Find yourself needing to bridge a $1,500 gap? There are ways to borrow money available to you.
There are times when you may need to come up with money quickly, whether it’s to cover car repairs or a medical bill you weren’t expecting. Sometimes the amount is more than you can manage. If $1,500 is beyond your savings account balance and you need money to cover urgent expenses, there are lenders you can consider.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
"I need to borrow $1,500. Where do I start?"
The table below lists a range of short term lenders who you can apply for $1,500 with.
Warning about Borrowing
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.
There are a number of lenders offering $1,500 loans. Asking yourself the following can help you determine what to apply for:
- What do you need the loan for?
The purpose of the loan may help you narrow down your search. If you’re looking to borrow money for a car, whether new or used, you can look for a secured loan. These are available for both good and bad credit borrowers. If you need the money to cover an emergency, like a bill that is due the next day, find a lender that can get the money to you when you need it.
- Do you have bad credit?
Good and bad credit borrowers will have different options available to them. If you have good credit you can consider a traditional bank or credit union for a low limit credit card, overdraft or small personal loan. If you have bad credit, you are likely to be limited to bad credit loans.
- What repayments can you afford?
The interest rate and fees you are paying will affect your repayments, as will the terms you select for your loan. For instance, a loan with shorter terms will see you pay back your loan sooner and save you interest, but your repayments will be a lot higher. Payday loans are for shorter terms – usually not longer than four months. After you work out your budget, you can use a personal loan calculator to see what your repayments will be.
- Are you employed?
Lenders have eligibility criteria in regards to how you need to be employed and how much you have to earn. Keep in mind there are still loan options available if you are receiving Centrelink payments as income. Check the eligibility criteria of each lender before you apply. If you are in-between jobs, then you still may be eligible for a loan.
How to compare lenders
After you’ve decided on the type of loan or lender you want to apply for, you’re likely to still be left with a few to compare. Here are some things to keep in mind:
- Ease of application. How long does it take out to apply online? Do you need to fax documents, and can you digitally sign the contract?
- Flexibility. Lenders can be flexible when it comes to loan terms, amounts and letting you make repayments. Find out just how flexible they can be before you apply.
- Additional loan features. Some lenders offer some competitive benefits when you borrow with them. Easy repeat borrowing, discounted rates for subsequent loans and free debit cards can be on offer depending on which lender you apply with.
What a $1,500 loan will cost you
Lenders are restricted as to how much they can charge you. If the lender is not an Authorised Deposit-taking Institution (ADI) (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
Other amounts, such as Government fees and charges to cover defaults or late payments, can also be added. Be sure to consider the total cost when weighing up loan options.
Eligibility criteria you will need to meet
The criteria differs between lenders, but you will usually need to:
- Be over the age of 18
- Receive some type of income into your account
- Be able to show 90 days worth of banking history
- Be an Australian resident
The $1,500 loan application checklist
- Personal details.
You’ll need your name, contact information and documents to show your identity – this can be your driver’s licence, passport or Medicare card.
- Employment and income.
If you’re employed you will need to provide your employer’s name and number and how much you earn.
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.
List your debts and your assets and provide your banking details – this is to check three months of banking history and to receive your loan amount.
Questions we’ve been asked about $1,500 loans
I’m bankrupt – can I still get a loan?
Some lenders will still consider you for a loan if you are a discharged bankrupt or are currently bankrupt. Review the eligibility criteria listed on the review page before you apply.
I have a payday loan that is almost repaid. Can I get another one?
Lenders aren’t allowed to approve you for a loan until you’ve repaid your current payday loan back in full. Once you’ve successfully repaid one loan you can apply with your previous lender or find another lender to apply with.
What happens if a lender rejects my application?
Sometimes it won’t be clear why your application was rejected. The next step is to find another lender to apply with – carefully review the minimum eligibility criteria and make sure you are eligible. Remember that each time you apply for a loan it appears as an enquiry on your credit file and too many credit enquiries can be damaging for your credit score.
I receive Centrelink payments as income, am I still eligible?
Yes, there are lenders who will consider you for a loan. Certain criteria apply so it’s best to review these before you submit your application and only apply for a loan if you can afford the repayments. There are also other loan options, such as no and low interest loan schemes and Centrelink cash advances available to you.