$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.
Compare short term loans from $1,500
How do I decide what amount to apply for?
Some lenders offer $1,500 loans. 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. These are available for both good and bad credit borrowers. 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.
- Do you have bad credit?
Good and bad credit borrowers 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 small personal loan. If you have bad credit, it probably limits you to a bad credit loan.
- What repayments can you afford?
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. If you are between jobs, you may still be eligible for a loan.
How much does a $1,500 loan cost?
With Admiral Finance a $1500 loan, over 6 months will cost you $74.37 per week, with an establishment fee of $295. Make sure you check for any hidden costs before you apply for any loan. You will find these on the lender’s website or its product disclosure statement (PDS).
The precise amount you pay 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 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.
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.
Questions readers ask about $1,500 loans
I’m bankrupt, can I still get a fast loan?
Some lenders will still consider you for a loan if you are a discharged bankrupt or are currently bankrupt. Review the eligibility criteria listed on the loan provider’s review page before you apply.
I have a payday loan that is almost repaid. Can I get another one?
Lenders may have regulations around approving multiple payday loans – find out if you are eligible for a second loan here.
What happens if a lender rejects my application?
Sometimes it isn’t clear why a lender rejects your application. The next step is to find another lender with which to apply. Carefully review the minimum eligibility criteria and make sure you are eligible. Please remember, each time you apply for a loan it appears on your credit file, and too many credit applications can be damaging to your credit score.
I receive Work and Income payments as income, am I still eligible?
Yes, some lenders will consider you for a loan if you receive Work and Income payments. Specific criteria apply, so it’s best to review these before you submit an application and only apply for a loan if you can afford the repayments. There are also other loan options, such as no and low-interest loans and Work and Income advances available to you. Contact Work and Income online, via “myMSD” or by phone on 0800 559 009 to discuss your options.
Ask an Expert