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$1,500 loans you can apply for

If you find yourself needing to bridge a $1,500 gap, there are a few ways to get the money you need.

There are times when you may need to come up with money quickly, whether it’s to cover car repairs or a dental bill you weren’t expecting. Sometimes the amount is more than you can manage. If $1,500 is beyond your savings account balance and you need money to cover urgent expenses, there are lenders you can consider.

⚠️ Warning: be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8:00am to 5pm, Monday to Friday and 10am to 2pm Saturday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans works and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.

What options do I have for a $1,500 loan?

The table below lists short-term lenders that you can apply for $1,500 with.

Name Product Max Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Moola Loan
90 - 182 days
Often available in under 60 minutes
292% p.a.
(fixed for the term of the loan)
Eligibility: Be 18 or over, be in employment and be a New Zealand citizen, permanent resident or have a valid working visa.
Borrow up to $1,500 and enjoy a flexible repayment plan.

Compare up to 4 providers

How do I decide what amount to apply for?

Some lenders offer loans up to $1,500. Ask yourself the following, as it can help you determine what to apply for:

  • What do you need the fast loan 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 tomorrow, find a lender that can get the money to you quickly.

The interest rate and fees you have to pay will affect your repayments, as will the term you select for the loan. For example, a loan with a shorter term will see you pay back your loan sooner and save on interest, but your repayments will be higher.

Payday loans are for shorter terms – usually a maximum of 12 months. After you work out a budget, you can use a personal loan calculator to see what your repayments will be.

  • Are you employed?

Lenders may have eligibility criteria around your employment status and how much you need to earn. Bear in mind there are still loan options available if you are receiving Work and Income payments. Check the eligibility criteria of each lender before you apply.

How much does a $1,500 loan cost?

The precise amount you pay for a $1,500 loan will depend on your loan term. For example, you will pay less for a $1,500 loan over three months than over four months, because you may need to pay an additional monthly fee when you repay over four months.

Be sure to consider the total cost when weighing up loan options as there may be other costs, such as establishment fees, monthly admin fees, late payment and default fees to be aware of. Check for any hidden costs before you apply for any loan on the lender’s website or its product disclosure statement (PDS).

The pros and cons of a $1,500 loan

  • No asset security. Most $1,500 loans are unsecured. This is beneficial if you don’t want to risk an asset that you’re buying or one that you already own.
  • Flexible loan purpose. Depending on the lender and the loan product in question, once you’re approved, you can generally use the funds for any purpose.
  • Easy application process. Applications for small amounts of funding such as $1,500 loans are generally uncomplicated and quick to complete. After you have submitted an application, you will usually get a response in as little as 60 seconds. Approval time will depend on the lender, but many can provide same-day funding.
  • High fees. While not all $1,500 loans have high fees attached, almost all payday loans will charge the maximum 20% establishment fee and 4% monthly fees, which can be costly.
  • Penalties for missed payments. There is no cap on what lenders can charge if you miss a payment. Ensure that you are able to pay back a loan before committing to one, or you may find yourself in a spiral of debt.
  • Short repayment terms. Many $1,500 loans have short repayment terms, which can mean that repayments are generally quite high. Ensure that your budget is able to cope with the addition of repayments for your loan.

Am I eligible for a fast loan?

Criteria differ between lenders, but you will usually need to:

      • Be over the age of 18
      • Receive an income into your bank account
      • Be able to show 90 days worth of banking history
      • Be a New Zealand citizen or permanent resident

The $1,500 loan application checklist

Here’s what you need to apply for a $1,500 loan:

      • Personal details.
        You need to provide your name, contact information and documents to verify your identity, this can be your driver’s licence, passport or 18+ card.
      • Employment and income.
        If you’re employed, you need to provide your employer’s name and number and how much you earn annually.
      • Work and Income.
        If you receive Work and Income benefits, you need to advise what type of payment you receive, how often you receive it and how much.
      • Finance and banking.
        Short-term lenders need 90 days of your banking history. You can usually transfer read-only copies to them, by providing your Internet banking details over a secure site.

Alternatives to $1,500 payday loans

There are a number of alternatives to $1,500 loans that you can use:

  • Buy now, pay later. If you need to make a purchase quickly, many retailers now offer buy now, pay later options such as Afterpay, Zip, Humm and more, that break down your repayments into smaller, more manageable chunks. They’re also interest-free and (provided you make your repayments on time) don’t charge any fees.
  • Interest-free loans. If you’re facing financial hardship, you might qualify for an interest-free loan. These can be used to make purchases such as necessary household appliances, or to pay bills.
  • 0% interest credit cards. Another alternative to a payday loan is a 0% interest credit card. Just remember that at the end of the introductory period, the 0% interest rate reverts to the credit card’s standard rate for purchases. When that happens, you’ll be charged interest on any purchases you haven’t paid off during the 0% p.a. period.

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