such as property or vehicles as security against the loan.

  7. Credit Check. Although these loans are designed for individuals with bad credit, lenders may still perform a credit check during the application process. However, they may focus more on factors such as income and employment stability rather than solely relying on credit scores.

Pros and cons

Pros

Easy Access to Money. These loans provide an opportunity for individuals with bad credit to access funds when they need them. They can help cover unexpected expenses or emergencies.

Quick Approval. Compared to traditional loans, $1300 bad credit loans often have a faster approval process. Lenders understand the urgency of financial needs and strive to provide funds quickly, sometimes within 24 hours.

Improve Credit. If you make timely repayments on your loan, it can help improve your credit score over time. Demonstrating responsible borrowing behavior by repaying the loan as agreed can positively impact your credit history.

Flexibility. Depending on the lender, you may have some flexibility in choosing the repayment terms that suit your financial situation. This can make it easier for you to manage the loan repayment within your budget.

Cons

Very High-Interest Rate. These loans typically have higher interest rates than conventional loans, which is a major downside. This is because lending money to those with bad credit is riskier.

Reduced Repayment Periods. Shorter payback terms might be considered an advantage by some but also a disadvantage by others. The monthly payments will be greater since there is less time to pay off the loan.

Limited Loan. Loans for $1,300 with a bad credit score are often on the lesser side and may not be enough to cover more important or costly demands. You may need to look elsewhere for financing if the amount you need is substantial.

Possibility of Unfair Lending Policies. Lenders seeking out borrowers with poor credit may engage in predatory practices, including charging extremely high interest rates or employing strong-arm collection techniques. One should exercise caution before accepting a loan offer and thoroughly read the terms and conditions.

Impact on Credit Score. A loan repayment period can positively affect credit scores, whereas missed or late payments might have the opposite effect. It's important to consider whether you'll be able to repay the loan before you commit to it.

How to get a $1,300 loan?

Apply for a loan

  1. Check Your Credit Report. Obtain a copy of your credit report and review it for any errors or inaccuracies. If you find any, dispute them with the credit reporting agencies to ensure your credit information is correct.

  2. Research Lenders. Look for lenders who specialize in providing loans to individuals with bad credit or who offer small personal loans. Online lenders, credit unions, and community banks may be more flexible in their lending criteria.

  3. Gather Documentation. Prepare necessary documentation such as proof of income, employment verification, and identification documents. Having these documents ready can help streamline the loan application process.

  4. Improve Your Creditworthiness. While it may not immediately impact your loan application, taking steps to improve your creditworthiness can benefit you in the long run. Paying bills on time, reducing existing debt, and lowering credit utilization can positively influence your credit score.

  5. Consider a Cosigner or Collateral. If possible, you may increase your chances of approval by applying for the loan with a cosigner with good credit or offering collateral as security.

  6. Compare Loan Offers. Obtain quotes and compare loan offers from different lenders. Pay attention to interest rates, repayment terms, and any fees associated with the loan. Choose the offer that best fits your financial situation.

  7. Apply for the Loan. Complete the loan application with the lender you have selected. Provide accurate and complete information. Be prepared for the possibility of a credit check, but remember that some lenders may focus more on your income and employment stability rather than your credit score.

  8. Review and Sign the Loan Agreement. Carefully review the terms and conditions of the loan agreement before signing. Attention to interest rates, repayment schedules, fees, and other relevant details.

  9. Repay the Loan Responsibly. Once you receive the loan, make timely repayments according to the agreed-upon terms. Responsible repayment can help improve your credit over time.

Requirements and conditions

  1. Minimum Credit Score. While bad credit loans are designed for individuals with poor credit, some lenders may still have minimum credit score requirements. This requirement can vary, but typically lenders specializing in bad credit loans are more flexible and may consider applicants with lower credit scores.

  2. Age and Residency. You will typically need to be at least 18 years old and a legal resident or citizen of the country where the loan is being offered.

  3. Income and Employment. Lenders will likely require proof of income and employment stability. This could include providing pay stubs, bank statements, or tax documents demonstrating your ability to repay the loan.

  4. Identification. To verify your identity, you must provide identification documents such as a valid government-issued ID, driver's license, or passport.

  5. Bank Account. Most lenders will require you to have a valid bank account where the loan funds can be deposited and where they can automatically withdraw the loan payments.

  6. Loan Repayment Terms. The specific terms of the loan, including the interest rate, repayment period, and monthly payment amount, will be outlined in the loan agreement. Review these terms carefully before agreeing to the loan.

  7. Fees and Penalties. Some lenders may charge origination fees or other upfront fees. Additionally, it's important to understand any potential penalties for late payments or prepayment fees if you decide to pay off the loan early.

  8. Collateral or Cosigner. Depending on the lender's requirements and the specific loan product, you may need to provide collateral or have a cosigner to secure the loan. Collateral can be an asset of value, such as a vehicle or property, that the lender can claim if you fail to repay the loan.

Best places to get a $1,300 loan today 27.02.2024

Navy Federal Credit Union

Apply for a loan

Navy Federal Credit Union primarily serves military members and their families. They offer a range of financial products, including personal loans. Navy Federal Credit Union is known for competitive interest rates and flexible terms. However, membership eligibility is limited to military personnel and certain affiliated individuals.Navy Federal Credit Union

ACE Cash Express

Apply for a loan

ACE Cash Express is a lender that specializes in short-term loans, including payday loans and installment loans. They may offer loans to individuals with bad credit, but it's important to carefully review the terms and interest rates associated with these types of loans. Short-term loans often come with higher costs, so consider the overall affordability and repayment terms before proceeding.ACE Cash Express

OppLoans

Apply for a loan

OppLoans specializes in providing personal installment loans to borrowers with bad credit. They offer loan amounts ranging from $500 to $5,000, which may include a $1,300 loan. OppLoans considers factors beyond credit scores during the approval process and may provide funds as quickly as the next business day.OppLoans

Speedy Cash

Apply for a loan

Speedy Cash specializes in short-term loans, such as payday loans and installment loans. They may offer loans to individuals with bad credit, but it's crucial to carefully review the terms and interest rates associated with these loans. Assess the overall affordability and repayment terms before proceeding.Speedy Cash

Check Into Cash

Apply for a loan

Check Into Cash is a lender that offers payday loans, installment loans, and other financial services. They may provide loans to individuals with bad credit, but it's crucial to carefully review the terms and interest rates associated with their loans. Assess the overall affordability and repayment terms before proceeding.Check Into Cash

Ways to get the money

  1. Currency Transfer Via Wire. A wire transfer might be arranged with your lender if you need the money quickly or if receiving cash is more convenient. However, remember that there could be fees associated with wire transactions.

  2. Direct Deposit. Direct deposit into a bank account is a popular funding option among lenders. The money is available to you as soon as it is placed, making this a quick and easy option.

  3. Paper Check. The money from some loans may arrive as a paper check from the lender. You can take the cheque to any bank or financial institution to deposit or cash it.

  4. Prepaid Debit Card. Prepaid debit cards are another option for receiving loan funds from lenders. The funds will be available on the card instantly, and you can use it for whatever you like, including making purchases and cash withdrawals.

Things to pay attention to

  1. Amount of Interest Rates. One crucial element of any loan is the interest rate. Because of the additional risk involved, lenders typically charge higher interest rates for negative credit loans. Determine the overall cost of the loan by comparing the interest rates given by various lenders.

  2. Fees. Know not only the interest rate but also any additional costs that may apply to your loan. Origination fees, late payment costs, and prepayment penalties are all examples of common fees. Consider all of the costs associated with the loan, not just the interest rate.

  3. Conditions of Payment. Take a look at the payment schedule to see how long you have to pay back the loan and how often. Think about your budget and your ability to make the payments on time to see if the repayment plan works for you.

  4. Total Cost of the Loan. Include all interest, fees, and charges in your calculation for the loan's true cost. If you know how much you'll have to pay back, you'll have a better idea of whether or not you can afford the loan.

  5. The Reputation of Lenders. Learn as much as you can about the lender's history and standing. Check their ratings and licenses with the banks and consumer protection agencies that serve your area. Verify that the lender you choose is reliable and forthcoming with information.

  6. Borrowing Limits. Verify that the loan amount you need is one that the lender is willing to provide. Verify that $1,300 is within the maximum and minimum loan amounts allowed by your chosen lender.

  7. Effect on Credit. Think about how getting a loan can affect your credit score. Knowing if the lender reports to credit bureaus and if they report both good and negative information is crucial, as bad credit loans might provide an opportunity to improve your credit score with careful repayment.

  8. Customer Support. Think about how responsive and helpful the lender's customer service team is. It's crucial to find a lender who is accessible and willing to answer your questions and address your issues as they arise throughout the loan process.

How to repay a $1,300 loan?

  1. Avoid Default. Defaulting on the loan can have severe consequences for your credit and financial situation. Make every effort to make your payments on time to avoid damaging your credit further.

  2. Consider Extra Payments. If your financial situation improves or you have extra funds available, consider making additional payments towards the loan. This can help you pay off the loan faster and potentially save on interest charges.

  3. Track Your Progress. Keep track of your loan repayment progress by monitoring your payments and checking your remaining balance. This will help you stay motivated and see the progress you are making toward paying off the loan.

  4. Improve Your Credit. Making timely payments on the loan can help improve your credit over time. Use this opportunity to rebuild your credit history and demonstrate responsible borrowing behavior.

  5. Understand the Terms. Review the loan agreement to understand the repayment terms, including the repayment period, monthly payment amount, and due dates. Be aware of any additional fees or penalties for late payments.

  6. Create a Budget. Assess your income and expenses to create a budget that includes the loan repayment. Ensure you allocate enough funds each month to cover the loan payment without straining your finances.

  7. Set Up Automatic Payments. Consider setting up automatic payments with your bank or the loan provider. Automatic payments can help ensure you make timely payments and avoid any late fees or penalties.

  8. Prioritize the Loan. Make the loan repayment a priority in your budget. Allocate the necessary funds each month to cover the loan payment, even if it means cutting back on other discretionary expenses.

  9. Communicate with the Lender. If you anticipate difficulty in making the loan payments, it's important to communicate with the lender as soon as possible. Some lenders may offer temporary payment arrangements or alternative options to help you manage your repayments.

Alternatives

Apply for a loan

  1. Payday Alternative Loans (PALs). Offered by some credit unions, PALs are small, short-term loans designed to provide an affordable alternative to payday loans. These loans typically have lower interest rates and more favorable terms.

  2. Peer-to-Peer Lending. Peer-to-peer lending platforms connect borrowers with individual lenders. These platforms assess borrowers based on various factors beyond just credit scores, and you may find more flexible lending options with potentially lower interest rates.

  3. Online Installment Loans. Some online lenders specialize in providing installment loans to individuals with bad credit. These loans are repaid in fixed monthly installments over a specified period. While the interest rates may be higher, they often have more lenient credit requirements.

  4. Credit Unions. Credit unions are member-owned financial institutions that may be more willing to work with individuals with bad credit. They often offer smaller loans with more personalized terms and lower interest rates compared to traditional banks.

  5. Secured Loans. If you have assets such as a car, savings account, or valuable personal property, you may be able to obtain a secured loan by using these assets as collateral. Secured loans are less risky for lenders, and they may be more willing to approve the loan despite bad credit.

  6. Co-signed Loans. If you have a trusted friend or family member with good credit, they may be willing to co-sign the loan with you. This means that they will be equally responsible for the loan, and their good credit can increase the chances of loan approval.

Editorial opinion

Borrowers with less-than-perfect credit may find it difficult to secure a loan of $1,300 due to the importance financial institutions place on this factor. Loans for people with poor credit ratings typically take more interest and have higher interest rates and stricter terms than loans for people with higher credit scores. This is due to the higher risk that lenders attribute to consumers with poor credit. Consider the interest rate on installment loans, the period it will take to get enough money to repay the loan, and any other fees or penalties that may be incurred before committing to a bad credit loan. Additionally, predatory lenders who prey on those in financial need should be avoided. Improving your credit score or applying for aid from a non-profit or a government program are two additional avenues worth investigating.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to choose a lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
  3. Carefully review all the terms and conditions of your loan contract.
  4. Thoroughly examine the interest rates and ensure that your contract includes a detailed breakdown of the total cost of the loan.
  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
  6. Choosing a lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 microfinance organizations, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about $1,300 loans and best practices, check out some of the following resources:

Sources

FAQ

Can I take a loan out for $1300?

Yes, it is possible to obtain a personal loan for $1,300. Many lenders offer personal loans in varying amounts, including smaller loan sizes like $1,300. However, the availability of such personal loans may depend on factors such as your credit history, income, and the specific lending policies of the institution.

What do I need to get a $1,300 loan?

The requirements for a $1,300 loan can vary between lenders. Generally, lenders will consider factors such as your credit history, income, employment status, and debt-to-income ratio when evaluating your loan application. Some lenders may also require collateral or a co-signer if you have a low credit score. It's best to check with individual lenders to understand their specific requirements.

How much is a loan payment for $1,300?

The loan payment for a $1,300 loan will depend on several factors, including the interest rate on a personal loan, repayment terms, and any additional fees or charges associated with the loan. Typically, personal loans are repaid in monthly installments over a fixed period of time. To determine the exact loan payment amount, you would need to consult with the lender or use a loan calculator that takes into account these factors.

Is it hard to get a 1,300 dollar loan?

The ease of obtaining a $1,300 loan will depend on your individual financial situation and creditworthiness. If you have a good credit history, a stable income, and a low debt-to-income ratio, it may be easier to qualify for a loan. However, if you have a poor credit score or other financial challenges, it might be more difficult to secure a loan or you may face higher interest rates and stricter terms.