$1500 Loan: How and Where to Get?
Life is unpredictable. Americans rarely have savings to cover unforeseen expenses. In most cases, they try to borrow money from friends and relatives, which often results in spoiled relations. It doesn’t sound optimistic.
A 1,500 loan is a popular loan amount for many borrowers. Since banks don’t like to issue such a small loan amount, online lenders have become a beneficial alternative. They offer quick, convenient, and reliable financial services without harsh demands on the borrowers.
Let’s look into the digital lending market to answer some of the most popular questions!
Best Lenders to Get a $1500 Loan
Well, nowadays, it is not difficult to find a lending company. There are a lot of direct and indirect lenders with bright and convenient websites and mobile apps.
However, some of the companies may turn out to be scammers. Unfortunately, in the financial market, you always stand the risk of being fooled.
Make sure you choose a company with high ratings and positive customer reviews. Remember that the main objective of any lender is to earn money, and don’t believe in unreasonably beneficial loan terms and conditions.
If you don’t have time and energy for thorough research, you can rely on us and choose a lender from our list. We investigated the market to find the best options to borrow $1,500.
It is a reputable lender with 4.7 points from 5 on Trustpilot and 3,5 thousand positive reviews. It offers various loan types, including no credit check ones. OppLoans’ services are available in 36 US states.
This lender allows personal loans for borrowers with a poor credit score. With the APR between 59% and 160%, its repayment terms range from 9 to 18 months. There are no origination, late, or prepayment fees. This fact makes this lender an appealing option.
Nearly 88% of borrowers are delighted with Onemain loans. It is a lender with 1,500 branches in 44 US states. It has had more than 10.3 million customers since 2010. Moreover, this company has an A+ rating from the BBB.
To qualify for a loan you should have a good credit history. The APR varies from 18.00% to 35.99% per annum and depends on numerous aspects, including your payment history, income, debts, and expenses. Late payment fees are usually 1.5 to 15% of the owed sum.
OneMain overdraft fees range from $10 to $50 per payment. This lender offers flexible payment terms: 24 months, 36 months, 48 months, or 60 months.
An indirect lending platform founded in 2021. It offers fast, convenient, and transparent services even for poor credit recipients. This company also guarantees the protection of borrowers’ data.
Dime alley is available for Americans in 37 states for free. The minimum income requirements are pretty low – just $800 per month. The APR and loan terms differ due to the chosen direct lender.
Can I Get a $1500 Loan With No Credit Check?
The main advantage of online lending is that many payday lenders allow no credit check solutions. In such a way, if your credit history and credit score look like an absolute disaster, it doesn’t mean that you can’t send a loan application.
Some companies offer such services for borrowers with negative financial reputations. However, such loans usually come with high-interest rates and extra fees.
If you are not sure whether you will be able to pay off your debt and won’t miss monthly payments, it is better to look for another option. In some cases, soft credit check options are more financially beneficial.
Can I Get a $1500 Loan With Bad Credit?
As you can guess from the previous abstract, getting a 1,500 personal loan with poor credit is possible. Some online lenders don’t pay attention to the borrower’s credit history and credit score. Instead of it, they pay attention to the income a person has. Remember that all companies have different requirements for the minimum sum of money to earn per month.
You can consider a cosigner if your income doesn’t allow you to take a 1,500-dollar personal loan. It is when you find someone eager to share legal responsibility for the money you owe.
Finding a cosigner may not be easy, but it is an excellent solution for married couples. However, the cosigner will be asked to pay off your loan if you miss loan payments.
Types of $1500 Loans
Several loan types allow you to borrow 1,500 dollars. All credits can be divided into unsecured and secured loans. The second ones use the borrowers’ property as collateral. Below we will consider the most popular credit options for you.
Payday loans: this kind of personal loan is commonly used by borrowers. However, in most cases, lenders set $1,000 as the maximum loan amount. Some states don’t allow even such sums.
For example, California finance lender loans allow no more than $300 payday loans. A borrower is expected to pay back payday debt in one monthly payment. The APR usually varies from $15 to $25 for every $100 borrowed.
Payday alternative loans are personal loans issued by a federal credit union to its members. PALs are used for borrowing small loan amount at lower interest rates than traditional paydays.
Payday alternative loan has a more extended repayment period (1-12 months) and allows debtors to pay off in regular monthly payments. The APR usually doesn’t exceed 28%.
Cash advance loans are another example of an unsecured personal loan. It is a credit given by the issuer of your credit card. In simple words, it is when a person breaks a credit limit. It is the fastest way to get loan proceeds.
Car title loans: are usually used by borrowers with a low credit score. It is when a person uses a car as collateral. If you fail to repay your personal loan debt, the lender will confiscate your car. The APR is usually about 300% which is rather expensive.
Basic $1,500 Loan Requirements
The requirements for borrowers willing to get personal loans differ from one lender to another. However, among the primary demands are the following:
- Be older than 18 years old;
- Be a US citizen or a permanent resident of the US;
- Have a stable source of income and an active bank account.
To receive a loan, make sure you have written down your valid phone number, email, passport, and social security number data. Otherwise, you may be disqualified.
How to Apply for a $1500 Payday Loan Online?
No matter what loan amount you want to get, the procedure of applying for credit is usually the same. To get a loan with bad credit early, you must fill in the credit request form and wait for the answer. You may sign a loan agreement and receive money no later than the next business day.
- Is it possible to get a $1,500 loan with bad credit?
Yes, you can easily find a lender eager to issue a bad credit loan. However, you will have to pay higher interest rates. If you have doubts, opt for secured personal loans to increase your chances of receiving money in your savings account.
- Who can I borrow a $1,500 loan from?
You can borrow money from credit unions or online lending companies. Remember that in some states, like it is with California loans, there are some payday credit restrictions. Look for a reliable lender with high ratings and positive customer reviews, or use our best lenders list.
- What credit score is needed for a $1,500 loan?
The requirements for the minimum credit score differ from one lender to another. Some offer lousy credit options for borrowers with a negative financial reputation. However, most companies want their clients to have at least 600 points.