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Types
$1,500 loans to apply for today
Compare small short-term loans today
Short-term loans, often referred to as 'payday loans' are small, short-term loans of $2,000 or less, but can be as much as $5,000 with some lenders. Normally payday loans have loan terms of between 16-60 days, hence the term 'payday' loan - they are intended for people looking for a quick-fix cash solution that they can repay once they've been paid by their employer. However, some lenders offer payday loans with terms of up to 1 or 2 years.
Be aware that there are usually high costs associated with these loans, including the maximum establishment fee, high interest rates, monthly fees, high late payment and default fees.
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Sunshine Short Term Loans
This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
- Loan Amount: $2,000
- Loan Term: 9-14 weeks
- Turnaround Time: 30 minutes - conditions apply
- Fees: 20% of loan amount + 4% of loan amount each month
- Bad credit borrowers OK
- Quick & easy Approval
- Bad credit applicants considered
- Fast approval service
- Borrow up to $2,000
What options do I have for a $1,500 loan?
The table below lists a range of short term lenders who you can apply for $1,500 with.
What to consider
There are a number of lenders offering $1,500 loans. It is important for prospective applicants to consider the following prior to submitting any applications:
Loan purpose
Depending on the requirement for the use of the loan, loan types and costs will vary. If you're borrowing money to buy an asset (e.g. taking our a car loan), secured loans are normally cheaper, because the risk of default is mitigated by the asset security. These are available for both good and bad credit borrowers. Payday loans, on the other hand, are usually unsecured loans.
For emergencies such as medical expenses of due household bills, some payday lenders may be able to provide the necessary funds last minute. However, there are also some interest-free 'buy now, pay later' providers who provide similar services at a much lower cost.
Bad credit borrowing
Good and bad credit borrowers will have different options available to them. Prospective borrowers with good credit can consider a traditional bank or credit union for a low limit credit card, overdraft or small personal loan. Bad credit borrowers will likely be limited to bad credit loans. Bad credit borrowers will usually be required to pay higher interest rates.
Repayments and budget
Most loan providers assign 'personalised rates' to their customers. These rates are based on factors such as employment, credit history, asset ownership and an analysis of financial expenditure. The rate and loan term assigned to payday loan borrowers will determine the cost of their repayments. The higher the interest rate and the longer the loan term, the higher the cost of the loan.
For example:
Megan and Phoena both borrow $1,500 from the same payday loan provider. Megan has one default on her credit history and Phoena has a clean credit history. They are offered the following rates:
- Megan: 85.88% p.a.
- Phoena: 65.66% p.a.
Megan and Phoena are both required to make weekly repayments. Megan opts for a loan term of 1 year, whereas Phoena opts for a loan term of 60 days. Their following repayments will be:
Megan
- Weekly payment: $42.79
- Total of 52 Payments: $2,224.82
- Total Interest: $724.82
Phoena
- Weekly payment: $183.59
- Total of 8.67 Payments: $1,591.09
- Total Interest: $91.09*
While they have borrowed the same amount, the difference in their circumstances and loan terms means that Phoena pays only a small fraction of the costs of the loan that Megan has to repay.
Shorter-term loans will see customers pay back their loans sooner and will save them interest in the long run, but their repayments will be a lot higher. Prospective applicants can use a personal loan calculator to see what their repayments will likely be.
*please note that these repayments are only an example and do not necessarily include any additional establishment costs, monthly fees, etc that might be included in payday loan agreements.
Employment
Lenders have employment and earning-based eligibility criteria which they use to assess loan applications. . Keep in mind there are still loan options available if for those who are receiving Centrelink payments as income. Always check a provider's eligibility criteria prior to submitting an application, as it will differ from lender to lender. Unemployment loans are also available from some lenders.
How much does a $1,500 loan cost?
Lenders are restricted as to how much they can charge. If the lender is not an Authorised Deposit-taking Institution (which means it isn't a bank, credit union or building society), it can only charge:
- An establishment fee that is 20% of the principal loan amount
- A monthly fee that is 4% of the principal loan amount
The actual amount payable will depend on the loan term. For example, customers will pay less for a $1,500 loan over three months than over four months because they will need to pay an additional monthly fee when they repay over four months. Be sure to consider the total cost when weighing up loan options.
Payday loan eligibility
The criteria will likely differ between lenders, but standard requirements are that applicants must:
- Be over the age of 18
- Receive some type of income into their account
- Be able to show 90 days worth of banking history
- Be an Australian resident
The $1,500 loan application checklist
Here's what is needed to apply for a $1,500 loan:
Personal details.
- Name
- Contact information
- ID - driver's licence, Medicare card or passpor
Employment and income.
- Employer's name and number
- Annual income
Centrelink.
- Applicants who receive Centrelink payments will be required to show details of their payments.If you receive Centrelink benefits you will need to advise what type of payment you receive, how often you receive it and how much.
Finances and banking.
- 90-days of banking history and expenses information is usually required. This is usually provided via internet banking.
Questions about $1,500 loans answered
I'm bankrupt – can I still get a short-term loan?
Some lenders will still consider you for a loan applicants who are discharged from bankruptcy or are currently bankrupt. You can review the eligibility criteria listed on lender's website before submitting an application . Please be aware that payday loans usually entail high fees and charges.
I have a payday loan that is almost repaid. Can I get another one?
There are tight regulations around approving multiple payday loans. While 2 loans at one time may be possible to acquire, multiple high-interest loans can be financially problematic.
What happens if a lender rejects my application?
Sometimes it won't be clear why an application is rejected.. Applicants should carefully review the minimum eligibility criteria to make sure that they are eligible prior to submitting an application. Each time anyone applies for a loan, it will appear as an enquiry on their credit file, and too many credit enquiries can be damaging to credit scores
I receive Centrelink payments as income, am I still eligible?
This will depend largely on the lender, but yes, there are lenders who will consider loan applications from applicants on Centrelink payments. Certain criteria will likely apply, so it's best for borrowers to review these carefully before submitting an application, and only applying for a loan if they know that they can afford the repayments. There are also other loan options, such as no and low interest loan schemes and Centrelink cash advances that are available.
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