There are times when you may have unexpected bills or financial emergencies and find yourself short of cash. If you need a $1,500 loan, there are ways to get your money fast.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
There are no $1,500 loans with guaranteed approval, especially if you have bad credit. Legitimate lenders will first review your finances before approving. Steer clear of lenders promising guaranteed approval on a $1,500 loan because it’s either a scam, predatory or has fine print that doesn’t make it guaranteed. If you need a $1,500 loan with bad credit, apply to legitimate lenders who specialize in providing loans to people with bad credit.
Legitimate providers of $1,500 loans for bad credit
You can get a $1,500 loan with the lowest possible bad credit score of 300, or with no credit history at all, depending on the lender. Online providers, like the reputable lenders listed above, tend to have pretty flexible loan requirements. Just keep in mind that the lower your credit score, the higher the interest rate you’ll be charged. Try to opt for an installment loan over a payday loan, since payday loans come with some of the highest APRs on the market.
Can I get a $1,500 loan with no credit check?
Yes, it’s possible to get a $1,500 loan with no credit check from certain payday loan lenders in Canada. These lenders will instead want to look into your income and debt load to determine whether or not you can afford to repay the loan.
How much does a $1,500 loan cost?
The actual amount you pay will depend on your loan term and interest rate. For example, a $1,500 installment loan with a 30% interest rate and loan term of 6 months would cost you $272.32 per month. Total interest charged is $133.95, which brings the total cost of your $1,500 loan to $1,633.95.
Lenders have different financing fees and limits on terms depending on provincial laws. Be sure to consider the total cost when weighing your options, and only take out a loan if you’re certain you can pay it back.
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 repayments.
If you decide on an installment loan, you can use the loan calculator below to find out how much you might have to repay weekly, biweekly or monthly.
Calculate the monthly payment of your $1,500 installment loan
Calculate how much you could expect to pay each month when you take out a $1,500 installment loan
If you opt for a $1,500 installment loan, you could typically pay anywhere from 18% up to 47%. In contrast, payday loans charge $14 to $17 for every $100 borrowed, which can translate to an annual percentage rate of around 400%. That’s why payday loans should be an absolute last resort – they are one of the most expensive lending options on the Canadian market.
How do I increase my chances for a $1,500 loan approval?
While there is no definite way to make sure a lender approves your $1,500 loan application, you can help increase your chances of approval by keeping the following in mind:
Check the eligibility criteria before applying
Head to a lender’s website to find a list of eligibility criteria that you will need to meet in order to be approved for the $1,500 loan you’re interested in. Take some time to go through these requirements before applying. If you have doubts about any part, you can always call the lender.
Go through your credit report
It’s a good idea to get a free copy of your credit report from one of the two credit bureaus in Canada – TransUnion or Equifax – before you apply for a loan. Understanding your credit history will put you in a better position to know what loans you can and can’t apply for.
Limit your applications
Every time you apply for a loan, it counts as an inquiry on your credit report, knocking about 5 points off your score. Submitting too many applications can negatively affect your credit score. If you want to compare your $1,500 loan options without going through the hassle of applying to multiple lenders, try a lender-matching service instead.
Pros of $1,500 payday loans vs installment loans
Payday loans
Fast. Payday loans are one of the fastest and easiest loans to get. You can get one in as little as an hour.
Simple online process. If a lender is online, the entire process is streamlined. You can get an instant decision and funding within a few minutes after you sign your contract.
Bad credit is OK. People who have bad credit scores often find it difficult to be approved for loans, but there are many $1,500 loans available for those with bad credit.
Unemployment is OK. If you are unemployed but have other sources of income such as government benefits, you can still get a payday loan.
Installment loans
Lower APRs than payday loans. If you compare the annual cost of both loans, installment loans are cheaper.
Convenient application process. You can apply conveniently online and some lenders even have smartphone apps.
Quick funding. You can learn your $1,500 loan application status within minutes, and if approved, you can get your money within 1 business day.
Flexible eligibility criteria. Getting online installment loans with bad credit is possible, because lending norms are more relaxed. “No credit check” online installment loans don’t make hard inquiries on your credit score, but you’ll need to demonstrate that you can repay.
Unemployment may be OK. Some installment loan lenders may still approve you if you have non-employment income.
Cons of $1,500 payday loans vs installment loans
Payday loans
Higher fees. Payday loans are extremely expensive. Before you apply, make sure you’ll have enough income left to pay for other debts and expenses once you repay your loan.
Short loan terms. You repay the entire amount by your next payday (unless you’re in Alberta, where lenders must let you pay in installments).
Disreputable lenders. Make sure the payday lender is licensed and follows the payday loan regulations of your province.
Installment loans
Harder to qualify. Installment loans have stricter eligibility requirements than payday loans.
High interest rates. Because these usually come as unsecured short-term loans, you may face high interest rates.
4 steps to getting a $1,500 loan
Follow these steps to get a $1,500 loan.
1. Make sure you’re eligible.
The basic eligibility requirements for a $1,500 loan will usually be:
Age. You are 18 years of age, or the age of majority in your province or territory.
Income. You need to have recurring income income to be eligible for a $1,500 loan.
Bank account. You have an active bank account that’s at least 3 months old.
2. Compare lenders.
Compare your options by looking at the available amounts, the loan costs, the loan terms and how quickly you can receive your loan.
3. Go to the lender’s site.
Once you’ve decided which loan to apply for, you can apply on the lender’s website. You will need your personal, employment and banking details on hand.
4. Find out if you’ve been approved.
The lender will likely contact you within a few minutes or on the same day to tell you if you’ve been approved, and you’ll receive your loan contract soon after. Online lenders can send your money on the same day or the next business day.
5. Receive your approved funds
Funds are usually deposited into your bank account by the next business day. It ultimately depends on the lender and your bank. Most lenders will email you once your application has been processed letting you know whether your loan was approved or not. You’ll then receive instructions to complete your application if approved, which will include signing a loan contract first.
How do I decide what type of $1,500 loan to apply for?
There are a number of lenders in Canada offering $1,500 loans, both online and at physical stores. Asking yourself the following can help you determine what to apply for.
The purpose of the loan may help you narrow down your search. If you’re looking to borrow money for a car, whether new or used, you can look for a secured loan. If you need the money to cover an emergency, like a bill that is due the next day, find a lender who can get money to you as soon as possible.
Lenders have eligibility criteria in regards to how you need to be employed and how much you have to earn. Keep in mind there are still loan options available if you’re receiving government benefits as income. Check the eligibility criteria of each $1,500 loan lender before you apply.
Good and bad credit borrowers will have different options available to them. If you have good credit, you can consider a traditional bank or credit union for a low limit credit card, overdraft or a small personal loan. If you have bad credit, you’re likely to be limited to bad credit $1,500 loans.
Payday loans typically have to be paid back in 1-4 weeks. Installment loans have loan terms that can last a few months to a few years.
The interest rate and fees you’re paying will affect your repayments, as well as the terms you select for your loan. For instance, a loan with shorter terms will save you from paying extra interest, but your repayments will be much higher. After you work out your budget, you can use a personal loan calculator to see what your repayments will be.
Keep in mind that while payday loans have short loan terms, they come with extraordinarily high fees, which can end up costing you a lot in the long run.
Lenders that offer small loans normally require you to set up direct debits either from your salary or through a bank account in order to make repayments automatically. You can generally repay payday loans early without penalty, but some installment loans have this feature too. Be sure to confirm with the lender you choose.
Lenders may charge financing fees or monthly fees in addition to the interest rate. Both payday loan lenders and installment loan lenders can charge you late/missed payment fees and fees if you go into default. If you think you’ll have any problems repaying your $1,500 loan, you may want to reconsider applying.
Given that the internet has given rise to a number of online lenders, finding out a little about the lender in question can be a good place to start before you apply for your loan. Make sure you go through the terms and conditions of any loan offering very carefully before you sign the loan contract.
What to consider before getting a $1,500 payday loan
There are a few things you should know about payday loans in order to make the right decision for you.
First, you should generally only take out a payday loan in emergency situations because this type of loan is typically a short-term, one-time solution. If you have structural financial problems that cause you to have difficulty repaying debts, you should consider credit counselling.
Second, you’ll want to make sure you can repay your cash advance in a timely manner. Missing the due date on your repayment could result in additional charges. Avoid digging yourself into a deeper financial hole by taking on debt you can’t afford.
5 fast alternatives to getting a $1,500 loan
Before getting a $1,500 loan, consider one of these other 5 options for getting $1,500 cash quickly.
Ask a family member or friend. Although it may hurt your pride, borrowing a small amount of money from a friend or family member could be one of the most affordable alternatives to payday loans since you likely won’t be charged interest. However you should focus on repaying your friends or relatives as soon as possible, since finances can easily ruin relationships.
Sell your things. If you take a close look around your house, you’ll probably find a lot of things that you haven’t used in a while, making them perfect candidates for selling on sites like Kijiji. Whether it’s an old bookcase, lamp, or toaster oven, someone out there will probably be willing to pay you for it. A few of these sales could easily get you the $1,500 cash you need.
Consider a credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest payday loan alternative. But depending on the restrictions in your province or territory, it might still be cheaper than getting a payday loan. The other advantage to using a credit card cash advance is that you’ll have more time to pay it off than a payday loan.
Cash out vacation time. If your employer allows it, see if you can get your vacation time payed out to you instead of actually taking the days off of work. The extra money may be added to your next paycheque.
Pick up a side hustle. See if there are any odd jobs you can do on the side. You may have a friend who runs their own business, who may be open to hiring you for some small jobs. The internet is also a great place to look for extra work.
Frequently asked questions about $1,500 loans
It depends on what type of $1,500 loan you get, but generally $1,500 loans can be easier to qualify for compared to larger loans. If you have a good credit score and can prove a steady source of income, you shouldn't have much trouble qualifying. However, if your credit score or income isn't high enough to qualify for other types of $1,500 loans, a payday loan will likely be the easiest option. Keep in mind that payday loans are one of the most expensive lending options, so only opt for a $1,500 payday loan as a last resort.
Yes, it's definitely possible to get a $1,500 loan even if you have bad credit. Online lenders tend to be the primary source of bad credit loans. But keep in mind that bad credit means higher interest rates.
You still might be eligible for a loan if you're unemployed. Keep in mind that lenders will need to see evidence of your ability to repay the loan and manage repayments. This could include unemployment benefits issued by the government, or investment income.
This depends on the individual lender. When reviewing your loan contract, be sure to voice this question as some payday loan lenders charge extra fees for early repayment.
While not all lenders report to the two bureaux in Canada that handle credit histories, some might choose to report late or missing payments. This is at the discretion of the lender. If you know your payment will be late, the best solution is to contact your loan provider and inform them. Usually, the lender will be willing to extend the payment deadline and find ways to help you through difficult financial times. Always try to keep an open line of communication between yourself and the lender.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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