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.
Compare $1,500 loans for bad credit or no credit
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.
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.
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.
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.
$1,500 loan calculator
Calculate how much you can expect to pay each month
charged, with a total cost of $
Budgeting for monthly payments
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.
Am I eligible for a $1,500 loan?
While depends on the lender, but you generally qualify for a $1,500 loan if you meet the following criteria:
Steady source of income
Checking or savings account
Established credit history
At least 18 years old
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.
How do I get a $1,500 loan?
There are options for $1,500 loans, but very few personal lenders that offer loan amounts under $2,000.
Shop for online lenders. Online lenders have quick turnaround — some can get your loan funds to you within one business day. But be aware that they typically have higher rates and fees than banks and credit unions, and you may pay an origination fee when you borrow.
Look into your local bank or credit union. Banks and credit unions offer personal loans, although you’ll likely struggle to find a personal loan for as low as $1,500. You also may need to have an account or be a member to qualify.
Consider short-term loans. Payday loans and installment loans should only be used as a last resort for emergencies. But if you have bad credit and don’t qualify for a personal loan, it could be an option to get a low loan amount of $1,500.
Ask yourself the following questions to make sure you’re working with a lender that’s legit.
What’s the APR? APR includes both the base interest rate and fees and is the best way to compare the total cost of the loan. If a lender doesn’t display rates before apply, you might want to look elsewhere.
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 the lender may only work in a few states. Those with no requirements might not offer a good deal.
How much can I actually borrow? Stay away from lenders that pressure you to borrow more than the $1,500 you need.
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.
Watch out for guaranteed approval
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.
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.
Our answers to common questions about $1,500 loans.
Can I qualify for a $1,500 loan if I’m unemployed?
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.
This is at the discretion of the lender, but in most cases, yes — a late repayment will have a negative impact on your credit.
Can I use my personal loan for debt consolidation?
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.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.