Check your Approval Odds for a $1,500 loan
Image: 1500How (and where) to get a $1,500 personal loan
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If you’re planning to take out a $1,500 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Average monthly payments for a $1,500 unsecured loan by loan duration and credit score range
| Loan duration | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
| 1–12 months | $178.68 | $164.52 | $156.69 | $162.93 |
| 13–24 months | $150.04 | $119.50 | $101.89 | $86.94 |
| 25–36 months | $69.99 | $62.36 | $56.96 | $53.48 |
| 37–48 months | $60.75 | $52.65 | $46.85 | $45.90 |
Average monthly loan payments update regularly based on aggregate TransUnion credit report data from Credit Karma members with active personal loans.
The best $1,500 personal loans
Affirm
The Affirm app is worth considering if you want to make online or in-store purchases and pay for them with four (potentially interest-free) installments. But you might need a down payment, and if you spread out your payments over a longer period, you may face interest.
OneMain Financial
OneMain offers flexible repayment terms, and you can use its loan and payment calculator to estimate your potential monthly payments. There are lots of fees with this lender though, including origination fees, late payment fees, nonsufficient funds fees and governmental fees. OneMain’s starting interest rates are relatively high compared to traditional lenders — you may find a better deal elsewhere if you’ve got good credit.
PNC Bank
A PNC Bank personal loan might be worthwhile if you need a personal loan and have good credit or can apply with a co-applicant with a solid credit history. But it’s not available in every state, and you’ll need to borrow a larger sum of money to lock in the lowest rate.
LendingClub
A LendingClub personal loan may be a good fit if you want to consolidate debt, since it can pay your creditors directly. But you’ll need good credit to qualify for the lowest rates and might have to pay an origination fee.
How to get a $1,500 loan
Getting a $1,500 loan starts with taking stock of your financial situation. Checking your credit can give you a sense of the kind of terms you might receive on a loan, as well as help set expectations for the shopping process.
When you’re ready to apply for a personal loan, you’ll first want to narrow your search based on eligibility requirements. Make sure lenders offer the $1,500 loan you’re looking for, but you’ll want to consider other factors as well.
For instance, not every lender works in every state, and some might not allow you to use your loan funds for your intended purpose.
Once you have a list of possible lenders, it’s a good idea to see if they offer prequalification, which allows you to see your potential rates and terms without triggering a hard credit inquiry. While prequalification doesn’t involve submitting a formal application, you should expect to provide personal information such as your income.
Keep in mind that prequalification is not a guarantee of approval or exact terms. You’ll still need to apply formally, which usually involves a hard credit check and have a temporary impact on your credit.
The best available lender might not be the one that listed the lowest interest rate during prequalification. Other fees, such as an origination fee or prepayment penalty, could affect your total cost, so make sure to consider them when determining the most affordable loan.
We also recommend using a loan calculator to determine the total cost of a potential loan.
FAQs about $1,500 loans
Some lenders offer same-day loans that provide funding within hours of approval. But same-day funding is not guaranteed, and even the fastest loans can take hours to transfer the funds to your account. The exact timing will depend on your bank.
$1,500 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
Many lenders consider applicants with less-than-perfect credit, so they may be a better choice if you’re looking to get approved for a loan. Even so, loans for bad credit tend to come with higher interest rates and fees. If you have bad credit, look for lenders that offer prequalification — this can give you an idea of the terms you might be offered before you commit, without hard inquiry that can temporarily bring your scores down further.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.