Payday loans aren't your only option. Make sure to compare payday loan alternatives before applying.
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.
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
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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 that you can apply for $1,500 with.
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.
Megan and Phoena both borrow $1,500 from the same payday loan provider. Megan has several defaults on her credit history and Phoena has a clean credit history. They are offered the following rates:
- Megan: 20% establishment fee and 4% monthly fees
- Phoena: 20.99% 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:
- Weekly payment: $96.92
- Establishment fee: $300.00
- Monthly fees: $720.00
- Total to be repaid:$2,520.00
- Total interest: $724.82
- Weekly payment: $170.05
- Total payments: $1,530.44
- Total interest: $30.44*
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.
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.
$1,500 loans for unemployed applicants
If you're unemployed you may still qualify for a $1,500 loan, as long as you have some form of eligible income, such as Centrelink payments, or suitable income-earning assets, so that you are realistically able to repay the loan. However, many lenders require Centrelink payments to make up less than 50% of your total income in order for you to be eligible, so it's a good idea to thoroughly check the required criteria on a lender's website before you apply.
For more information on loans for unemployed applicants, please visit or guide.
$1,500 loans for self-employed applicants
Getting a $1,500 loan if you are self-employed shouldn't be too much of an issue, provided that you are able to provide sufficient evidence of your income. This may include documents such as tax returns, bank statements or proof of rental income, depending on your situation.
You will need to check the lending criteria of each specific lender before applying in order to see if you qualify. If you're unsure about a lender's eligibility criteria, it's important that you contact that lender prior to submitting an application with any questions that you may have.
For more information on personal loans for self-employed applicants, please visit our guide.
The pros and cons of a $1,500 loan
- No asset security. Most $1,500 loans are unsecured. This is beneficial if you don't want to risk an asset that you're buying or one that you already own.
- Flexible loan purpose. Depending on the lender and the loan product in question, once you're approved, you can generally use the funds for any purpose.
- Easy application process. Applications for small amounts of funding such as $1,500 loans are generally uncomplicated and quick to complete. After you have submitted an application, you will usually get a response in as little as 60 seconds. Approval time will depend on the lender, but many can provide same-day funding.
- High fees. While not all $1,500 loans have high fees attached, almost all payday loans will charge the maximum 20% establishment fee and 4% monthly fees, which can be costly.
- Penalties for missed payments. There is no cap on what lenders can charge if you miss a payment. Ensure that you are able to pay back a loan before committing to one, or you may find yourself in a spiral of debt.
- Short repayment terms. Many $1,500 loans have short repayment terms, which can mean that repayments are generally quite high. Ensure that your budget is able to cope with the addition of repayments for your 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:
- Contact information
- ID – driver's licence, Medicare card or passport
Employment and income
- Employer's name and number
- Annual income
- Applicants who receive Centrelink payments will be required to show details of their payments
- If you receive Centrelink benefits you will need to disclose 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
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.