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Get a $1,500 loan

Compare 16 personal and installment loan providers to find funding for any credit score.

It can be difficult to find lenders that offer such small loan amounts. But we compiled a list of 16 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.

ProviderRequirementsLoan typeFinder rating
MonevoCredit score of 450+
Legal US resident
Age 18+
Personal loan★★★★★
Go to site
LoansUnder36Steady source of income
Verifiable bank account
US citizen or permanent resident
At least 18 years old
Personal loan★★★★★
Go to site
OpploansDirect deposit, Meet minimum income requirements, Live in eligible stateInstallment loan★★★★★
Go to site
Fast5KloansRegular source of income, Verifiable bank account, US citizen, Ages 18+Payday loan★★★★★
Go to site
MoneyLionMust 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
Live in an eligible state.
Personal loan★★★★★ Read more
OneMain FinancialEstablished credit history, US citizen or permanent resident, Age of majority in your statePersonal loan★★★★★ Read more
NetCreditVaries 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.
Personal loan★★★★★
KoraCollege student or recent graduate, Live in an eligible state, 18+ years oldInstallment loan
Not yet rated
StiltBe 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★★★★★

Compare $1,500 loans for good and fair credit

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.

ProviderMin. credit scoreAPRFinder rating
Upstart3005.6% to 35.99%★★★★★
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Upgrade6007.46% to 35.97%★★★★★
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LendingClub6006.34% to 35.89%★★★★★
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Credible5803.99% to 35.99%★★★★★
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Fiona5503.49% to 35.99%★★★★★
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PNC BankNot stated6.39% to 28.74%★★★★★ Read more
Laurel Road6807.45% to 24.25%★★★★★ Read more

How much will it cost to take on a loan?

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 on your credit score — if you have bad credit, expect to pay a higher origination fee in addition to higher rates and fees.

Calculate your loan repayments

Use our monthly payment calculator to estimate how much you’ll pay with different rates and terms.

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How long does it take to get a $1,5000 loan funded?

How long you can get a $1,500 loan funded largely depends on the type of lender.

For personal loans or other types of installment loans, it may take a few days or over a week to get everything finalized. This is largely due to submitting documents, verifying employment and etc. Going with an institution like a bank or credit union may mean having to wait for a few days or longer to get your funds.

However, going with a payday advance lender could mean getting funds pretty close to instantly — often within 24 hours or within one business day. But this speed and convenience can come with a price, often in the form of higher rates and possibly extra fees.

Lender connection services vary in terms of turnaround time since it connects to various lenders, and each lender is likely to have a different time frame for issuing funds.

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.

Eligibility requirements for a $1,500 personal loan

While depends on the lender, but you may 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.

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.

How to increase your chances of approval

While there is no definite way to make sure a lender approves your application, here are some simple tips:

  • Review your credit reports. You actually have three different credit reports with three different credit bureaus: Experian, Equifax, and TransUnion. Each report may have different information. Review each report, check for mistakes and correct them if possible before you apply for new credit — and you’ll know what lenders are seeing when they pull your reports.
  • Know your credit score. There are two main credit scoring models: FICO and VantageScore 3.0. While most lenders rely on FICO, figure out both so you know where you stand and find lenders willing to work in your credit score range.
  • Check requirements before you apply. Applying for new credit can hurt your credit score for a little while, typically around five points for up to 12 months. Before you apply for new credit, check the eligibility requirements so you aren’t wasting your time.
  • Rate shop. You can apply for the same type of loan with multiple lenders within 14 days so only one hard inquiry impacts your credit score. The credit scoring models understand that when you apply with multiple lenders in a short time, you’re comparing rates, so the models don’t count each inquiry if they’re all done within 14 days and if each inquiry is for the same type of credit. Except for credit cards — each inquiry hurts your credit with that type of credit regardless.
  • Reduce your credit card debt. If you have any credit cards with balances over 20% of their borrowing limits, it’s very likely it’s harming your credit score. And it increases your debt-to-income ratio due to the minimum monthly payments. Reduce your outstanding debt as much as possible — it can increase your credit score, possibly free up some monthly income and show lenders you’re able to maintain revolving credit alongside other debt.

What to watch out for

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 applying, 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 customers’ experiences and sites like the Consumer Financial Protection Bureau to make sure it isn’t facing any lawsuits.

Watch out for guaranteed approval

While it’s tempting to work with a lender that advertises “no credit check,” this usually means much higher rates. It’s the trade-off for the lender not reviewing your credit reports. On top of that, there’s a chance a lender who advertises “guaranteed approval” isn’t really concerned with your ability to repay what you’re borrowing.

No legitimate lender will guarantee 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.

Alternatives for short-term loans

If you only need $1,500, chances are, it’s likely to be a short-term loan, like a payday advance.

If you’re struggling to qualify for a short-term loan due to poor credit, there are lenders that skip the credit check. But be careful: Like loans for bad credit, you’re likely to face higher rates and fees.

A simple alternative for a short-term loan is using a credit card. But, credit card interest can stack up quickly, so be wary of using a credit card for large purchases or even debt consolidation.

If you can, consider these other alternatives to payday loans for more options before you borrow.

Compare more lenders that offer $1,500 loans

Select your state to see your loan options.

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Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
BadCreditLoans.com
$500 to $10,000
As soon as next business day
Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
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4 Responses

  1. Default Gravatar
    BobbyNovember 7, 2018

    If I have no credit history or credit card who could I get a loan with?

    • Default Gravatar
      joelmarceloNovember 7, 2018

      Hi Bobby,

      Thanks for leaving a question on finder.

      Yes, but it could take work to find a lender willing to work with you. You might also need to adjust your expectations if you’re looking for, say, a large bank loan of $100,000.

      With so many lending upstarts competing for your business, an online lender might be a good place to start, especially for smaller loans. Many of these lenders use new technologies and alternative sources of data to determine your creditworthiness. They believe a broader look at your income and financial habits can better predict your creditworthiness than merely relying on your credit score.

      However, more traditional lenders — like banks and credit unions — are typically not willing to take on the risk of a borrower without a credit history. That’s because your credit report reveals to your lender how you’ve handled debt in the past. With no credit history, you’re considered a wild card. These lenders also consider your income, employment status, and debt-to-income ratio when reviewing your application.

      Despite lacking a comprehensive credit history, you’ll find several options for getting your hands on a loan through our guide called “How to get a personal loan with no credit score“.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

  2. Default Gravatar
    JulieJuly 5, 2017

    I get paid next month per capita payment I received this for the last 25 years and the rest of my life I need a direct lender who can loan me 1000.00 + but I don’t have a checking or savings account I have to move out by 14th can you please help?

    • Avatarfinder Customer Care
      MayJuly 6, 2017Staff

      Hi Julie,

      Thanks for reaching out.

      If you do not have a bank account, you may like to speak to a lender offering a payday loan on a prepaid debit card to discuss your loan options and eligibility. Be sure to read the criteria before applying for a loan.

      Cheers,
      May

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