Find quick funding cover a surprise expense.
If you need $1,500 fast and have bad credit, an installment loan might help. While you might be able to get a loan the same day, watch out: It can be expensive.
Am I eligible for a $1,500 loan?
You can generally get a loan if you:
- Have a steady income
- Are over 18
- Have an established credit history
You can often get a $1,500 loan if you have bad credit, since most providers work with all credit types.
Compare short-term loan providers
The table below lists a range of short term lenders who offer $1,500 loans.
How do I take out a $1,500 loan?
- Compare. Get started with the table above to find a lender that offers $1,500 loans that you can qualify for at a competitive rate.
- Apply. You can apply online or in-store if your lender has a branch near you. Click the Go to Site button to get started if you find a lender you like on our comparison table.
- Review your terms. Read your loan documents carefully before you sign on to anything. If you’re unsure what something means, ask.
- Get your $1,500. If you apply online, you can often get your money in your bank account the next day. In-store, you can get your money in a few minutes.
How much would I pay a month if I get a $1,500 loan?
How much you pay each month depends on two factors: Your APR and your loan term. APRs typically push 100% and come with terms from three to 12 months.
Use our monthly payment calculator to find out how much a $1,500 loan might cost with different rates and terms.
How to find a legit lender
How you compare your options largely depends on whether you’re applying for a payday loan or a standard $1,500 personal loan. Below, we’ve broken down what you need to know.
- What’s the APR? APR includes both interest and fees and is the best way to compare the total cost of the loan.
- What’s the term? The longer the term, the lower your monthly payments but the more it’ll cost in the long run.
- Am I eligible? Some lenders might require you to have a job, have restrictions on borrowers who’ve filed for bankruptcy or only work in a few states.
- How’s its reputation? Check customer reviews to learn about past customer’s experiences and sites like the Consumer Financial Protection Bureau to make sure it isn’t facing any lawsuits.
How do I increase my chances of approval?
While there is no definite way to make sure a lender approves your application, it could help your application to keep the following in mind:
- Make sure you qualify. You won’t get approved if you don’t meet the eligibility requirements.
- Check your credit report. If you have the time, request a copy of your credit report to check for mistakes — these could be hurting your credit score.
- Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report, which lowers your score.
Benefits and drawbacks of $1,500 short-term loans
- The opportunity of flexible repayments. Flexible repayment options let you line up your repayments in accordance to when you get paid. By making extra repayments, you can repay the loan ahead of time.
- Online presence simplifies the process. If a lender is online, the entire process can be streamlined. You will usually be given multiple options during the application process to submit documents, information and track your application’s progress.
- Bad credit is OK. People who have bad credit can find it difficult to be approved for loans, but there are a multitude of $1,500 loan options available for those with bad credit.
- Higher rates. It’s common for short-term loans like installment loans to come with triple-digit APRs.
- Short loan terms and repayment schedules. Most short-term loans require that you repay the entire amount in a few weeks or months, resulting in high repayments.
- Predatory lenders. Some lenders can be disreputable and set unfair terms, so it’s important to do your research and apply for a loan with a reputable lender.
Cautions to avoid
When you look for a $1,500 loan, bear in mind that it can come with associated risks:
- Avoid taking on more debt than you can handle and exercise caution throughout the loan process.
- A short repayment period and high fees translate into high repayments.
- You can avoid high interest rates by comparing multiple lenders. Remember to consider all costs, including financing fees if applicable.
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