Check your Approval Odds for a $1,300 loan
Image: 1300-updatedHow (and where) to get a $1,300 personal loan
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A $1,300 loan can help you consolidate debt, fund a home improvement project or finance a major purchase.
The right personal loan can offer competitive rates, minimal fees and a reasonable timeline for repayment. But not all personal loans feature great terms, and it can be hard to find the lender that’s the right fit for your needs.
We’ve picked out some of the best lenders that offer $1,300 loans and put together some tips to help guide you through the process of applying.
Average monthly payments for a $1,300 unsecured loan by loan duration and credit score range
| Loan duration | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
| 1–12 months | $173.79 | $164.29 | $153.02 | $149.88 |
| 13–24 months | $136.83 | $118.74 | $101.93 | $73.36 |
| 25–36 months | $70.97 | $61.77 | $53.71 | $47.78 |
| 37–48 months | $62.61 | $57.40 | $47.13 | $40.43 |
Average monthly loan payments update regularly based on aggregate TransUnion credit report data from Credit Karma members with active personal loans.
The best $1,300 personal loans
Sezzle
Sezzle might make sense if you’d like to buy something today and pay for it later, over four interest-free installments. As long as you make your payment on time, you won’t have to worry about any fees. But you’ll need to come up with a 25% down payment and then three payments of 25% every two weeks for 6 weeks to pay 0% in interest.
Omni Military Loans
Omni can be a solid choice if you’re active-duty military or a retired career service member with at least 20 years of service. To qualify for Omni’s best rates, you’ll need to have excellent credit, but the lender says it works with applicants with bad credit as well. If you’re not part of the military community or want to check your potential terms via prequalification, it’s a good idea to look elsewhere.
Upstart
Upstart considers your education and employment in addition to your credit, so it may be a good option if your credit isn’t great. But borrowers with bad credit could end up paying higher interest rates, and Upgrade charges an origination fee that adds to the cost of the loan.
OppLoans
OppLoans may be on your radar if you need fast cash and can’t wait until your next paycheck. Depending on when you apply, you could get your money by the next business day. But its maximum borrowing limit is low, and you’ll likely have to settle for an extremely high interest rate. It’s also worth noting that OppLoans has a poor track record with government regulators, so be sure you understand your terms with this lender before signing on the dotted line.
How to get a $1,300 loan
Before searching for a $1,300 loan, it’s a good idea to check your credit scores and reports. Understanding your credit situation can help give you a sense of your ability to get a $1,300 loan and the kinds of loans that might be available to you.
After checking your credit, you can begin to shop around for a loan. It might be helpful to see what your bank or credit union has to offer, but it’s best to compare potential options from various lenders so you can find the best rates and terms for you.
If a lender offers prequalification, you can see the terms you might be offered without affecting your credit. Just keep in mind that you might need to provide personal information required to run a soft inquiry on your credit reports. And there’s no guarantee your estimated terms will be your final ones.
Once you’ve researched available loans, you can start to assess the best option for you. Making sure your lender will offer you a loan at your preferred amount is a necessity, but the lender might also have eligibility requirements and state availability restrictions that determine your ability to apply, including your intended use for the funds. You might also want to consider how fast the lender may send you your funds after approval.
Your potential interest rate, the length of the loan and any fees will affect the overall cost. We recommend using a loan calculator to determine how much you might end up paying over the life of the loan.
FAQs about $1,300 loans
With emergency loans you can potentially get funds transferred to your bank account on the same day you’re approved, but the exact timing depends on the lender and your bank. If you need fast funding, it’s best to contact lenders directly to get a clear idea of how (and how quickly) they might send your funds. Keep in mind that speed can come at the cost of high interest rates and fees.
The ease of getting a $1,300 loan depends on your credit and a lender’s specific approval requirements. Borrowers with higher credit scores are more likely to be approved for a broader range of loans and with better terms. But certain lenders market to people whose credit is on the lower end of the spectrum, which takes some guesswork out of the application process. Those lenders likely charge higher interest rates and fees to applicants with bad credit. So when shopping for loans, look at a lender’s full range of rates and fees, not just their lowest advertised terms, and use prequalification to get an idea of what those terms might be for you.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.