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Get a $1,500 loan

Check out these options for a $1,500 loan whether you have good or bad credit.

If you need to borrow $1,500, it’s worth checking out your local bank or credit union first. However, many of them start their loan amounts at $2,000 to $3,000, so it’s also worth exploring online lenders. These non-traditional lenders tend to offer lower loan amounts than traditional lenders, so $1,500 is doable for many of them.

In this guide, we cover lenders that offer $1,500 loans and how to choose the right one for you.

Compare $1,500 personal loans

1 - 8 of 8
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $35,000
9 - 84 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Fora Line of Credit
Finder Score:
★★★★★
19.90% - 46.90%
$1,000 - $10,000
Open
Requirements: Steady source of income
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $60,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fat Cat Loans Personal Loan
Finder Score:
★★★★★
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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What are the features of $1,500 installment loans online?

Online installment loans share these key features:

  • They have higher interest rates and are easier to get than traditional personal loans.
  • You can get your loan on the same day or next day, which is faster than traditional loans.
  • Bad credit is okay as long as you have more money coming in than money coming out every month.
  • They are unsecured, so collateral is not required.
  • Interest rates are between 18% - 47%. Different factors can affect your rate, such as your credit score, existing debts and income.

Can I get a $1,500 loan with bad credit?

Yes, you can get a $1,500 loan with bad credit. It’s easier to get approved for a small loan than a large loan, and $1,500 is on the small side. You might want to focus on online lenders though, because traditional lenders typically only accept good credit scores, even for a small loan.

Online providers, like the reputable lenders listed above, have flexible eligibility requirements and can approve borrowers with bad credit. Just be prepared for higher interest rates.

Can I get a $1,500 loan with no credit check?

Yes, you can get a $1,500 loan with no credit check from lenders of payday loans or short-term installment loans. Instead of performing a credit check, these lenders will analyze your bank statements. You’re more likely to get approved if your bank statements show that you have enough income to make new loan repayments.

Are there $1,500 loans with guaranteed approval?

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. Learn more about guaranteed approval loans.

Can I get a $1,500 payday loan?

You can, but we don’t recommend it. A payday loan is very expensive and a $1,500 payday loan, which is the maximum you’re allowed to borrow in Canada, is even more so. If you live in Ontario, a $1,500 payday loan will cost you $225 in interest for a total loan cost of $1,725.

Let’s say you’re earning $4,000 per month and you decide to get a payday loan. On your next payday, your lender will withdraw the full amount, leaving you with $2,275 left to pay for other debts and expenses. If this isn’t enough for you to get by for the rest of your pay period, you might find yourself needing to get another payday loan. This is what causes the cycle of debt.

If you decide a $1,500 payday loan is best for you, check out legitimate options in our best payday loans guide.

How much does a $1,500 loan cost?

The actual amount you pay on a $1,500 loan 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.

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.

You can use the loan calculator below to find out how much you might have to repay monthly on an installment loan.

Calculate your monthly payment

Calculate how much you could expect to pay each month when you take out a $1,500 installment loan
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Interest rate
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Fill out the form and click on “Calculate” to see your estimated monthly payment.

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Compare installment loans
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Principal $
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Total Cost $

What is the interest rate on a $1,500 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 APRs over 300%. That’s why payday loans should be a last resort – they are one of the most expensive lending options on the Canadian market.

Pros and cons of $1,500 online loans

Pros

  • Fast. You can get your loan on the same day.
  • Simple online process. The entire process is streamlined. You can get an instant decision and funding via direct deposit or Interac e-Transfer.
  • Bad credit is okay. 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 okay. If you are unemployed but have other sources of income such as government benefits or private disability, you can still get a $1,500 loan.

Cons

  • Expensive. $1,500 online installment loans tend to have higher interest rates than traditional personal loans.
  • Disreputable lenders. Make sure you’re choosing a legit lender. Avoid those who pressure you to sign or require you to pay a fee before getting the loan.

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 include:

  • Age. You are 18 years of age or the age of majority in your province or territory.
  • Income. You have a recurring income.
  • Bank account. You have an active bank account that’s at least three 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.

5. Receive your money.

Funds are usually deposited into your bank account on the same or next day. It ultimately depends on the lender and your bank.

How do I increase my chances of approval?

While there is no definite way to make sure a lender approves your loan application, you can increase your chances of approval by keeping the following in mind:

Get your credit score

Several fintech companies in Canada offer you your credit score for free. Examples include Loans Canada and Borrowell. Knowing your credit score gives you an idea of what loans you qualify for. According to our Finder: Consumer Insights Survey January 2024, 39% of Canadians do not know their credit score.

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.

Limit your NSF transactions

NSF transactions in your bank account in the last three months will reduce your chances of approval. It’s best to wait until you don’t have these in your bank account before applying for a loan.

How do I compare $1,500 loans?

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 where to apply.

Are you employed?

Lenders vary in what types of income they accept. Some only accept full-time employment income, while others are more open.

Do you have bad credit?

Good and bad credit borrowers will have different options available to them. If you have good credit, you can head over to a traditional bank or credit union for a low limit credit card or a small personal loan. If you have bad credit, you’re likely to be limited to alternative lenders.

What is the term of the $1,500 loan?

Some lenders allow you to repay a $1,500 installment loan in as little as 3 months.

Are there extra fees and charges on the $1,500 loan?

Some providers of short-term installment loans may charge you a “surety fee” or “broker fee.” This fee can be in the hundreds and will make your loan much more expensive.

What is the reputation of the lender?

Finding out a little about the lender in question can be a good place to start before you apply for your loan. Check out reviews on third-party sites like Finder or Trustpilot. Also, be sure to avoid lenders that aren’t transparent about loan costs.

Will I improve my credit score?

Some lenders report payments to the credit bureaus, while others do not. If improving your credit score is important to you, double-check this with the lender.

Frequently asked questions

Leanne Escobal's headshot
Written by

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and 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. See full bio

Emma Balmforth's headshot
Co-written by

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio

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