In the world of personal loans, there are two types of people: those with bad credit and those without. But, what about those of us who fall somewhere in between?
If you’re looking for a $1,500 personal loan that won’t require jumping through hoops or proving your worthiness, you’ve come to the right place.
Let’s discuss some options for $1,500 personal loans for bad credit.
If you’re looking for a $1,500 personal loan with bad credit, you won’t find it for free.
But hey—you don’t have to spend much time searching for the right deal! We’ve found six great lenders that offer $1,500 personal loans with bad credit and break down their rates so you can compare them easily.
So, let’s get started!
Best Lenders For $1500 Loan Bad Credit 2023
- MoneyMutual – Overall Best Lender for $1500 Loans Bad credit, Editor’s Choice
- Bad Credit Loans – Second Best Lender For $1,500 Loan No Credit Check
- Rad Cred – Best For New Users Looking For $1500 Loan
- Money-Wise – Best $1500 Personal Loan
- PersonalLoans – Best For Payday Loans
- CashUSA – Best For Unsecured Loan
#1. MoneyMutual – Overall Best Lender for $1500 Loans Bad credit, Editor’s Choice
| Money Mutual: 4.9/5 Instant approvalNo credit checkNo application feeOnline applicationFast funds transfer | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| Up to $5000 | Varies | Varies | Call customer Care for Example |
Money Mutual is an online loan lender that provides loans of up to $1,500 to individuals with bad credit. Their website is user-friendly, and their application process is quick and easy.
Borrowers can receive their funds within 24 hours of approval, and the money can be deposited directly into their bank account.
The loan terms offered by Money Mutual are industry-standard, with borrowers having 30 days to pay back the full amount with an APR of up to 35%. Prepayment penalties are not charged if the loan is paid off early.
Additionally, Money Mutual provides a free service called Money Tracker, which helps borrowers track their spending habits and budgeting goals, with alerts sent when milestones are reached.
=> Click here to visit the official website of MoneyMutual
#2. Bad Credit Loans – Second Best Lender For $1,500 Loan No Credit Check
| Bad Credit Loans: 4.8/5 Service is 100% freeExtended lender networkSimple application process (online)Privacy, Security, and 24/7 serviceVariety of loan offerings | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| $500 – $10,000 | Varies | Varies | Call customer Care for Example |
Bad Credit Loans is a provider of unsecured personal loans to individuals with bad credit ratings. The company’s primary objective is to offer its customers quick access to financial support, allowing them to address their financial difficulties.
They offer loans ranging from $500 to $10,000, and the application process is quick and easy. Bad Credit Loans is an ideal solution for people who have made mistakes in the past and are looking for a straightforward approach to obtain a loan.
They offer installment loans, meaning borrowers make payments on a schedule until the balance has been fully paid off. Additionally, Bad Credit Loans may assist you in rebuilding your credit score, which is beneficial in the long run.
=> Click here to visit the official website of BadCreditLoans
#3. Rad Cred – Best For New Users Looking For $1500 Loan
| Rad Cred: 4.7/5 Instant funds transferQuick and easy application processConsiders any credit scoreOffers multiple loan typesService is free | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| $50 to $50,000 | Varies | 19.56% to 36% | Call customer Care for Example |
Rad Cred is a direct loan lender that provides a variety of loan types, including personal loans, payday loans, and installment loans. They offer unsecured personal loans up to $10,000 and secured personal loans up to $15,000 at competitive interest rates.
Rad Cred has an A+ rating with the Better Business Bureau and is licensed to operate in all 50 states. They offer fixed-rate personal loans with repayment terms ranging from 10 to 60 months, depending on the loan amount and credit score.
Customers can choose between a 4-year or 5-year fixed rate option for their repayment period. Rad Cred prides itself on providing excellent customer service with no hidden fees or surprises.
=> Click here to visit the official website of RadCred
#4. Money-Wise – Best $1500 Personal Loan
| Money-Wise: 4.65/5 Easy & fast loan approval processGreat customer reviews24/7 customer serviceNo credit check required | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| Up to $5000 | Varies | Varies | Call customer Care for Example |
Money-Wise offers $1,500 loans for those with poor credit, including those who have recently had a bankruptcy, foreclosure, or repossession.
They provide an upfront quote before you apply with a fixed interest rate of 16% APR, which is higher than average for loans of this size.
Money-Wise has a user-friendly website with a helpful FAQ section that covers topics such as loan approval, available loan types, and how long it takes to get the money after applying.
Their application process is fast, and borrowers can complete it online in just five minutes. If you need a personal loan with bad credit, Money-Wise may be a suitable option.
=> Click here to visit the official website of Money-Wise
#5. PersonalLoans – Best For Payday Loans
| Personal Loans: 4.6/5 Fast and direct fundingService is free to useAny type of loanCompetitive rates availableExtended lender network | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| From $1000 to $35,000 | Varies | 5.99% to 35.99% | Call customer Care for Example |
PersonalLoans.com provides personal loans for individuals with bad credit for over 10 years. The company offers unique programs and flexible payment schedules without prepayment penalties.
Borrowers can make extra payments on the loan without penalty, reducing the amount of interest paid over time.
The program “All Credit Types Welcome” offers rates as low as 3.99% to help borrowers with all types of credit problems qualify for loans.
The company offers loans with no hidden fees, and all fees are included in the APR shown on their website.
=> Click here to visit the official website of Personal Loans
#6. CashUSA – Best For Unsecured Loan
| Money Mutual: 4.5/5 Online application takes less than 10 minutes to completeSafe and secure with standard encryption24/7 customer service and representative availabilityNo credit checkHuge and fast payout | |||
| Loan Amount | Loan Term | Interest Rate | Loan Example |
| Up to $10,000 | Varies | 5.99% to 35.99% | Call customer Care for Example |
CashUSA is a direct loan lender that provides unsecured loans to individuals with bad credit across the US for different purposes. The loan process is straightforward, with an online application taking less than ten minutes, after which a loan officer will review and approve an amount.
The approved funds are generally deposited within 24 hours. CashUSA offers short-term and long-term loans for various purposes, including debt consolidation, medical expenses, and unexpected expenses.
CashUSA’s website also offers educational resources on financial management to enable borrowers to manage their finances better. Anyone interested in CashUSA’s products can apply through their website.
=> Click here to visit the official website of CashUSA
Alternatives for Borrowing $1,500 Loan Bad Credit
Most people with bad credit must resort to high-cost alternatives to borrowing money. This option is highly useful because traditional lenders such as banks and credit unions are reluctant to take on a client with a low credit score or someone other lenders have turned down.
If you have bad credit, you probably have a hard time getting approved for a loan. The majority of lenders will not approve your application. If this is the case for you, then there are alternatives that can help you get the money you need.
If you need a loan of $1,500 or less, here are some ideas$5:
Credit Union PALs
Credit Union PALs may be the way to go if you need a loan but have bad credit.
Credit Union PALs (Personal Access Line of Credit) is available through many credit unions. Customers can use this line of credit for any purpose—you don’t need to use it to buy a house or car. Instead, you can use it for anything else you may need: medical bills, college tuition, or even groceries and gas.
The good news about these loans is that they have no collateral requirements, so even if you don’t have any assets that can be taken from you in case of a default, this type of loan will still be available to you!
You will also find that these loans have lower interest rates than other types of loans because they are considered “consumer” loans rather than “business” loans. This only means that they are less risky for lenders and charge lower rates on them.
Title Loans
If you’re looking for a quick and easy way to get $1,500, a title loan might be right for you.
Title loans are a quick and flexible way to borrow money with bad credit. They work by loaning money based on the value of your car.
When you get a title loan, you give the lender access to your car title—the legal document that proves ownership of the vehicle. You’ll have to make payments until the balance is paid in full.
Title loans have a few benefits that make them great alternatives to $1,500 personal loans.
You don’t need any collateral. If you don’t have any other assets that can be used as collateral for a loan or if those assets aren’t worth enough to provide enough money for what you need, then title loans could be an option!
You can use them for emergencies. Title loans are meant to be used for unexpected expenses like medical bills or car repairs, so they’re perfect if something comes up unexpectedly and leaves you short on cash!
Auto Equity Loans
Consider an auto equity loan if you’re borrowing $1,500 and have bad credit.
An auto equity loan is a personal loan that’s secured by your vehicle. It allows you to borrow money based on the value of your car, and it has a lower interest rate than other types of loans.
If you want to use this type of loan to get $1,500 from the equity in your car, you’ll need to have at least that much equity available for the lender to take out. The lender will then take that amount out of your car’s value and give it to you as a loan—so if they take out $3,000 and give you $1,500 as an auto equity loan (plus interest).
Then, after paying back the loan over time, interest charges will be paid off completely (plus more interest). Once everything is said and done, technically speaking, there’s no difference between this type of loan and any other kind except that there’s no collateral involved.
With an auto equity loan, you can borrow up to 75% of your vehicle’s value with no money down and no monthly payments for six months or longer. You can pay off the amount borrowed plus interest at any time before your loan is due or roll over your loan into a new one.
However, if you decide not to roll over your loan, there will be fees charged by lenders who want their cars back—which could be higher than what you’ve already paid in interest!
Pawn Shop Loans
If you have bad credit, a pawnshop loan is one of the best ways to get a short-term loan.
It’s important to know that there are two main types of pawnshop loans: secured and unsecured. A secured loan means you have collateral for the loan—usually, an item worth more than the amount being borrowed—and an unsecured loan means no collateral is involved.
A secured loan gives you access to more money than an unsecured loan would—which can be helpful if you need more than $1,500.
The disadvantage is that if something happens to your item of collateral (for example, if it gets damaged), you will not be able to repay the full amount of your debt.
If this happens and you default on your payment plan, the pawnshop can repossess your item and sell it for its value.
The losses from lending to someone who owns nothing can be used as collateral against future payments. This aspect is only possible because the debt or loan agreement between the parties is part of a loan that already exists.
Credit Card Cash Advances
If you need to borrow $1,500 for a few months and have bad credit, consider a cash advance on your credit card. However, other options can help you get the money you need without paying interest or fees.
Credit card cash advances are more expensive than other forms of borrowing because they require you to pay interest on the amount borrowed, even if it’s only for a few days.
If you use your credit card to borrow $1,500 and pay it back within two weeks, the typical APR is around 30%. That means if you’re charged a $1,500 cash advance fee and then pay off the balance in two weeks, you’ll pay $433.38 in interest alone!
Consider credit card cash advances if you’re looking for ways to borrow money with bad credit but want to avoid paying sky-high interest rates or fees on top of that price tag.
401K Loans
One alternative way to borrow $1,500 with bad credit is to take out a 401K loan. These loans are unlike traditional loans; they’re a withdrawal from your 401K account.
Users will deposit the money they receive from the loan into their checking account and have to pay back the loan within five years. You can typically borrow up to 50% of your vested 401K balance (the money in your account after taxes and other deductions are taken out).
Since these loans are considered “non-recourse,” the lender can’t take any other assets or property as collateral against their losses. It means that if you don’t pay back the loan on time or default on it entirely, then there isn’t anything else that can be done to collect the remaining balance.
Tax Refund Loans
If you need to borrow money today, a tax refund loan is one of the best ways to do so. These loans are designed specifically for people expecting a tax refund who only have enough money to get through once they receive their checks.
How it works: You apply for a loan online and then send in copies of your W-2 or 1099 form and your Social Security card. Once approved, the lender sends the money straight into your bank account—no need to wait until tax time!
The advantages: Tax refund loans are an easy way to get cash quickly without waiting for your refund check. They’re also affordable; most lenders charge interest rates of 6%–30%, which is less than credit cards and personal loans typically charge.
And if you decide not to pay off your loan when it’s due, the lender will help you set up an installment plan so you can make monthly payments.
What Is A Loan For Bad Credit?
A loan is an agreement between two parties in which one party provides money to the other party. It comes with an understanding that the borrower will repay it with interest. Many kinds of loans are available today, including personal loans, home equity loans, car loans, signature loans, credit card cash advances, and payday loans.
A loan for bad credit is a loan that is provided to people who have poor credit scores. These loans are intended to help people who want to change their financial situation but need better credit scores.
If you are looking for a loan for bad credit, you should know what options are available and which will work best for you.
A loan for bad credit is a type of loan that has been created specifically for people who have poor scores on their credit reports due to their history of debt repayment or bankruptcy filings.
Compared to other types of loans (e.g., personal loans), these types were created specifically for people who may not get approved by traditional lenders due to their poor financial history or lack of collateral (e.g., a house).
How Much Will A $1,500 Loan Cost?
A $1,500 loan will be about $2,000 with interest added on. If you’re getting a loan for bad credit and looking for a quick solution to your short-term cash flow problems, then you’re in luck—that’s a pretty low-interest rate.
In fact, if you have good credit and are looking for an unsecured loan of the same amount, you’ll have to pay more than that.
The $1,500 loan you’re considering is an installment loan, one of several options available to you.
Here are some of the things you’ll want to consider before applying:
How much will your monthly payments be? Your loan amount will determine the amount of money you pay each month. This alternative might be a better option if you have limited cash.
What is the interest rate? If you have bad credit and need money fast, this may concern you less than it does for someone with excellent credit who can get approved immediately by taking a credit card instead.
The good news is the cost of a $1,500 loan depends on several factors.
First, the amount you borrow and how long you have to repay it will impact the total cost of your loan. The longer your repayment term (the number of months it takes you to pay off the loan), the more interest you’ll pay in addition to what you borrowed.
That’s why it’s important to remember what you’re borrowing for to ensure that the amount of time it takes you to repay your loan doesn’t outweigh the benefits of what you’re borrowing for.
The second factor that affects how much a $1,500 loan costs is whether or not you have bad credit. If your credit score is below 600 or there are problems on your report, like late payments, collection accounts, or judgments against you, it will likely cost more for lenders to consider giving you a loan.
That’s because they have a higher risk when they lend money—and therefore charge higher interest rates—to people with poor credit scores and negative information on their reports.
Finally, there are other ways lenders may charge fees or interest above and beyond what they charge on loans without including those extra charges in their advertised interest rate.
What’s The Easiest Loan To Get With Bad Credit?
Are you looking for a personal loan with bad credit? You’re not alone. Many people have been turned down for loans because of their credit history, but lenders still offer loans to people with bad credit.
Here are some of the most accessible loans to get with bad credit:
Installment Loans
Installment loans are the easiest loans to get with bad credit, especially if you have a steady income. Banks are always looking for people with good credit scores who have a steady income and a clean financial record, so if you’re not in that category, chances are you won’t be able to get an installment loan from a bank or credit union.
But what if you don’t qualify for a bank loan? That’s where things get tricky. There are some options for people who need better credit but have a steady income. If you need money immediately, your best option might be an installment loan from an online lender like LendingClub or Prosper.
These lenders offer loans up to $40K (with interest rates starting at 5%), so they’re perfect for people who need more than just a few hundred bucks but less than $5 or $6 thousand.
The downside is that they typically require a minimum credit score of 650 (the higher your score, the lower your interest rate). If this is out of reach for you now, another option is peer-to-peer lending sites like Lending Club or Upstart.
Payday Loans
Payday loans are one of the easiest loans to get with bad credit. They are also among the most expensive.
Payday loans are a type of unsecured loan that you can use to pay for an unexpected expense like a car repair or medical bill. They’re called “payday” loans because they are designed to help you pay off your expenses over time rather than paying off the entire loan in one lump sum.
The catch is that they come with high interest rates and fees that make them expensive.
However, they may be your only option for getting cash quickly and easily if you have bad credit or no credit history.
If this sounds like something you’d like to do, here’s how it works: You apply online for a payday loan and provide details about where you work and how much money you make each month; this information helps lenders determine how much money they’ll lend you and what interest rate they’ll charge.
Once approved by the lender, they deposit money directly into your bank account as soon as the next day (or even sooner). You then have up to 30 days to repay the loan in full, with interest added on top of whatever amount was deposited initially (usually around 10% annually).
Personal Loans (Secured)
Secured personal loans are an easy way to get a loan with bad credit.
A secured personal loan is a type of loan that requires collateral. If you don’t make your payments, the lender will take the collateral from you and sell it to cover the debt. The amount of money you can borrow with this type of loan is based on the value of the collateral you provide.
For example, if you have a car worth $10,000 and need $5,000 for an emergency expense, then you could borrow up to $5,000 for that car.
The interest rates on these loans are usually lower than those on unsecured personal loans because they’re considered safer investments for lenders. That doesn’t mean they’re cheap, though.
Secured personal loans tend to come with higher interest rates than unsecured ones because they’re considered more risky investments for lenders. After all, there’s no collateral backing them up if things go south (which could happen if someone doesn’t make their payments).
Personal Loans From Credit Unions
If you’re looking for a personal loan with bad credit, then a credit union is the place to start. Credit unions are nonprofit lenders that offer loans at lower interest rates than banks and other traditional lenders. They also tend to be more flexible in their requirements and don’t have minimum credit scores or income requirements.
But even if your credit score is low, it’s not impossible to get a loan through a credit union—especially if you have a cosigner who has good credit.
And because there’s no minimum income requirement, you can apply with less than $5,000 in annual income (although it’s still recommended that you bring in at least $10,000 annually.)
When applying for a loan through a credit union, you’ll be asked to provide information about your employment status and pay stubs and any tax returns or W-2 forms from the previous year or two years.
Personal Loans From Online Lenders
If you have good credit, it can be easy to get a loan. But it’s not impossible.
If you’re looking for the most manageable loan to get with bad credit, personal loans from online lenders are your best bet. These loans are easier to get than personal loans from banks or other financial institutions.
They also have lower interest rates and better repayment terms than many other types of loans. And they can help you build your credit history as you pay them off (as long as you make on-time payments).
Personal loans from online lenders are ideal for people who need money for various reasons: buying a car, starting a business, or paying off medical bills. The list goes on! You can use these loans for almost any purpose, including emergencies like unemployment or illness.
Small Business Loans
Another easy loan to get with bad credit is a small business loan.
Such accessibility is because a small business loan is not just for your personal use—it’s for the use of your business. That means that if you’re applying for a loan for your business, banks will be more willing to consider you as a borrower, even if you have bad credit.
How does this work? It all boils down to one thing: collateral. When you apply for a small business loan, most lenders will require collateral (like an asset or home) to secure the loan and ensure they’ll be paid back if things go wrong.
The problem with personal loans—even if they are secured—is that there isn’t any collateral involved. So even if someone has bad credit, they may not qualify based on lack of collateral alone!
Consolidation Loans
If you’ve had many financial problems in your past and are worried about getting a loan to help you out of them, consolidation loans might be the answer for you.
Consolidation loans are designed to help people with a lot of debt get out from under it by combining their various debts into one large loan they can pay off over time. This process makes it easier for them to make regular payments on their debt and thus improves their credit score.
To take advantage of this kind of loan, you must already have at least one bank account. You will also need to be able to provide documentation showing that you have been making regular payments on your debts for at least six months before applying for this type of loan.
What Will Happen If I Can’t Repay My Loan?
If you can’t repay your loan, a few things will happen.
You will be charged a late fee if you fail to make your monthly payment on time. If you continue to miss payments, your lender might decide to sell the debt to a collection agency or report it as delinquent to the credit bureaus.
If you don’t pay anything on loan for several months, it could go into default status. This aspect means the lender may take legal action against you to collect the debt. In some cases, this could include garnishing wages or seizing assets.
FAQs About $1500 Loan Bad Credit
How To Get $1,500 With Bad Credit?
If you have bad credit, applying for a loan can be difficult. However, it’s possible. Many lenders offer loans with no credit checks and no collateral requirements.
These lenders can help you get money without waiting weeks or months for approval. They will give you cash on the spot if you meet their requirements.
What Credit Score Do You Need For A $1,500 Loan?
If you are looking for a $1,500 loan, you must have a good credit score. A good credit score is anything above 650. Some lenders will give you a chance even if you do not have that kind of score.
Your bad credit history will be fine as long as you can show them that you have improved your finances and are ready to repay the loan on time.
How To Get A Loan For $1,500?
If you have been rejected by other lenders and need a loan, you can apply for a $1500 loan online. The process is simple and only takes minutes. You will be approved or denied instantly.
The application process is very simple, and you only need to answer some basic questions about your income and employment status. You also need to provide your bank account details.
Once you submit the application form, it takes just a few minutes for the lender to process it. If you are eligible for a loan, the money will be deposited directly into your bank account within 24 hours!
Concluding On Best Lender For $1500 Loan Bad Credit
And there you have it! We’ve got you covered if you’re looking for a $1,500 personal loan for bad credit. Just do your research and read the fine print before you sign on the dotted line.
We know that getting a loan with bad credit can be stressful—but we’ve got your back! We’ve walked you through all six of our favorite personal loans for bad credit and everything you should know about personal loans and bad credit.
So whether you need to buy a car or pay off debt, these six personal loan lenders give you everything you need to escape financial trouble without worsening things.
This information will help you find the right loan for your needs. If you have any questions about these loans or anything related to credit or personal loans, please do not hesitate to contact customer support at the respective companies.
