Even if you manage your money well, emergencies can catch you off guard and you might find yourself in need of a few extra bucks before your next payday. From sudden car repairs to missing work time due to an unexpected illness, there’s no shortage of reasons why you might need a $1,500 quick loan.
The good news is there are several ways to get a quick loan when you need it. The bad news is they’re not all created equal. Some are even financially dangerous.
Need quick cash without the risks that come with payday loans? Apply for your personal installment loan today and get the cash you need by tomorrow!
Before you sign your name to anything, let’s take a quick look at the different ways to get a small loan...
Apply for a loan from a bank
A far safer option for a loan is to apply for one with a bank. Unlike payday lenders, banks offer more reasonable interest rates and longer terms, so you can pay back the loan over a longer period of time in smaller installments.
The downside is that not all banks offer small loans of $1,500 or lower. They’re also not particularly convenient. The process can be slow, requires lots of paperwork, and needs to be completed in person.
Furthermore, if you don’t have great credit, it can be a barrier to getting a loan from a bank.
Apply for a loan from a credit union
Credit unions are very similar to banks. They tend to offer low interest rates and long-term installment plans, but they’re not the most convenient and usually require an appointment in-person.
Unlike most banks, credit unions are more likely to issue small loans under $1,500. But to be approved you’ll typically need decent credit so if you think this will be an issue you might want to try the next option.
Are payday loans a good idea?
When you need around $1,500 to get you to your next payday, it can be tempting to visit a payday lender. But these lenders can cause you a lot of financial harm very quickly.
Payday lenders specialize in extremely short-term loans that need to be paid back in full—with interest—within a few weeks of the loan being issued. In some cases, payday lenders actually make you sign a post-dated check for this amount, guaranteeing they’ll be paid back in full very quickly.
Payday loans also have the highest interest rates around plus a range of other fees. Altogether, it’s not uncommon for a payday loan’s APR to be in the range of 300-400%.
For example, if you pay $15 (interest) per $100 borrowed with an agreement to pay it all back in two weeks, you're paying a $225 finance charge which means you pay back $1725 in total. And we're not even including late fees! Your interest rate is effectively 391%.
To help you understand the extraordinary cost involved, the government of British Columbia has a payday loan calculator that makes it easy to see that you're not getting a good deal.
As you can guess, it’s a recipe for financial disaster. You can rapidly get into a hole you can’t escape from by signing your name to loans like these. Avoid payday loans at all costs.
Can I get a $1,500 loan with no credit check?
The chances are, if you're looking for a no credit check loan, it's because your credit isn't great at the moment. Like payday lenders, no credit check lenders take advantage of customers who think they have nowhere else to turn and charge extortionate fees for loan approvals without credit checks. No credit check lenders thrive on people's desperation.
Fortunately, there is a safer and much more affordable option when you need fast cash—even if you have bad credit...
Get a personal loan online
If you need to get a $1,500 quick loan to cover you until your next payday, the smartest option is to get a quick personal loan from a trusted online lender.
Even if you have bad credit, a personal installment loan from a direct lender is much faster and easier to get than a bank (or credit union) loan and offers much lower interest rates and more manageable repayment periods compared to payday or no credit check lenders.
Get approved for your online personal installment loan with Fresh Start Finance:
- Cash when you need it: Funds of between $600 to $15,000 can be e-transferred to your bank account on the same day or within 24 hours.
- All credit scores welcome: You can get approved for a $1,500 loan with bad credit or no credit.
- Flexible repayment plans: Choose a short term if you want to pay your loan off quickly or a longer one to make smaller monthly payments.
- Apply online in minutes: You can apply for your loan in 3 minutes and do it all easily on your smartphone!
- No hidden fees: There’s no such thing as application fees or maintenance charges.
- Trusted lender: Check out the reviews on Trustpilot to see how Fresh Start Finance has helped Canadians across the country.
Get approved for your personal loan today! Apply online or over the phone at 1-888-556-6441.