Get a $1,500 loan with bad or good credit

If you need to borrow $1,500, it’s worth checking out your local bank or credit union first. However, many of them start their loan amounts at $2,000 to $3,000, so it’s also worth exploring online lenders. These non-traditional lenders tend to offer lower loan amounts than traditional lenders, so $1,500 is doable for many of them.

In this guide, we cover lenders that offer $1,500 loans and how to choose the right one for you.

Compare $1,500 personal loans

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

Compare $1,500 payday loans

Payday loans are also an option but only as a last resort since they’re extremely expensive.

Can I get a $1,500 loan with bad credit in Canada?

Yes, you can get a $1,500 loan with bad credit. It’s easier to get approved for a small loan than a large loan, and $1,500 is on the smaller side. You might want to focus on online lenders though, because traditional lenders typically only accept good credit scores, even for a small loan.

Online providers, like the lenders listed above, have flexible eligibility requirements and can approve borrowers with bad credit. Just be prepared for higher interest rates.

How to boost your odds of getting a $1,500 loan

• Apply to a loan search platform like Loans Canada or LoanConnect to get matched with lenders that suit your profile.
• Have no NSF transactions in your bank account in the last 60 to 90 days.
• Show on your bank statements that you have more money coming in (through your income) than coming out (through your debts and expenses).

What are the features of $1,500 installment loans online?

Online installment loans share these key features:

• They have higher interest rates and are easier to get than traditional personal loans.
• You can get your loan on the same day or next day, which is faster than traditional loans. Learn more about same day loans.
• Bad credit is accepted.
• They are unsecured, so collateral is not required.
• Interest rates are between 18% - 35%. Different factors can affect your rate, such as your credit score, existing debts and income.

How much will Canadians borrow?

According to data collected in the Finder: Consumer Sentiment Survey August 2023, 25% of respondents who said they were planning to take out a loan in the next three months were looking to borrow between $1,000 and $4,999.

Can I get a $1,500 loan with no credit check?

Yes, you can get a $1,500 loan with no credit check from lenders of payday loans or short-term installment loans. Instead of performing a credit check, these lenders will analyze your bank statements. You’re more likely to get approved if your bank statements show that you have enough income to make new loan repayments.

Must read: No credit check loans in Canada

Are there $1,500 loans with guaranteed approval?

There are no $1,500 loans with guaranteed approval, especially if you have bad credit. Legitimate lenders will first review your finances before approving. Steer clear of lenders promising guaranteed approval on a $1,500 loan because it’s either a scam, predatory or has fine print that doesn’t make it guaranteed. If you need a $1,500 loan with bad credit, apply to legitimate lenders who specialize in providing loans to people with bad credit. Learn more about guaranteed approval loans.

Can I get a $1,500 payday loan?

You can, but we don’t recommend it. A payday loan is very expensive and a $1,500 payday loan, which is the maximum you’re allowed to borrow in Canada, is even more so.

Let’s say you’re earning $4,000 per month and you decide to get a payday loan. On your next payday, your lender will withdraw the full amount plus interest, leaving you with $2,290 left to pay for other debts and expenses. If this isn’t enough for you to get by for the rest of your pay period, you might find yourself needing to get another payday loan. This is what causes the cycle of debt.

If you decide a $1,500 payday loan is best for you, check out legitimate options in our best payday loans guide.

Can I get a $1,500 line of credit?

Yes, it’s possible to get a $1,500 line of credit from a bank, credit union or online lender like Mogo. Banks and credit unions might approve you for a limit higher than $1,500 if your finances are strong, but you don’t have to borrow more than you need to.

Lines of credit from online lenders are easier to get but are also more expensive.

How much does a $1,500 loan cost?

The actual amount you pay on a $1,500 loan will depend on your loan term and interest rate. For example, a $1,500 installment loan with a 30% interest rate and loan term of 6 months would cost you $272.32 per month. Total interest charged is $133.95, which brings the total cost of your $1,500 loan to $1,633.95.

Once you know how much you have to repay, take into account your existing salary and expenses and then determine if you can afford to make the repayments.

You can use the loan calculator below to find out how much you might have to repay monthly on an installment loan.

What is the interest rate on a $1,500 loan?

If you opt for a $1,500 installment loan, you could typically pay anywhere from 18% up to 35%. In contrast, payday loans charge $14 for every $100 borrowed, which can translate to APRs over 300%. That’s why payday loans should be a last resort—they are one of the most expensive lending options on the Canadian market.

Pros and cons of $1,500 online loans

4 steps to getting a $1,500 loan online

Follow these steps to get a $1,500 loan.

1. Make sure you’re eligible

The basic eligibility requirements for a $1,500 loan include:

• Age. You are 18 years of age or the age of majority in your province or territory.
• Income. You have a recurring income.
• Bank account. You have an active bank account that’s at least three months old.

2. Compare lenders

Compare your options by looking at the available amounts, the loan costs, the loan terms and how quickly you can receive your loan.

3. Go to the lender’s site

Once you’ve decided which loan to apply for, you can apply on the lender’s website. You will need your personal, employment and banking details on hand.

4. Find out if you’ve been approved

The lender will likely contact you within a few minutes or on the same day to tell you if you’ve been approved, and you’ll receive your loan contract soon after.

5. Receive your money

Funds are usually deposited into your bank account on the same or next day. It ultimately depends on the lender and your bank.

How do I compare $1,500 loans?

There are a number of lenders in Canada offering $1,500 loans, both online and at physical stores. Asking yourself the following can help you determine where to apply.

Are you employed?

Lenders vary in what types of income they accept. Some only accept full-time employment income, while others are more open.

Do you have bad credit?

Good and bad credit borrowers will have different options available to them. If you have good credit, you can head over to a traditional bank or credit union for a low limit credit card or a small personal loan. If you have bad credit, you’re likely to be limited to alternative lenders.

What is the term of the $1,500 loan?

Some lenders allow you to repay a $1,500 installment loan in as little as 3 months.

Are there extra fees and charges on the $1,500 loan?

Some providers of short-term installment loans may charge you a “surety fee” or “broker fee.” This fee can be in the hundreds and will make your loan much more expensive.

What is the reputation of the lender?

Finding out a little about the lender in question can be a good place to start before you apply for your loan. Check out reviews on third-party sites like Finder or Trustpilot. Also, be sure to avoid lenders that aren’t transparent about loan costs.

Will I improve my credit score?

Some lenders report payments to the credit bureaus, while others do not. If improving your credit score is important to you, double-check this with the lender.

Frequently asked questions

• Is it easy to get a $1,500 loan?

  Overall, $1,500 loans are easier to get than larger loans. If you have a good credit score and can prove a steady source of income, you shouldn't have much trouble qualifying.

• If I’m unemployed, can I still get a $1,500 loan?

  It depends. Some lenders can still approve you if you're receiving an alternative source of income, such as government benefits and private benefits. Learn more about unemployment loans.

• Can I repay my $1,500 loan early?

  Yes. Whether it's a $1,500 payday loan or installment loan, lenders will typically allow you to repay the loan early with no penalties.

• Will a late payment on a $1,500 loan affect my credit?

  While not all lenders report to the two bureaus in Canada that handle credit histories, some might choose to report late or missing payments. This is at the discretion of the lender. If you know your payment will be late, the best solution is to contact your lender as soon as possible. Usually, the lender will be willing to extend the payment deadline and find ways to help you through difficult financial times. Always try to keep an open line of communication between yourself and the lender.