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Learn more about personal loans

What is a $1,500 payday loan?

A $1,500 payday loan is a high-cost, short-term loan that allows you to borrow $1,500. Payday loans can be used for a range of expenses, such as utility bills, medical costs or temporary cash shortfalls. Although payday loans come in a wide range of amounts and repayment periods, they are generally for small amounts and are paid back over a short amount of time.

What is a $1,500 bad credit payday loan?

A $1,500 bad credit payday loan is a payday loan that is available even to borrowers with bad credit. A bad credit score can be the result of unpaid debts or late payments, and can make it difficult to be approved for a loan through traditional channels.

Bad credit payday loans are designed for people with bad credit scores who have been turned down by other lenders. Some lenders may even offer payday loans for bad credit instant approval, which will tell borrowers immediately whether they have been approved for a $1,500 payday loan.

7 reasons people use payday loans

  1. Food
  2. Rent
  3. Electricity bills
  4. Car repairs
  5. Medical emergencies
  6. Christmas gifts
  7. Mortgage repayments

Who offers $1,500 payday loans?

A huge range of online lenders offer $1,500 payday loans. It’s helpful to compare payday loan lenders to find one that suits your financial situation.

How do you take out a $1,500 payday loan?

Most payday loan lenders allow borrowers to apply for a $1,500 payday loan through an online application. The application is then reviewed and either approved or denied based on a number of factors such as credit scores and income.

How long does it take to get a $1,500 payday loan?

In general, $1,500 payday loans are designed for people who need cash fast, which is why lenders work to provide your funds as soon as possible. Some payday lenders allow you to pick up your loan amount immediately in store, while others deposit the amount into your bank account the same day or the day after you apply.

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What are the pros and cons of $1,500 payday loans?

Like all borrowing options, payday loans have both benefits and drawbacks. Payday loans allow you quick access to money you need, and it’s often easy to apply and get approved.

However, payday loans are a high-cost borrowing option. Fees are often high, which means borrowers end up paying much more than the original loan amount. The fine print of a $1,500 payday loans is also generally lender-favourable. For example, high fees might for non-payment, which might result in a troublesome cycle of debt for the borrower.

Can you get a $1,500 payday loan if you're on Centrelink?

Yes, people who receive Centrelink benefits can be approved for a $1,500 payday loan. However, the approval of any payday loan is always dependent on the lender. In some cases, Centrelink cannot be your primary source of income.

Some lenders may offer payday loans for bad credit on Centrelink, which would allow borrowers who receive Centrelink benefits and have bad credit to take out a $1,500 payday loan.

Case study: Jessica faces the fine print

A pipe bursts in Jessica’s apartment, causing damage to many of her belongings, including her laptop that she needs to run her business. To buy a new laptop, Jessica decides to take out a $1,500 payday loan. After her application is approved, she begins making repayments, but is a few days late making one of her payments. Jessica’s payday loan charges $7 each day a payment is late – something she had missed in the fine print. Because her payment was five days late, Jessica paid $35 more than she would have had to if she paid on time.

Can self-employed people get $1,500 payday loans?

Yes, self-employed borrowers can get a $1,500 payday loan, under certain conditions. Some lenders will not consider self-employed applicants, while others welcome all to apply and may even offer payday loans for self-employed people with bad credit. It’s best to check the eligibility criteria for any lender before applying for a $1,500 payday loan.

What are some alternatives to $1,500 payday loans? 

Alternatives to $1,500 payday loans include Centrelink advance payments, no-interest loans, negotiating with your utility provider or signing up for a credit card – but the suitability of these alternatives will depend on your specific situation.

If you’re eligible for Centrelink benefits, you may qualify for advance payment on your benefits to pay for essential expenses. Those with low income may be eligible for the No Interest Loan Scheme. If you’re behind on utility payments, talk to your provider to see if they offer payment plans that will help you better manage your debt. Signing up for a low-interest credit card may also help you cover necessary costs at a lower price than with payday loans.

Because of their high cost, $1,500 payday loans should only be used as a last resort. If you’re struggling with existing debt, financial counselling and the National Debt Hotline may be able to help.

Frequently asked questions

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

How can I improve my credit rating/score?

Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.

Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.

If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.

The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).

AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.

If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

What is bad credit?

A person is deemed to have ‘bad credit’ when they have a poor history of managing credit and repaying debts.

Can I get an easy/instant personal loan?

Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.

How do I find out my credit rating/score?

You're entitled to one free credit report per year from credit reporting bodies like Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. You can also get a free report if you’ve been refused credit in the past 90 days.

Credit reporting bodies have up to 10 days to provide reports. If you want to access your report sooner, you’ll probably have to pay.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

How do I know if I've got a bad credit history?

You can find out what your credit history looks like by accessing what's known as your credit rating or credit score. You're also able to check your credit report for free once per year.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What is debt consolidation?

Debt consolidation is the process of rolling several old debts into one new debt, usually to save money or for the sake of convenience.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What causes bad credit ratings/scores?

Failing to repay loans and bills will damage your credit score. So will falling behind on your repayments. Your credit score will also suffer if you apply for credit too often or have credit applications rejected.

How long does it take to get a bad credit personal loan?

In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.

How do I consolidate my debt if I have bad credit?

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process:

  1. First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
  2. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
  3. Third, instead of spending those savings, use them to pay off the new loan.