ADVERTISER DISCLOSURE
Close
How to Get a $1,500 Loan?
If you need a $1,500 loan from an online lender to cover unexpected expenses, finance a major purchase, or consolidate debt, it is crucial to compare different available options. While personal loans are generally cheaper than credit cards, it is still important to choose them carefully.
While many lenders have strict eligibility requirements and provide extra money only to people with good credit, BadCredify explores loan providers offering a $1,500 personal loan to people with bad credit. We’re here to help you compare different lenders and choose the best offers.
Best $1,500 Loan Offers
- Be a U.S. permanent resident
- Live in a qualifying area
- Be at least 18 years old
- Have a valid email address
- Have a valid personal checking account
- Provide income confirmation
- Origination fees: 1% to 5%, depending on your state
- Cash advance fees: 10%
- Late payment fees: vary by state
- Late payment fees: vary by state
- Next-day funding
- No application fees or prepayment penalties
- Bad credit is accepted
- Flexible repayment terms
- Convenient minimum loan amounts
- Very high APRs
- Low loan maximums
- Origination and late payments fees may be charged
- Not available in all states
Borrowers with bad credit in need of fast cash
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Borrowers with credit issues who want to avoid predatory lenders.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
Poor credit borrowers who can’t qualify for traditional personal loans
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
Fair-credit borrowers who need the money quickly
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Live in states the company operates in
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- No fees for loan processing, late payments or prepayment
- Quick access to loan funds
- No prepayment penalties
- No origination and late fees
- Flexible monthly payments
- Reports on-time payments to credit bureaus
- Borrowers with any credit can qualify
- High interest rates
- Small loans amounts
- Hard credit checks are performed
- Not available in all states
Poor credit borrowers who can’t qualify for traditional personal loans.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees, prepayment penalties, or other fees may be applicable
- Prequalification for multiple personal loans on one platforms
- Low minimum interest rates
- Fast funding (same-day direct deposit may be available)
- High maximum interest rates
- Extra fees may be applied
- The company’s partners may perform a hard credit check
- Data privacy concerns
Borrowers with bad credit scores who want to consolidate debt or cover other significant expenses.
How Does a $1,500 Loan Work?
Getting a $1,500 loan is typically fast and simple. The personal loan application process works as follows:
Step 1. Get prequalified. Multiple lenders allow borrowers to prequalify without performing a hard credit check. It will enable you to see your chances to get approved and access your potential interest rate and loan term. Note that prequalification is not a guarantee of loan approval. Your exact terms may also change after a lender runs a hard credit check.
Step 2. Compare available options. Don’t agree with the first loan offer and compare options from several lenders. Pay attention to the providers’ interest, extra fees, loan terms, and reputation to choose the best product for your needs.
Step 3. Choose an offer. After comparing several offers, choose a lender with the most favorable terms and submit a loan application with supporting documentation. Then, a lender can decide whether to give you the required loan amount. At this stage, you may have to undergo a hard credit check.
Step 4. Get approved. If you meet the lender’s requirements, it will send you an offer with a loan agreement. Once you sign it, expect the loan funds to be in your bank account within 1-3 business days.
What Is the Monthly Payment for a $1,500 Loan?
Your $1,500 loan monthly payment will be calculated based on your interest rate and the repayment period. An APR affects the total loan cost, which also impacts the amount you pay on a monthly basis.
The repayment period determines the number of payments you will make during the loan life, influencing the sum of each payment. While a shorter repayment period comes with a higher loan payment, it also results in a lower total cost of your debt. Here are a few representative examples:
| APR | Repayment Period | Monthly Payment | Total Cost |
|---|---|---|---|
| 8.99% | 6 | $256.6 | $1,539.58 |
| 14.5% | 12 | $135.03 | $1,620.41 |
| 18.7% | 24 | $75.39 | $1,809.47 |
| 24.3% | 60 | $43.41 | $2,604.81 |
Thus, it’s quite important to choose an optimal repayment period and the lowest possible APR. Use our loan calculator to find out what loan terms will suit you.
Loan calculator
ESTIMATED MONTHLY PAYMENT
TOTAL LOAN AMOUNT PAID
TOTAL INTEREST PAID
TOTAL COST OF LOAN
Can You Get a $1,500 Personal Loan with Bad Credit?
Various lenders have different requirements for a $1,500 personal loan. While some financial institutions require a good or excellent credit history, others can approve you even with a bad credit score.
When applying for a personal loan, you should know that people with good credit are more likely to get a larger loan amount and better terms. If you have a bad credit history, be prepared for higher interest and less favorable conditions. Furthermore, make sure you can afford your monthly payment amount.
What Are the Pros and Cons of a $1,500 Personal Loan Online?
Taking out a $1,500 personal loan online comes with specific advantages and disadvantages. Study them carefully before applying.
Pros
The main advantages of online personal loans include the following:
- Loan funds can be used for any purpose
- Flexible monthly payments
- Low interest rates for people with good credit
- No collateral for an unsecured personal loan
- Simple application process
- Quick funding
Cons
Pay attention to these potential risks when applying for a $1,500 loan:
- Extra fees may be applied (origination fees, late fees, prepayment penalties, etc.)
- Late or missed payments can hurt your credit rating
- Interest rates may be high for bad credit borrowers
When Should You Borrow $1,500 Loans?
People typically take out $1,500 loans to cover medical expenses, urgent bills, home repairs or improvements, etc. These loans may also suit people who face financial emergencies and need money fast but have bad credit.
However, you should consider many factors before borrowing a $1,500 loan. Answer yourself on how much money you need, how the monthly payments will impact your budget, and what the total loan cost will be. Consider alternatives to borrowing money from a lender.
Installment Loans for $1,500
Another option for individuals without a bad credit score is an online installment loan. It allows you to borrow a $1,500 loan within one working day and repay the funds in a series of equal monthly installments over 2 to 24 months. Interest rates usually range from 16% to 200% APR.
Many bad credit lenders also charge additional fees, such as origination fees, prepayment penalties, and late fees. The information about all the extras is usually outlined in the loan agreement, so read the terms carefully before signing any documents.
Methodology
BadCredify experts have compared a few dozen companies offering $1,500 personal loans and choose the best ones accepting people with bad credit and offering guaranteed approval decisions at a prequalification stage. Our specialists reviewed the clients’ opinions about these lenders on trusted resources and submitted online loan applications on their websites. Our selection of the best companies is based on such factors as loan costs, loan amounts, interest rates, additional fees, and money funding times.
FAQ
Can I get a $1,500 personal loan with no credit check?
Although many lenders don’t perform hard credit inquiries, they still conduct soft credit pulls to ensure you can make on-time monthly payments and deal with all the loan costs. Such a check won’t affect your credit score.
How fast can I get a $1,500 loan?
Most online lenders fund loans the next business day after approval. You may also find a loan provider offering same-day funding. However, some lenders may need about 3 to 5 days to transfer the money to you.
What can I use a $1,500 loan for?
You can use a $1,500 loan for any purpose. Most borrowers take this small loan to pay for monthly bills, medical expenses, vacation costs, home or car repairs, dental costs, and other minor expenses.
How to repay a $1,500 personal loan?
You need to repay a $1,500 personal loan plus interest in a series of convenient monthly payments on an agreed-upon date. Most lenders allow you to set up autopay to prevent missing the due date. This way, the money will be electronically withdrawn from your bank account.
How can I get a $1,500 loan with low interest?
Before giving you money, a loan provider wants to make sure you are a reliable borrower. If your credit score is low, a lender may charge higher interest rates. The higher your credit, the lower interest you can get.
Personal Loan Options
-
BY AMOUNT
-
BY CREDIT SCORE
-
BY PURPOSE
-
FOR BAD CREDIT