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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

How long do personal loans take?

Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.

How are personal loans regulated?

Personal lenders in Australia are regulated by ASIC (the Australian Securities & Investments Commission) and must follow responsible lending rules. That means they can’t lend money without making “reasonable inquiries” about a borrower’s financial situation and ensuring the loan is “not unsuitable” for them.

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.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

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 a $1,500 payday loan with bad credit?

Yes, it may be possible to get a $1,500 payday loan with bad credit. Some payday lenders give loans to people with bad credit histories if they believe the borrower has the capacity to repay the loan.

Under Australia’s responsible lending rules, lenders aren’t allowed to approve $1,500 payday loans if they don’t believe the borrower can make the repayments.

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.

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.

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.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

What documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

Can I apply for a quick loan online?

While some lenders will require you to provide paperwork in person, many lenders will allow you to make an application for quick personal loan online. You’ll still need to provide information on your identity, income, and loan purpose in most cases.

Can I get a fast loan if I’m unemployed or on Centrelink?

Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.

If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people on Centrelink.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Are there $2000 emergency loans?

If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007