What To Do If You Need $1,500 Now?

Whether you have good or bad credit, there are a few different ways that you can get cash loans of $1,500. You can start by getting a loan with a bank or credit union, but if that doesn’t work, you can also go with online lenders like Spring Financial and get online loans.

Apply With An Online Lender

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. While these aren’t instant loans, you can get them quite quickly. You can also go with bad credit loans and other personal lending options. Before you apply, though, make sure to use a personal loan calculator to get an idea of your payment options. 

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 between $500 and $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. This gives your some monthly payment options. 
• Apply online in minutes: You can apply for your loan in 3 minutes and do it all easily on your smartphone with this simple online application process. 
• No hidden fees: There’s no such thing as loan application fees or maintenance charges or even extra fees. 
• Trusted lender: Check out the reviews on Trustpilot to see how Spring Financial has helped Canadians across the country.

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. 

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Credit Score Needed For A $1,500 Loan

If you’re looking for a $1,500 loan, there are quite a few different options; some of these even involve not having a credit score at all. Even if you have bad credit, you should be able to get access to a $1,500 loan. It’s loans for a higher amount that can become more difficult if you have no credit or bad credit. Whether they consider your credit score or not, most lenders will still do a credit check with the credit bureaus. 

Interest Rates On A $1,500 Loan

The interest rate you can get on a $1,500 loan will depend on who your lender is. Some lenders will have high interest rates than the banks. However, Spring Financial offers interest rates as low as 9.99%. Before your interest rate can be decided, the lender will have to take a look at a few different factors. 

When a lender is looking at giving a personal loan, your credit score is an important indicator of your financial responsibility. However, your entire credit report and credit history will also be considered. Your credit score itself isn’t as important as your individual credit factors. Besides that, lenders will also consider your monthly income and your debt-to-income ratio.

Loan Agreements For Loans

When you agree to a loan, you will have to sign a loan agreement. This agreement will include any additional fees, loan terms, monthly payment amounts, total interest amounts, unexpected costs and anything else pertaining to the loan. It’s important to pay close attention to this agreement. 

$1,500 Loans For Bad Credit

As we mentioned, you don’t need good credit in order to get a $1,500 loan. There are plenty of options to get the funds, whether you work with a traditional bank or an online lender. However, you need to pay attention to the interest rates, and whether or not they will have a positive impact on your credit score. 

Unsecured Loans

Unsecured loans are traditional personal loans or installment loans. These types of loans are given with the trust that you will pay them back. While you don’t need to provide any collateral with these types of loans, you will need to pay interest. When it comes to the interest rate, it will be higher if you have poor credit. 

With unsecured loans, you can either have open or closed loans. Open loans allow you to pay off the loan early and save money on interest, whereas closed loans charge a prepayment penalty if you pay off the loan early. If you can, get an open loan and pay it off as soon as you can. 

Secured Loans

Secured loans are one of the easiest types of loans you can get with bad credit. The most common types are auto loans, home equity loans and secured credit cards. With secured loans, the lender will be able to seize an asset if you are no longer able to pay for the loan. However, because you offered up collateral, the interest rates are normally lower. 

No Credit Check Loans

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.

Guaranteed $1,500 Loan

While there’s no such thing as a guaranteed approval loan, the closest thing is a payday loan. In order to get a payday loan, all you need is steady employment and a government-issued ID. That said, the interest rates are extremely high, and they have no positive impact on your credit score. 

Cosigner Loans

If you don’t get approved for a personal loan, don’t worry; you still have options. You can ask a family member or a friend to be a co-signer. If you default on the loan, then the cosigner will be responsible for making the payments. This gives the lender a security blanket and makes them more likely to approve you for the loan. You’ll also likely get a lower interest rate while improving your credit score. 

Are Payday Loans A Good Idea?

When you need to borrow money, such as $1,500, to get you to your next payday, it can be tempting to visit a payday lender, whether online or in physical stores, and get a cash advance. 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 on loans like these. Avoid payday loans at all costs.