Min. credit score
While most traditional lenders don’t offer $1,500 personal loans, it’s possible to find a loan of this size for competitive rates from an online lender — sometimes as soon as the next business day. But you won’t be able to qualify for the lowest rate that lenders offer, even with perfect credit.
Before you apply, ask your bank if you’re eligible for a $1,500 loan. Banks tend to offer customers lower rates than online lenders and may fund your loan the same day you apply, since they’re already familiar with your credit and income.
Compare the rates and terms available from lenders that offer small personal loans. Choose Go to site to prequalify for an offer.
|Provider||Min credit score||APR||Terms||Finder rating|
|Upstart||300||6.40% to 35.99%||3 or 5 years||★★★★★|
|Smart Advances||All credit types||5.99% to 35.99%||2 to 72 months||★★★★★|
|Achieve||620||8.99% to 29.99%||2 to 5 years||★★★★★|
|Upgrade||620||8.49% to 35.99%||2 to 7 years||★★★★★|
|LendingClub||600||9.57% to 35.99%||3 to 5 years||★★★★★|
|Fiona||550||5.99% to 35.99%||6 months to 12 years||★★★★★|
|OneMain Financial||300||18% to 35.99%||24, 36, 48 or 60 months|
The total cost of your loan will depend on the type of lender you go with, your finances and your credit score. Your monthly payments are based on two factors: Your APR and your loan term.
You won’t be able to qualify for the lowest rate available when you borrow $1,500 — it’s not worth it to lenders to lend that amount unless they charge more than they would on say, a $15,000 loan. However, you can lower your rate by choosing a shorter loan term.
Let’s take a look at an example of how your term would affect the cost of a $1,500 loan:
|Term||APR||Monthly payment||Interest cost|
As this table shows, a three-year term might has a monthly payment less than half the size of a one-year term — but it costs more than three times as much in total interest.
Some lenders also charge an origination fee, which is a percentage of your loan amount either deducted from your loan before you receive your funds or added to the loan balance. This is also based on your credit score and can reach as high as 10%. If you have bad credit, expect to pay a higher origination fee in addition to higher rates and fees.
Use our monthly payment calculator to estimate how much you’ll pay with different rates and terms.
|Loan terms (in years)|
Get a $1,500 loan funded within 24 hours with most online lenders. It might take longer if you don’t work full time, since lenders need to verify your income with something other than a paystub.
Banks or credit unions can take longer to fund a loan, especially if you don’t have a relationship with them. If you’re a current customer, you might be able to receive the funds the day you apply, since they’re already familiar with your credit and finances. Otherwise it could take around one to two weeks to receive the funds.
Personal loans come with monthly payments toward your loan balance and interest. While there’s nothing wrong with sticking to your payment plan, there are a few tricks you can use to save on interest and get out of debt more quickly:
Contact your lender as soon as possible if your financial circumstances change. Most offer around three months of forbearance if you’re facing a temporary setback.
They also may be willing to renegotiate the terms of your loan to reduce your monthly payment permanently. But save these options for true emergencies: Both will end up costing you more in the end.
Depending on the lender, you may qualify for a $1,500 loan if you meet the following criteria:
You can get a loan when you’re unemployed as long as you receive some sort of regular income. This can include unemployment checks if you can prove that you’ll continue to receive them for the length of your loan term.
Other types of benefits such as alimony, child support or retirement savings also count as income. But if your income is irregular, you may have a hard time qualifying.
While there is no definite way to make sure a lender approves your application, here are some simple tips:
A $1,500 loan may not be worth it in some cases — especially if your budget is inflexible or you only need the funds to hold you over until your next paycheck. Before you apply, consider these alternatives:
Compare Upgrade and Upstart personal loan features, benefits and differences.
Compare LightStream vs. SoFi: Find which lenders offer the right personal loans for you.
Best Egg vs. Upstart: Compare personal loan options to find out which lender meets your financial needs best.
Compare rates, fees, amounts, and funding speeds of two top online lenders to find the best personal loan for you.
Is SoFi or LendingClub a better fit for your borrowing needs? From APRs to turnaround time, we give a full comparison of their personal loans.
Compare 11 lenders to find one that’s a good fit for your needs.
Fast funding even with poor credit — but you’ll need a cosigner.
Compare top business loan marketplaces similar to Lendio to find the one that could work for your business.
Find out what Swift Capital can offer your business, with advances from $5,000 to $500K and short repayment periods that come with weekly repayment.
Financing up to $100,000 — but only for borrowers with good credit.
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