Best $1,500 Loans – Quick Answer
- Lenme – Best for the Lowest APR
- Wizzay.com – Best for a Fast Payout
- Low Credit Finance – Best for Quick Approval
Compare $1,500 loans and find the best for you
If you need a $1500 loan, there are plenty of companies that you can choose from.
Having a lot of options means you’ll face a hard time to find the best one for you.
To help you with this, we spent over 33 hours reviewing and comparing in depth 18 companies. Below you will find our final analysis, so you can make an informed decision faster.
Let’s start with a comparison table.
(Remember that this article should not be counted as financial advice, before applying for a loan do your own research.)
| Company | Lowest APR | Highest APR | Min Loan Amount | Max Loan Amount | Min Loan Term | Max Loan Term | |
|---|---|---|---|---|---|---|---|
| 3.00% | 25.00% | $50 | $5,000 | 1 Month | 1 Year | Explore more |
| 5.90% | 35.99% | $200 | $5,000 | 1 Year | 3 Years | Explore more |
recommended
| 5.99% | 35.99% | $100 | $50,000 | 2 Months | 7 Years | Explore more |
| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 2 Years | Explore more |
recommended
| 5.99% | 35.99% | $250 | $35,000 | 3 Months | 6 Years | Explore more |
| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 6 Years | Explore more |
| 6.00% | 35.99% | $200 | $50,000 | 1 Month | 5 Years | Explore more |
recommended
| 5.99% | 35.99% | $500 | $35,000 | 2 Months | 6 Years | Explore more |
| 5.99% | 35.99% | $100 | $5,000 | 3 Months | 2 Years | Explore more |
recommended
| 5.99% | 35.99% | $100 | $35,000 | 6 Months | 6 Years | Explore more |
recommended
| 5.99% | 35.99% | $500 | $35,000 | 6 Months | 5 Years | Explore more |
| 5.99% | 35.99% | $100 | $35,000 | 2 Months | 6 Years | Explore more |
| 5.99% | 34.99% | $100 | $30,000 | 1 Year | 7 Years | Explore more |
| 5.99% | 18.00% | $1,000 | $100,000 | 1 Month | 5 Years | Explore more |
| 5.99% | 34.99% | $100 | $5,000 | 2 Months | 2 Years | Explore more |
| 6.00% | 36.00% | $500 | $25,000 | 2 Years | 5 Years | Explore more |
| 11.69% | 35.99% | $1,000 | $50,000 | 3 Years | 5 Years | Explore more |
| 6.40% | 35.99% | $1,000 | $50,000 | 3 Years | 5 Years | Explore more |
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| Company | Overall Rating | Lowest APR | Highest APR | Min Loan Amount | Max Loan Amount | Min Loan Term | Max Loan Term | Get Started |
|---|---|---|---|---|---|---|---|---|
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| 3.00% | 25.00% | $50 | $5,000 | 1 Month | 1 Year | Explore more | |
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| 5.90% | 35.99% | $200 | $5,000 | 1 Year | 3 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $100 | $50,000 | 2 Months | 7 Years | Explore more | |
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| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 2 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $250 | $35,000 | 3 Months | 6 Years | Explore more | |
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| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 6 Years | Explore more | |
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| 6.00% | 35.99% | $200 | $50,000 | 1 Month | 5 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $500 | $35,000 | 2 Months | 6 Years | Explore more | |
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| 5.99% | 35.99% | $100 | $5,000 | 3 Months | 2 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $100 | $35,000 | 6 Months | 6 Years | Explore more | |
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recommended
| 5.99% | 35.99% | $500 | $35,000 | 6 Months | 5 Years | Explore more | |
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| 5.99% | 35.99% | $100 | $35,000 | 2 Months | 6 Years | Explore more | |
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| 5.99% | 34.99% | $100 | $30,000 | 1 Year | 7 Years | Explore more | |
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| 5.99% | 18.00% | $1,000 | $100,000 | 1 Month | 5 Years | Explore more | |
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| 5.99% | 34.99% | $100 | $5,000 | 2 Months | 2 Years | Explore more | |
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| 6.00% | 36.00% | $500 | $25,000 | 2 Years | 5 Years | Explore more | |
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| 11.69% | 35.99% | $1,000 | $50,000 | 3 Years | 5 Years | Explore more | |
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| 6.40% | 35.99% | $1,000 | $50,000 | 3 Years | 5 Years | Explore more |
Top 3 Options for a $1,500 Loan
Lenme: the Cheapest Option
Competitive APR Options: Lenme offers an APR range from 3% to 200%, which can be competitive compared to some traditional banks and lending institutions, particularly for users with limited options.
Accessibility: Lenme allows users with low credit scores to apply for loans, making it accessible to a broader range of applicants.
Opportunity for Growth: As users build a lending history on the app, they can qualify for larger loans and better rates.
Quick Loan Processing: Borrowers can get loans within minutes once approved.
User-Friendly Interface: The platform is designed to be simple and intuitive, allowing for easy navigation and loan requests.
Peer-to-Peer Lending Model: Users have the opportunity to earn interest as lenders, which can provide a passive source of income.
Pros
Customer Service Issues: Many users report poor customer support and responsiveness, which can lead to frustration.
Negative Reviews: Some users report dissatisfaction with the service, noting a low success rate in receiving loan requests fulfilled.
Limited Lender Pool: Some borrowers have experienced difficulty finding willing lenders on the platform, which can delay access to funds.
Reputation Concerns: Lenme has received a poor rating from the Better Business Bureau (BBB), raising concerns about the reliability of the service.
Cons
How Much Will a $1,500 Loan Cost With Lenme?
The actual cost of your loan depends on various factors based on your specific circumstances.
That said, if you qualify for a $1,500 loan with a 3% APR, which is the lowest we found (offered by Lenme), this is how much you will pay in interest:
| Lenme minimum APR | Lenme initiation fee | Payoff time | Monthly payment | Total Interest | Total payment at the end |
|---|---|---|---|---|---|
| 3% | 1% ($150) | 3 months | $502.47 | $7.40 | $1,657.40 |
| 3% | 1% ($150) | 6 months | $252.16 | $12.97 | $1,662.97 |
| 3% | 1% ($150) | 12 months | $127.01 | $24.15 | $1,674.15 |
| 3% | 1% ($150) | 18 months | $85.30 | $35.39 | $1,685.39 |
| 3% | 1% ($150) | 24 months | $64.44 | $46.68 | $1,696.68 |
| 3% | 1% ($150) | 36 months | $43.60 | $69.42 | $1,719.42 |
Remember, the APR might not include all costs. For example, Lenme charges a 1% initiation fee.
Also, we cannot guarantee that you will have the rates listed above. The table is only an example, and it isn’t based on your specific situation.
So, before you sign a loan contract, make sure you understand exactly how much you need to pay back and when.
Wizzay.com: the Fastest Option
Rapid Loan Approval: Wizzay is designed to connect borrowers with lenders quickly, facilitating fast loan approvals, often within minutes.
Accessible Loan Amounts: Borrowers can access loans starting from $500, catering to various financial needs.
No Credit Checks: The platform may provide options for individuals with bad credit, allowing a broader demographic to access funds.
Wide Network of Lenders: Wizzay connects users to a large network of lenders, providing multiple offers for loan requests.
User Experience: Borrowers find the application process straightforward and efficient, which can be significantly less cumbersome than traditional banks.
Pros
High-Interest Rates: Wizzay loans may come with high-interest rates, which can lead to substantial debt if not managed properly.
Reputation Concerns: Mixed reviews exist online about Wizzay, with some users expressing dissatisfaction and concerns about its legitimacy.
Limited Support Post-Approval: Some borrowers report difficulty in obtaining support after taking out a loan, leading to frustrations if issues arise after loan signing.
Variability in Lender Quality: With a wide network of lenders, there can be significant variance in the reliability and service quality of those lenders.
Cons
Low Credit Finance: the Easiest Option
Chosen 1,778 times- All Credit Types Accepted
- Easy Online Application
- Approval decision in minutes
- Flexible Repayment Terms
Accessibility for Low Credit Borrowers: Many services are designed to help individuals with low credit scores obtain financing that might not be available through traditional lenders.
Variety of Loan Options: Borrowers can find a variety of lenders that offer different types of loans, including personal loans, debt consolidation, and more specialized financial products.
Opportunity to Improve Credit Score: Taking a loan and making timely payments can help build credit history, potentially improving one’s credit score over time.
Quick Application Process: Many lenders offering low credit finance have user-friendly online applications and quick processing times.
State Availability: Many options are available across different states, making it easier for borrowers nationwide to access loans.
Pros
Higher Interest Rates: Borrowers often face significantly higher interest rates due to low credit scores, which can lead to increased financial strain.
Potential for Predatory Lending Practices: Some lenders targeting low credit individuals may engage in predatory lending, with hidden fees or unfair terms.
Limited Loan Amounts: Some lenders may restrict the amount available to borrow for those with low credit, which might not meet borrowers’ needs.
Risk of Cycle of Debt: High-interest loans can lead borrowers into cycles of debt, making it difficult to pay off original loans while taking on additional debt for emergencies.
Variability in Lender Quality: The quality and reliability of lenders can vary significantly, and borrowers may have experiences ranging from excellent to poorly managed.
Cons
How To Get the Best $1,500 Loan for You
Steps
Assess Your Financial Needs
Before applying for a loan, take a moment to evaluate why you need the money. Consider whether it’s for an emergency, a purchase, or debt consolidation. Understanding your specific needs will help you decide the best loan terms for your situation.
Check Your Credit Score
Your credit score plays a significant role in the loan offers you’ll receive. Request a free credit report from a credit bureau to understand your current standing. This knowledge will help you anticipate the types of interest rates and loan options available to you.
Research Loan Types
There are various loan types, including personal loans, payday loans, and credit union loans. Each has its advantages and disadvantages, such as interest rates and repayment terms. Research these options to find the type that best aligns with your financial situation and future plans.
Compare Lenders
Once you know what type of loan you want, start comparing lenders. Look for reputable banks, credit unions, and online lenders. Pay attention to their interest rates, fees, and repayment terms, as these factors will impact the overall cost of your loan.
Use LoanFinder™️ to compare quickly multiple loans (it’s 100% free).
Pre-qualify for Loans
Many lenders offer a pre-qualification process that allows you to see potential loan offers without affecting your credit score. Fill out an application with various lenders to compare rates and payment options based on the information you provided in your financial assessment.
Review Loan Terms Carefully
Once you receive loan offers, review the terms closely. Look for the interest rate, repayment period, and any additional fees. Make sure you fully understand the total cost of the loan and how much you’ll need to pay monthly.
Choose the Right Loan
Based on your research and the offers you’ve received, select the loan that best fits your financial needs and goals. Ensure that the monthly payments are manageable and that the overall cost aligns with your budget.
Complete the Application
After you’ve made your choice, it’s time to fill out the application form with the selected lender. Be prepared to provide personal information such as income, employment status, and any assets. Double-check your application for accuracy before submitting it.
Review the Agreement
Once you’re approved for the loan, the lender will provide a contract. Take your time to read through the entire agreement, ensuring you understand all terms before signing. If anything seems unclear, don’t hesitate to ask questions.
Manage Your Loan Wisely
After receiving the funds, plan how you will use the money effectively. Stick to your budget, make timely payments, and keep track of your finances to avoid falling into debt. Being responsible with your loan will set a positive precedent for your future financial endeavors.
By following these steps, you can find a $1,500 loan that suits your unique circumstances and helps you achieve your financial goals.
Other $1,500 Loan Options
Personal loans are one option, but they’re not always available, especially for people with a bad credit history.
Here are 7 alternatives to get a $1,500 loan without a credit check or for people with a bad credit history.
Credit union PALs
Payday Alternative Loans (or PALs) are short-term loans offered by federal credit unions.
To get a $1,500 Payday Alternative Loan, you have to be part of a credit union (you can locate the closest one here). As soon as you become a member, you can request this kind of loan. It’s a workable solution to make ends meet, and the National Credit Union Administration (NCUA) sets specific guidelines. For example, the maximum interest rate at the moment is 28%.
Title loans
They allow you to use your car as collateral. This option is available only if you’ve paid off your car.
To get this loan often there’s no credit check, but keep in mind that it’s a risky option and 20% of the borrowers default it and end up losing their car.
Auto equity loans
If you have equity in your vehicle, you can apply for a cash-out refinance loan. Equity refers to the discrepancy between the current market value of the car and the outstanding loan balance.
An auto equity loan settles your existing car loan, and then the remaining cash is yours. You’ll repay this new loan following new terms, and if you don’t pay it back in time, you can lose your car.
Pawn shop loans
The pawnshop will give you more or less money based on what you give them as collateral, all with no need for a credit check.
The interest rate can be above 20% (the highest APR recorded is 300%).
If you don’t pay back the loan, you’ll lose the goods you used as collateral.
It’s a solution to get extra cash fast, but most of the time you’ll receive an amount equal to 25%-60% of the property you hock. This means that to receive $1,500, you may have to risk goods for a total value of $6,000.
Credit card cash advances
If you have a credit card that supports a $1,500 cash advance, you can go to the nearest ATM and get the money you need in a few minutes.
Keep in mind that in this context you’ll have to pay back the money you received with an interest rate up to 36%. On top of that, cash advances don’t offer an interest-free grace period: interest will accrue immediately.
401k loans
If you have a 401k, you can borrow money from it. To get $1,500 out of it, you need:
- To have enough money in your account.
- The permission from the plan administrator.
In case of approval, you’ll have to repay the loan within 5 years and with interest. The good part is that the interest you pay, minus fees, will go back to your account.
This solution may not be ideal because:
- The whole procedure may take weeks (assuming you need the money fast).
- You won’t get interest-free growth on the money you borrow.
- If you don’t pay back in time, the loan will become a taxable event.
Tax refund loans
Many tax preparation services partner with banks to offer loans to their customers. You can apply for this kind of loan only if:
- Your expected tax refund is big enough.
- You have the information necessary to file a tax return (meaning you are in the January to April 15 time frame).
- The IRS didn’t put a lien on your income.
FAQs About $1,500 Loans
Can I Get a $1500 Same-day Loan?
Some lenders offer same-day loans. Keep in mind that the money will always take at least a few hours to be available in your account. The exact timing changes for every bank.
What Credit Score Do I Need for a $1,500 Loan?
There’s no strict rule. Based on our research, a score of 560 is the minimum for most lenders.
Remember that a bad credit score doesn’t represent an automatic refusal, and a good credit score doesn’t guarantee approval.
What’s the Cost of a $1,500 Loan?
It depends on the loan you request. The average APR of the personal loans we analyzed is 20.14%.
This is not the only option, though, to get $1,500, you can apply for other loans.
A 401k loan is often one of the most convenient options since you won’t pay any interest (technically, you pay it, but it goes back to your account), and the loan fees are low.
Instead, many options available to people with a bad credit score have a high interest rate. For example, for pawn shop loans, it’s often above 20%. And for credit card cash advances it can reach 36%.
What’s the Easiest Loan To Get With a Bad Credit Score?
Pawnshop, payday, and title loans are all easy to get. When you apply for one of them, the lenders won’t care about your credit score, because you’ll have to provide a valuable good (i.e., your car) as collateral. And you’ll lose its property, if you don’t repay the loan on time.
What Will Happen if I Can’t Repay My Loan?
It depends on the loan.
But usually, after 30 days, the lenders can report the situation to the credit bureaus. This causes an immediate drop in the debtor’s credit score. This report will remain for up to 7 years.
After 180 days, with no payment from the debtor, lenders can request the intervention of debt collectors. Lenders can also seize any goods used as collateral for the loan.
If paying a loan becomes hard, don’t wait and contact a credit counselor as soon as possible.
When Are $1,500 Personal Loans Worth It?
Every person has to analyze their situation and decide on their own.
If you face this decision, ponder the pros and cons, and compare multiple offers before deciding. If you need professional advice, talk with a financial advisor and not just with friends or random people.
How to save $619.00 on your loan
The price difference for a $500.00 loan in 90 days is $619.00.
Before Applying for a Loan
Remember that this article should not be counted as financial advice, before applying for a loan do your own research.
That said, based on our analysis, Lenme can offer one of the lowest APR. It isn’t the only factor to consider, and you can explore other options that we reviewed or that are available on the market.
You can click the button below to access another one of our loan comparison tools.
