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 can help you take out a $1,500 personal loan with bad credit. This marketplace allows everyone to compare different lenders and choose the best offers.
Best $1,500 Loan Offers
With NetCredit small personal loans, you can borrow up to $10,000. The company does not have a minimum credit score requirement, so their loans are available even for fair credit. Interest rates in the company range between 34% and 99,99% APR.
OneMain offers loan amounts ranging from $1,500 to $20,000 to its clients. You can choose between secured and unsecured personal loan options. The origination fee is up to 10%. Then, the money should be returned within the repayment terms of up to 60 months.
The company provides clients with fast access to funds and flexible loan amounts, reaching $50,000. The money can be returned in a series of small monthly payments. Upstart does not charge prepayment penalties for earlier repayment. However, you will need to pay an origination fee of up to 10%.
At Upgrade, borrowers can apply for personal loans with interest rates up to 35,99% APR. The company offers flexible payments for the loan and the ability to change your payment date. It also does not charge you for paying the funds early.
Borrowing a personal loan with Rise means the lack of any minimum credit score requirement. You can get $1,000 to $5,000 as soon as the next business day and build your credit score by making on-time payments to a lender.
The platform allows users with a credit score over 300 to apply for money with competitive interest rates. The maximum loan amount at LendingTree is $50,000, and the maximum repayment period reaches 144 months.
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.
How Does a $1,500 Loan Work?
Getting a $1,500 loan is typically a fast and simple process. The personal loan process works in the following way:
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 or exact terms.
Step 2. Compare available options. Don’t agree with the first loan offer and compare several lenders. Pay attention to the providers’ interest and other charges, loan terms, and reputation to choose the best option for your needs.
Step 3. Choose an offer. After comparing several financial institutions, 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.
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 the next business day.
Can You Get a $1,500 Personal Loan with Bad Credit?
Various lenders have different requirements for borrowers applying 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 your credit report demonstrates 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.
The main advantages of online personal loans include the following:
- Using the funds for any purpose;
- Flexible monthly payments;
- Generally lower interest rates than credit cards;
- No collateral for an unsecured personal loan;
- Simple application process;
- Low credit score requirements.
Pay attention to these potential risks when applying for a $1,500 loan:
- Extra loan costs may be required (origination fees, late fees, prepayment penalties, etc.);
- Late or missed payments can hurt your credit rating
- Interest rates may be too high, reaching 35,99%.
When Should You Borrow $1,500 Loans?
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 monthly budget, and what the total loan cost will be with an interest rate, origination fee, and other charges. Make sure you don’t have any alternatives to borrowing money from a lender.
People typically take out personal loans to cover medical expenses, cosmetic surgeries, home repairs or improvements, etc.
Installment Loans for $1,500
Another option for individuals without a good credit score is an online installment loan. It allows you to borrow a $1,500 loan in a short time (usually within one working day) with interest ranging from 16% to 100% APR.
Many financial institutions also charge additional fees, such as origination fees, prepayment penalties, and late fees. The information about all the extras is usually written in the loan agreement individuals sign before taking money.
Lenders deposit the approved loan amount in a lump sum, and borrowers return the cash in equal monthly payments, also called installments.
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. Our specialists reviewed the clients’ opinions about these lenders on trust 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 deposit speed.
No, you can’t. 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.
Many online lenders fund loans the next business day after approval. You may also find a provider offering same-day funding. Therefore, comparing loan offers is essential when looking for a $1,500 loan.
You can use a $1,500 loan for any purpose. Most borrowers take this small loan to pay for monthly bills, including rent, utilities, and internet service. It can also be used to fund car or home repairs, medical or dental costs, and other minor expenses.
After getting a $1,500 loan in one lump sum from a lender, you need to return it plus interest in a series of convenient monthly payments. Your loan payments depend on such factors as the loan amount, APR, and the loan term. The longer your loan term, the smaller your monthly payments, and the more you will pay on interest.
Before giving you money, a financial institution wants to make sure this is an affordable loan for you. If your credit score does not satisfy a lender, it may charge higher interest rates. The higher your credit, the lower interest you can get.