Some companies that give payday loans let their customers borrow up to $1000 as long as they pay it back on time. Customers of payday loans should know, though, that they will end up paying back a lot more than they borrowed because payday loans have high interest rates.
Some payday loan companies, however, don't give out loans of this size. Instead, they only give out loans of up to $500. But sometimes people who get payday loans need more money, so don't assume that a certain payday loan company will give you as much money as you need. You might end up being let down.
Payday loans are often the last option for people who have no other way to get money. Many people say that you should only get a payday loan if you need a small amount of money that you can't get from a regular loan. Many loan companies won't lend less than $1000, but payday loan companies may see your $1000 loan as a big one and charge you a big interest rate.
The best thing to do is to find a loan company that will give you $1,000. This is because the loan company will probably charge you a much lower interest rate than the payday loan company, which will make it easier for you to meet the terms of your loan.
Most payday loan companies charge between $10 and $20 per $100 borrowed. If you can't pay on the due date, you can also ask for a loan extension. If you ask for an extension, the payday loan company will charge you twice as much interest. First, on the original due date, and second, on the new due date if the extension is approved.
