$1,500 loans

Often referred to as "payday loans", $1,500 loans are small, short-term loans. Generally, short-term loans are available up to $2,000, but can be as much as $5,000 with some lenders. Normally payday loans have loan terms of between 16 and 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, and high late payment and default fees. Avoid applying for multiple $1,500 loans at once as this can lower your credit score and make it harder to borrow money in the future.

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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

Go to site More info

What options do I have for a $1,500 loan?

The table below lists a range of short-term lenders that you can apply for $1,500 with.

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Name	Product	Maximum loan amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-14 weeks	30 minutes - conditions apply	$35	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.	Go to site More Info	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 9 months	1 hour - conditions apply	$15	20% of loan amount + 4% of loan amount each month	$372	A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Safe Financial Small Loan		$5,000	22 - 52 weeks	Same day - conditions apply	$35	Up to $2,000 - 20% establishment fee + 4% monthly. Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR	$396	Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.	Go to site More Info	Compare	loading Fetching your data...
Fair Go Finance Small Loan		$2,000	3 to 12 months	24 to 48 hours	$35	0% Establishment Fee + monthly fee 4%	$354	A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Jacaranda Finance Personal Loan		$10,000	9 to 24 months	Under 1 hour - conditions apply	$35	$0 - $1,000 depending on credit		Borrow up to $10,000 and get access to your funds in as little as 1 hour. Special Offer: Go into the draw to win an iPhone 12 Pro when you apply for a loan with Jacaranda. To be eligible you need to apply before 31 July 2021 and receive your completely funded loan before the last winner is drawn. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...

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How do they work?

$1,500 loans are generally lent to people who are looking for a quick-fix solution until payday. Perhaps you were hit with an unexpected bill or expense that couldn't wait until your next pay cheque. $1,500 loans generally require minimal documentation to process and can be approved quickly, if not instantly.

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 3 months than over 4 months because they will need to pay an additional monthly fee when they repay over 4 months. Be sure to consider the total cost when weighing up loan options.

How to compare lenders

There are a number of lenders offering $1,500 loans. It is important for prospective applicants to consider the following when comparing lenders, prior to submitting any applications:

1. Loan purpose

What do you need the loan for? Depending on what you're planning to spend the money on, the type of loan you need and the associated costs will vary. Different lenders will have different levels of flexibility on what you are able to use funds for.

• Car/large purchase. If you're borrowing to buy an asset (e.g. taking out a car loan), opting for a secured loan is normally cheaper, because the risk of default is mitigated by the asset security. However, please note that standard payday loans are usually unsecured loans.
• Emergency expenses. If you have an emergency expense such as medical charges, or overdue household bills, some payday lenders may be able to provide the necessary funds last-minute where other lenders will not.
• Other purchases. If you need the funds to buy something else, there are also some interest-free "buy now, pay later" providers which provide similar services at a much lower cost.

2. Bad credit borrowing

Different lenders have different eligibility requirements, and 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, which include standard payday loans. Bad credit borrowers will also usually be required to pay higher interest rates.

3. Repayments and budget

While most payday lenders charge the capped 20% establishment and 4% monthly fees across the board, some other loan providers assign "personalised rates" to their customers (usually established as a "p.a." or "per annum" figure). 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.

4. 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 for those who are receiving Centrelink payments as income. That being said, you should 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.

The pros and cons of a $1,500 loan

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:

Alternatives to $1,500 payday loans

There are a number of alternatives to $1,500 loans that you can use:

• "Buy now, pay later". If you need to make a purchase quickly, many retailers now offer buy now, pay later options such as Afterpay, Zip, Humm and more, that break down your repayments into smaller, more manageable chunks. They're also interest-free and (provided you make your repayments on time) don't charge any fees.
• Interest-free loans. If you're facing financial hardship, you might qualify for an interest-free loan. These can be used to make purchases such as necessary household appliances, or to pay bills.
• 0% interest credit cards. Another alternative to a payday loan is a 0% interest credit card. Just remember that at the end of the introductory period, the 0% interest rate reverts to the credit card's standard rate for purchases. When that happens, you'll be charged interest on any purchases you haven't paid off during the 0% p.a. period.

Questions about $1,500 loans answered

I'm bankrupt – can I still get a short-term loan?

Some lenders will still consider loan applicants who are discharged from bankruptcy or are currently bankrupt. You can review the eligibility criteria listed on the 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 two 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 that 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 are available.