Finder makes money from featured partners, but editorial opinions are our own.

Get a $1,500 loan

Here are your options for a $1,500 loan whether you have good or bad credit.

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.

⚠️ Warning: Be cautious with payday loans
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.

Online lenders offering a $1,500 loan

Loan typeLoan amount & termMin. credit scoreInterest rateApply online
Spring Financial 1500 loanSpring Financial Installment Loan
  • $500 – $35,000
  • 6 - 60 months
50010.8% - 46.99%
LoanConnect 1500 loanLoanConnect Installment Loan
  • $500 – $2,500
  • 3 - 6 months
30032.00%
Loans Canada 1500 loanLoans Canada Installment Loan
  • $500 – $50,000
  • 4 - 60 months
3008.00% - 46.96%
Mogo 1500 loanMogo Installment Loan
  • $200 – $35,000
  • 6 - 60 months
6009.90% - 46.96%
SkyCap 1500 loanSkyCap Installment Loan
  • $500 – $10,000
  • 9 - 36 months
57512.99% - 39.99%
iCash 1500 loaniCash Payday Loan
  • $100 – $1,500
  • 7 - 62 days
Not specifiedVaries by province
Cash Money 1500 loanCash Money Payday Loan
  • $100 – $1,500
  • 5 - 40 days
Not specifiedVaries by province
Cash 4 You 1500 loanCash 4 You Payday Loan
  • $120 – $1,500
  • Up to 62 days
Not specifiedVaries by Province
FlexMoney 1500 loanFlexMoney Personal Loan
  • $500 – $15,000
  • 6 - 60 months
50018.90% - 46.90%
Loanz 1500 loanLoanz Personal Loan
  • $1,000 – $15,000
  • 12 - 60 months
57029.90% - 46.90%
Read review
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

Option 1: $1,500 installment loan

Suited for: Borrowers who want a $1,500 personal loan with a loan term between 6 months to 5 years.

Features of installment loans

  • They have higher interest rates and are easier to get than traditional personal loans.
  • Turnaround time from filling out the application to funding is 24 to 48 hours.
  • They have longer loan terms than a payday loan, which can make your repayments more manageable.
  • Bad credit can be accepted as long as you have a steady source of income.
  • They are unsecured, so collateral is not required.
  • Interest rates are between 7% and 47%. Different factors can affect your interest rate, such as your credit score, existing debts and income.

Compare $1,500 installment loan options

Option 2: $1,500 payday loan

Suited for: Borrowers who need a $1,500 loan fast and do not qualify for all other types of financing. Payday loans should be a last resort.

Features of payday loans

  • It’s possible to get an instant loan (approval right after you apply and e-Transfer funding within minutes after sending your contract).
  • They have extremely high interest rates, ranging from $15 to $25 for every $100 borrowed.
  • The loan is typically paid back by your next payday.
  • Borrowers with bad credit can get a payday loan. Compared to installment loans, payday loans are easier to get approved for.

Compare $1,500 payday loan options

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.

Legitimate providers of $1,500 loans for bad credit

Personal loan providerKey featuresEligibility requirements
Loans Canada 1500 loan
  • Loan term: 3 - 60 months.
  • Interest rates: 6.99% - 46.96%.
Requirements: min. credit score 300
LoanConnect 1500 loan
  • Loan term: 3 - 6 months.
  • Interest rates: 32.00%.
Requirements: min. credit score 300
Spring 1500 loan
  • Loan term: 6 - 60 months.
  • Interest rates: 10.8% - 46.99%.
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500

Can I get a $1,500 loan 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
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare installment loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
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 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.

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

More guides on Finder

Go to site