We analyzed multiple lenders offering $1,500 loans. Based on our evaluation these 3 stand out:
Best $1,500 Loans – Quick Answer
Remember that this article should not be counted as financial advice, before applying for a loan do your own research.
Compare $1,500 loans and find the best 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.
Full Comparison of $1,500 Loans
| Company | Interest | Loan Term | Loan amount | Accepts bad credit: | |
|---|---|---|---|---|---|
recommended
| 5.99% – 35.99% | 2 Months – 6 Years | $500 – $35,000 | Yes | Explore more |
| 7.80% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more |
recommended
| 9.99% – 35.99% | 2 Years – 7 Years | $1,000 – $50,000 | Yes | Explore more |
| 5.99% – 35.95% | 2 Months – 6 Years | $100 – $35,000 | Yes | Explore more |
| 5.99% – 35.99% | 3 Months – 6 Years | $500 – $10,000 | Yes | Explore more |
| 15.00% – 1,564.00% | 7 Days – 1 Year | $200 – $10,000 | Yes | Explore more |
| 59.00% – 179.00% | 6 Months – 1 Year , 6 Months | $500 – $5,000 | Yes | Explore more |
recommended
| 173.00% – 307.00% | 1 Month – 1 Year | $200 – $2,500 | Yes | Explore more |
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| Company | Overall Rating | Interest | Loan Term | Loan amount | Accepts bad credit: | Get Started |
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recommended
| 5.99% – 35.99% | 2 Months – 6 Years | $500 – $35,000 | Yes | Explore more | |
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| 7.80% – 35.99% | 3 Years – 5 Years | $1,000 – $50,000 | Yes | Explore more | |
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recommended
| 9.99% – 35.99% | 2 Years – 7 Years | $1,000 – $50,000 | Yes | Explore more | |
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| 5.99% – 35.95% | 2 Months – 6 Years | $100 – $35,000 | Yes | Explore more | |
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| 5.99% – 35.99% | 3 Months – 6 Years | $500 – $10,000 | Yes | Explore more | |
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| 15.00% – 1,564.00% | 7 Days – 1 Year | $200 – $10,000 | Yes | Explore more | |
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| 59.00% – 179.00% | 6 Months – 1 Year , 6 Months | $500 – $5,000 | Yes | Explore more | |
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recommended
| 173.00% – 307.00% | 1 Month – 1 Year | $200 – $2,500 | Yes | Explore more |
To expand your research you can also use LoanFinder™️:
Top 3 Options for a $1,500 Loan
Let’s explore more in depth our top 3 options:
- 5KFunds
- Upstart
- Upgrade
5KFunds: Best for those seeking fast approval
Chosen 80557 times
Loan amount
$500 – $35,000
Term of loan
2 Months – 6 Years
Lowest rate
5.99% – 35.99%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Credit Check Company
Equifax, Experian, and TransUnion
5KFunds is a loan matching service that can help you find a $1,500 loan. They work with many lenders, which increases your chances of getting approved.
5KFunds might be a good choice if you want to compare multiple loan offers quickly without having to apply to each lender separately. Their wide network of lenders means you could potentially find better rates or terms than you would on your own.
How Much Might a 5KFunds Loan Cost?
Here’s a simple look at what a $1,500 loan from 5KFunds might cost with their lowest rate of 5.99%:
| 5KFunds – $1,500 Loan – Rate 5.99% | Origination fee (1%) | Monthly Payment | Total cost |
|---|---|---|---|
| 6 months | $15 | $255.77 | $1,534.59 |
| 12 months | $15 | $129.92 | $1,558.98 |
| 24 months | $15 | $66.48 | $1,610.52 |
| 36 months | $15 | $45.39 | $1,664.04 |
| 48 months | $15 | $34.82 | $1,716.12 |
This is just an example. Your actual loan offer will depend on your money situation.
Upstart: Best for less-than-perfect credit
Chosen 10296 times
Loan amount
$1,000 – $50,000
Term of loan
3 Years – 5 Years
Lowest rate
7.8% – 35.99%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Credit Check Company
TransUnion
Minimum Income
12000
Upstart is an online lender that uses artificial intelligence to make loan decisions. They look beyond just your credit score, considering factors like education and job history.
Upstart might be good for you, if you have a limited credit history or a lower credit score. Their unique approach to evaluating loan applications means you might qualify for a $1,500 loan even if traditional lenders have turned you down.
How Much Might an Upstart Loan Cost?
Here’s what a $1,500 loan from Upstart might cost with their lowest rate of 7.80%:
| Upstart – $1,500 Loan – Rate 7.80% | Origination fee (0%) | Monthly Payment | Total cost |
|---|---|---|---|
| 6 months | $0 | $257.64 | $1,545.84 |
| 12 months | $0 | $131.81 | $1,581.66 |
| 24 months | $0 | $68.39 | $1,641.24 |
| 36 months | $0 | $47.31 | $1,703.16 |
| 48 months | $0 | $36.75 | $1,764.00 |
Remember, this is just an example. Your actual loan offer will depend on your personal money situation.
Upgrade: Best for flexible repayment options
Chosen 2315 times
Loan amount
$1,000 – $50,000
Term of loan
2 Years – 7 Years
Lowest rate
9.99% – 35.99%
Minimum age
18
Accepts bad credit::
Weekend Payout:
Quick Payout
Upgrade is an online lender that offers personal loans with flexible repayment options. They might be a good choice for your $1,500 loan need if you value payment flexibility.
Upgrade allows you to change your payment due date and offers direct payment to creditors for debt consolidation. They also provide free credit monitoring and educational resources, which can be helpful if you’re working on improving your overall financial health.
How Much Might an Upgrade Loan Cost?
Here’s what a $1,500 loan from Upgrade might cost with their lowest rate of 9.99%:
| Upgrade – $1,500 Loan – Rate 9.99% | Origination fee (1.85%) | Monthly Payment | Total cost |
|---|---|---|---|
| 6 months | $27.75 | $259.86 | $1,586.91 |
| 12 months | $27.75 | $134.04 | $1,636.23 |
| 24 months | $27.75 | $70.64 | $1,724.49 |
| 36 months | $27.75 | $49.58 | $1,812.45 |
| 48 months | $27.75 | $39.03 | $1,901.19 |
These numbers are just examples. Your actual loan offer will depend on your personal money situation.
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.
1. 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%.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
Before Applying for a $1,500 Loan
Remember that this article should not be counted as financial advice, before applying for a loan do your own research.
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.
