Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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It can be difficult to find lenders that offer such small loan amounts. But we compiled a list of 15 lenders offering loans of $1,500 for borrowers with bad, fair or good credit.
Finder compared over 200 payday, installment and personal loan lenders to help you select the best option for your finances. You might be able to get a loan as soon as the next business day, but watch out: It can be expensive.
If your credit score is under 580, you may still qualify for a loan from providers like Monevo and OppLoans. But be prepared for high interest rates — especially if you borrow an installment or payday loan. The APR could potentially be 300% or higher.
|Provider||Requirements||Loan type||Finder rating|
|Net Credit||Varies depending on your state of residence.
Depending on your state of residence, your personal loan might not be offered by NetCredit but through its partner lender, Republic Bank & Trust Company, Member FDIC.
|Monevo||Credit score of 450+, legal US resident and ages 18+.||Personal loan||★★★★★|
|Boro||College student or recent graduate, live in an eligible state, 18+ years old||Installment loan|
|OneMain Financial||Established credit history, US citizen or permanent resident, age of majority in your state||Personal loan||★★★★★||Read more|
|Stilt||Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.||Personal loan||★★★★★|
|LoansUnder36||Steady source of income, verifiable bank account, US citizen or permanent resident and at least 18 years old||Personal loan||★★★★★|
|Opploans||Direct deposit, meet minimum income requirements, live in eligible state||Installment loan||★★★★★|
|Fast5Kloans||Regular source of income, verifiable bank account, US citizen, ages 18+||Payday loan|
|MoneyLion||Must be a MoneyLion Plus member, have a job that pays with direct deposit, a checking account with a positive balance, a verifiable identity, proof of ability to repay and live in an eligible state.||Personal loan||★★★★★||Read more|
If your credit score is over 580, you can take advantage of lower rates with these personal loans. You can also compare loans from your local bank or credit union, although some may not offer loans of $1,500.
|Provider||Min. credit score||APR||Finder rating|
|Upstart||600||5.55% to 35.99%||★★★★★|
|Upgrade||600||5.94% to 35.97%||★★★★★|
|LendingClub||640||7.04% to 35.89%||★★★★★|
|Credible||580||2.49% to 35.99%||★★★★★|
|Fiona||670||4.99% to 35.99%||★★★★★|
|PNC Bank||Not stated||Starting from 6.39%||★★★★★||Read more|
|Laurel Road||680||7.00% to 24.75%||★★★★★||Read more|
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.
Personal loans frequently cap your APR at 36% or less, while payday loans and installment loans have much higher fees and often a much shorter repayment term, which results in a high APR.
Many lenders also often charge an origination fee, which is a percentage of your loan amount typically deducted from your loan before you receive your funds. This is also based off your credit score — 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)|
It’s important that you have an idea of what your monthly payments will look like before you apply for a personal loan. Once you know how much you have to repay, take into account your existing salary and expenses and then determine if you can afford to make the monthly payments.
Some lenders allow you to make early repayments at no cost. Take advantage of this, especially if you borrow an installment loan with a high interest rate. By paying off your loan early, you could save hundreds of dollars in interest.
If you can’t make payment, contact your lender. In most cases, it may be willing to help you to find a solution without impacting your credit score.
While depends on the lender, but you generally qualify for a $1,500 loan if you meet the following criteria:
For most personal loans, lenders run a credit check to confirm you qualify. Payday loans and installment loans rarely require a credit check — largely because they cater to borrowers with bad credit.
There are options for $1,500 loans, but very few personal lenders that offer loan amounts under $2,000.
There are lenders that don’t require a credit check, but be careful: Like loans for bad credit, you’ll face higher rates and fees when you borrow with no credit. If you can, consider alternatives to payday loans for more options before you borrow.
Ask yourself the following questions to make sure you’re working with a lender that’s legit.
No legitimate lender will guarantee that your approval before looking at a full application. Most will at least check your income to make sure you can afford repayments before making an offer. Taking out a loan that you can’t afford sets you up to miss repayments and get caught in a cycle of debt.
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:
Select your state to see your loan options.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
|24 months||Compare more|
Our answers to common questions about $1,500 loans.
There are lenders that offer loans for unemployed borrowers. Keep in mind that lenders want to see evidence of your ability to repay a loan. As long as you have a steady source of income, including unemployment benefits, you may still qualify for a loan.
Not necessarily. But while some lenders offer loans for borrowers with no bank account, most require you to have operational checking or savings account.
This is at the discretion of the lender, but in most cases, yes — a late repayment will have a negative impact on your credit.
It depends. While many lenders offer personal loans for debt consolidation, you may not qualify if you don’t have at least $5,000 in debt. However, you can usually use your loan funds for any purpose — which means you could potentially consolidate your debt.
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