Fast $1,500 Loans for Bad Credit: Apply online | finder.com

It can be difficult to find lenders that offer such small loan amounts. But we compiled a list of 15 lenders offering loans of $1,500 for borrowers with bad, fair or good credit.

Finder compared over 200 payday, installment and personal loan lenders to help you select the best option for your finances. You might be able to get a loan as soon as the next business day, but watch out: It can be expensive.

Compare $1,500 loans for bad credit or no credit

If your credit score is under 580, you may still qualify for a loan from providers like Monevo and OppLoans. But be prepared for high interest rates — especially if you borrow an installment or payday loan. The APR could potentially be 300% or higher.

ProviderRequirementsLoan typeFinder ratingNet CreditVaries depending on your state of residence.
Depending on your state of residence, your personal loan might not be offered by NetCredit but through its partner lender, Republic Bank & Trust Company, Member FDIC.
Personal loan

★★★★★

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MonevoCredit score of 450+
Legal US resident
Age 18+Personal loan

★★★★★

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BoroCollege student or recent graduate, Live in an eligible state, 18+ years oldInstallment loanNot yet rated

OneMain FinancialEstablished credit history, US citizen or permanent resident, age of majority in your statePersonal loan

★★★★★

Read moreStiltBe employed
Have a US bank account
Live in a state where Stilt operates
Hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.Personal loan

★★★★★

LoansUnder36Steady source of income
Verifiable bank account
US citizen or permanent resident
At least 18 years oldPersonal loan

★★★★★

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OpploansDirect deposit, Meet minimum income requirements, Live in eligible stateInstallment loan

★★★★★

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Fast5KloansRegular source of income, Verifiable bank account, US citizen, Ages 18+Payday loanNot yet rated

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MoneyLionMust be a MoneyLion Plus member
Have a job that pays with direct deposit
A checking account with a positive balance
A verifiable identity
Proof of ability to repay
Live in an eligible state.Personal loan

★★★★★

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Compare $1,500 loans for good and fair credit

If your credit score is over 580, you can take advantage of lower rates with these personal loans. You can also compare loans from your local bank or credit union, although some may not offer loans of $1,500.

How much will it cost?

The total cost of your loan will depend on the type of lender you go with, your finances and your credit score. Your monthly payments are based on two factors: Your APR and your loan term.

Personal loans frequently cap your APR at 36% or less, while payday loans and installment loans have much higher fees and often a much shorter repayment term, which results in a high APR.

Many lenders also often charge an origination fee, which is a percentage of your loan amount typically deducted from your loan before you receive your funds. This is also based off your credit score — if you have bad credit, expect to pay a higher origination fee in addition to higher rates and fees.

Use our monthly payment calculator to estimate how much you’ll pay with different rates and terms.

$1,500 loan calculator

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Budgeting for monthly payments

It’s important that you have an idea of what your monthly payments will look like before you apply for a personal loan. 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 monthly payments.

Some lenders allow you to make early repayments at no cost. Take advantage of this, especially if you borrow an installment loan with a high interest rate. By paying off your loan early, you could save hundreds of dollars in interest.

If you can’t make payment, contact your lender. In most cases, it may be willing to help you to find a solution without impacting your credit score.

Am I eligible for a $1,500 loan?

While depends on the lender, but you generally qualify for a $1,500 loan if you meet the following criteria:

  • Steady source of income
  • Checking or savings account
  • Established credit history
  • At least 18 years old

For most personal loans, lenders run a credit check to confirm you qualify. Payday loans and installment loans rarely require a credit check — largely because they cater to borrowers with bad credit.

How do I get a $1,500 loan?

There are options for $1,500 loans, but very few personal lenders that offer loan amounts under $2,000.

  • Shop for online lenders. Online lenders have quick turnaround — some can get your loan funds to you within one business day. But be aware that they typically have higher rates and fees than banks and credit unions, and you may pay an origination fee when you borrow.
  • Look into your local bank or credit union. Banks and credit unions offer personal loans, although you’ll likely struggle to find a personal loan for as low as $1,500. You also may need to have an account or be a member to qualify.
  • Consider short-term loans. Payday loans and installment loans should only be used as a last resort for emergencies. But if you have bad credit and don’t qualify for a personal loan, it could be an option to get a low loan amount of $1,500.

Where can I get a small loan with no credit?

There are lenders that don’t require a credit check, but be careful: Like loans for bad credit, you’ll face higher rates and fees when you borrow with no credit. If you can, consider alternatives to payday loans for more options before you borrow.

How to find a legit lender

Ask yourself the following questions to make sure you’re working with a lender that’s legit.

  • What’s the APR? APR includes both the base interest rate and fees and is the best way to compare the total cost of the loan. If a lender doesn’t display rates before apply, you might want to look elsewhere.
  • What’s the term? The longer the term, the lower your monthly payments but the more it’ll cost in the long run.
  • Am I eligible? Some lenders might require you to have a job, have restrictions on borrowers who’ve filed for bankruptcy or the lender may only work in a few states. Those with no requirements might not offer a good deal.
  • How much can I actually borrow? Stay away from lenders that pressure you to borrow more than the $1,500 you need.
  • How’s its reputation? Check customer reviews to learn about past customer’s experiences and sites like the Consumer Financial Protection Bureau to make sure it isn’t facing any lawsuits.

Watch out for guaranteed approval

No legitimate lender will guarantee that your approval before looking at a full application. Most will at least check your income to make sure you can afford repayments before making an offer. Taking out a loan that you can’t afford sets you up to miss repayments and get caught in a cycle of debt.

How do I increase my chances of approval?

While there is no definite way to make sure a lender approves your application, it could help your application to keep the following in mind:

  • Make sure you qualify. You won’t get approved if you don’t meet the eligibility requirements.
  • Check your credit report. If you have the time, request a copy of your credit report to check for mistakes — these could be hurting your credit score.
  • Limit your applications. Every time you apply for a loan, it counts as an inquiry on your credit report, which lowers your score.

Pros

  • Quick turnaround for online loans
  • Multiple personal loan options
  • Bad credit OK

Cons

  • Higher rates for borrowers with bad credit
  • May pay an origination fee
  • Not all lenders offer this low loan amount

Compare more lenders that offer $1,500 loans

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The Consumer Financial Protection Bureau (CFPB) no longer requires lenders to consider your ability to repay a loan. This could put you at risk of getting caught in a cycle of debt. Carefully review your finances and the loan cost to make sure it fits your budget.

Before you take out a short-term loan

Payday loans, installment loans and auto title loans come with high rates and fees which can trap you in a cycle of debt. Borrowers may find themselves taking out a second or third loan because they couldn’t pay back the first one on time.

Consider alternatives before opting for a short-term loan:

  • Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
  • Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you’re behind on payments.

Looking a different loan amount or term?

Frequently asked questions

Can I qualify for a $1,500 loan if I’m unemployed?

There are lenders that offer loans for unemployed borrowers. Keep in mind that lenders want to see evidence of your ability to repay a loan. As long as you have a steady source of income, including unemployment benefits, you may still qualify for a loan.

Is having a checking account necessary?

Not necessarily. But while some lenders offer loans for borrowers with no bank account, most require you to have operational checking or savings account.

Will a late payment affect my credit?

This is at the discretion of the lender, but in most cases, yes — a late repayment will have a negative impact on your credit.

Can I use my personal loan for debt consolidation?

It depends. While many lenders offer personal loans for debt consolidation, you may not qualify if you don’t have at least $5,000 in debt. However, you can usually use your loan funds for any purpose — which means you could potentially consolidate your debt.