Get a $1,500 Loan Today (With Any Credit Score!)March 16, 2020
Car trouble? Fridge on the fritz? Life moves fast and emergencies don’t always wait for payday. If you’re in a pinch and looking for the safest and smartest way to get a quick $1,500 loan then this article is for you. Read on to learn a little more about the most common loan options available, plus the pros and cons of each one. You might be surprised at which option is best when you need a fast cash advance.
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Even if you manage your money well, emergencies can catch you off guard and you might find yourself in need of a few extra bucks before your next payday. From sudden car repairs to missing work time due to an unexpected illness, there’s no shortage of reasons why you might need a $1,500 quick loan.
The good news is there are several ways to get a quick loan when you need it. The bad news is they’re not all created equal. Some are even financially dangerous.
Need quick cash without the risks that come with payday loans? Apply for your personal installment loan today and get the cash you need by tomorrow!
Before you sign your name to anything, let’s take a quick look at the different ways to get a small loan…
Apply for a loan from a bank
A far safer option for a loan is to apply for one with a bank. Unlike payday lenders, banks offer more reasonable interest rates and longer terms, so you can pay back the loan over a longer period of time in smaller installments.
The downside is that not all banks offer small loans of $1,500 or lower. They’re also not particularly convenient. The process can be slow, requires lots of paperwork, and needs to be completed in person.
Furthermore, if you don’t have great credit, it can be a barrier to getting a loan from a bank.
Apply for a loan from a credit union
Credit unions are very similar to banks. They tend to offer low interest rates and long-term installment plans, but they’re not the most convenient and usually require an appointment in-person.
Unlike most banks, credit unions are more likely to issue small loans under $1,500. But to be approved you’ll typically need decent credit so if you think this will be an issue you might want to try the next option.
Are payday loans a good idea?
When you need around $1,500 to get you to your next payday, it can be tempting to visit a payday lender. But these lenders can cause you a lot of financial harm very quickly.
Payday lenders specialize in extremely short-term loans that need to be paid back in full—with interest—within a few weeks of the loan being issued. In some cases, payday lenders actually make you sign a post-dated check for this amount, guaranteeing they’ll be paid back in full very quickly.
Payday loans also have the highest interest rates around plus a range of other fees. Altogether, it’s not uncommon for a payday loan’s APR to be in the range of 300-400%.
For example, if you pay $15 (interest) per $100 borrowed with an agreement to pay it all back in two weeks, you’re paying a $225 finance charge which means you pay back $1725 in total. And we’re not even including late fees! Your interest rate is effectively 391%.
To help you understand the extraordinary cost involved, the government of British Columbia has a payday loan calculator that makes it easy to see that you’re not getting a good deal.
As you can guess, it’s a recipe for financial disaster. You can rapidly get into a hole you can’t escape from by signing your name to loans like these. Avoid payday loans at all costs.
Can I get a $1,500 loan with no credit check?
The chances are, if you’re looking for a no credit check loan, it’s because your credit isn’t great at the moment. Like payday lenders, no credit check lenders take advantage of customers who think they have nowhere else to turn and charge extortionate fees for loan approvals without credit checks. No credit check lenders thrive on people’s desperation.
Fortunately, there is a safer and much more affordable option when you need fast cash—even if you have bad credit…
Get a personal loan online
If you need to get a $1,500 quick loan to cover you until your next payday, the smartest option is to get a quick personal loan from a trusted online lender.
Even if you have bad credit, a personal installment loan from a direct lender is much faster and easier to get than a bank (or credit union) loan and offers much lower interest rates and more manageable repayment periods compared to payday or no credit check lenders.
Get approved for your online personal installment loan with Spring Financial:
- Cash when you need it: Funds of between $500 to $10,000 can be e-transferred to your bank account on the same day.
- All credit scores welcome: You can get approved for a $1,500 loan with bad credit or no credit.
- Flexible repayment plans: Choose a short term if you want to pay your loan off quickly or a longer one to make smaller monthly payments.
- Apply online in minutes: You can apply for your loan in 3 minutes and do it all easily on your smartphone!
- No hidden fees: There’s no such thing as application fees or maintenance charges.
- Trusted lender: Check out the reviews on Trustpilot to see how Spring Financial has helped Canadians across the country.
Get approved for your personal loan today! Apply online or over the phone at 1-888-556-6441.
Frequently asked questions about Spring Financial
Does Spring Financial offer loans over $1,500?
Absolutely. Spring Financial leverages cutting edge technology and can wire between $500 and $35,000 to your bank account within 48 hours (get up to $10,000 e-transferred within 24 hours). Simply go to our application page and select the amount you wish to get funded.
Is Spring Financial a payday loan lender?
No, Spring Financial offers flexible personal loans that are much more affordable than payday loans. Our loans have no hidden fees and don’t run on short repayment periods that could potentially trap you in a cycle of debt.
Does Spring Financial do credit checks?
Yes, credit checks are conducted but that doesn’t mean you can’t get approved if your credit is less than stellar. From bad credit to no credit, Spring Financial works with people in all sorts of credit situations to ensure they get the funding they need.
Tip: Be wary of lenders promising guaranteed approval and no credit checks – both are early warning signs of predatory lending.
Does Spring Financial offer secured or unsecured loans?
Spring Financial provides both, however, secured loans are not recommended because it’s risky to put collateral on a personal loan. If you use your car or home to get a secured loan, they could be taken away if you end up defaulting. Unsecured loans are a better option because they aren’t tied to anything so there’s no risk of losing a valuable asset.
How long does it take to get approved for a $1,500 loan?
In most cases, you can get approved and see funds e-transferred straight into your bank account in less than 24 hours. Spring Financial works fast because it’s a direct lender, allowing you to skip the middleman and make the loan process quicker.
What are loan repayment terms like?
Unlike short payday loan cycles or loans with prepayment penalties, Spring Financial offers flexible repayment plans so you can choose a term that works for your budget and schedule. Pay off your loan in as early as you like, or take up to five years, the choice is yours.
Can a loan from Spring Financial help me rebuild credit?
Yes! Spring Financial reports loan repayments to Canada’s two main credit bureaus, Equifax and TransUnion, so you’ll see your credit score increase if you make all your payments on time.
Is Spring Financial safe to use?
Headquartered in Vancouver, Spring Financial is a trusted lender that uses state-of-the-art security technology to keep your sensitive data under lock and key. Live representatives are also ready to assist you 24/7 over telephone, text, and e-mail.
How do I apply for a $1,500 loan with poor credit?
Gather your essential documents (i.e. proof of income, bank statements, ID, etc.) and then apply online in just 3 minutes! You can also submit an application over the phone by calling 1-888-556-6441.