What a $1,500 loan costs
A $1,500 loan sits in our $500 to $1,999 band, which carries a representative APR of 29.90% fixed. There is no origination fee, so the full $1,500 is deposited, and there is no prepayment penalty, so paying ahead reduces what you owe.
| Term | APR | Monthly payment | Total interest | Total repaid |
|---|---|---|---|---|
| 6 months | 29.90% | $272.25 | $133.50 | $1,633.50 |
| 12 months | 29.90% | $146.16 | $253.92 | $1,753.92 |
Sample pricing. Your rate depends on your credit profile, income, and state, and any lower state cap applies instead.
Which term to choose
Over 6 months the payment is $272.25 and the interest totals $133.50. Over 12 months the payment falls to $146.16 but the interest rises to $253.92. The longer term costs $120.42 more for the same money.
The rule worth applying: take the shortest term whose payment you can comfortably make in your worst recent month, not your best one. Stretching the term to make a payment fit is a signal to borrow less rather than to borrow for longer.
What income supports this payment
Keeping total debt payments under about 20% of take-home pay, the $146.16 payment on the 12-month term suits monthly take-home income of roughly $750 or more, before any existing debt. On the 6-month term the payment of $272.25 suits around $1,350. Test your own figures in the affordability calculator.
What people borrow $1,500 for
- A transmission repair or major engine work
- An emergency flight and a week away
- First month's rent plus a deposit
- Consolidating three smaller balances
You do not have to tell us why you are borrowing, and the reason does not affect your rate.
Before you borrow $1,500
Cheaper routes exist for most of the situations above. Ask the original biller for a hardship or payment plan, which is frequently interest free. Dial 211 or check LIHEAP for utility and rent emergencies. A federal credit union payday alternative loan is capped at 28% APR for amounts up to $2,000, which beats our pricing and covers this amount. The full checklist is on six things to check before you borrow.
Qualifying for $1,500
You need to be 18 or older, living in a state we serve, with a regular verifiable income, an active checking account, and a valid email and mobile number. Beyond that we assess whether the payment fits alongside your existing obligations, your recent payment behaviour, and credit data. There is no minimum credit score.
Amounts at this level are more often approved for borrowers with a repayment history or stronger verified income. Checking your rate is a soft inquiry and does not affect your score. Full detail is on the eligibility page.
Questions about a $1,500 loan
Payments, interest, income, and how quickly the money arrives.
What is the monthly payment on a $1,500 loan?
At our representative APR of 29.90%, $272.25 a month over 6 months or $146.16 a month over 12 months. Your actual payment depends on the rate you are offered.
How much interest will I pay on $1,500?
$133.50 over 6 months, or $253.92 over 12 months at 29.90% APR. There is no origination fee, so interest is the entire cost of the loan.
What income do I need to borrow $1,500?
There is no published minimum. As a guide, keeping total debt payments under about 20% of take-home pay means the 12-month payment suits monthly take-home income of roughly $750 before existing debt is counted.
Can I get $1,500 with bad credit?
Possibly. We weigh income, existing obligations, and recent payment behaviour alongside credit data, and there is no minimum score. Applicants with impaired credit are more often approved at the lower end of our range and at higher APRs.
How quickly can I get $1,500?
Approved loans are sent by direct deposit as soon as the next business day after you e-sign. Weekends and bank holidays add time, and your bank's posting schedule applies.
Can I pay a $1,500 loan off early?
Yes, with no prepayment penalty. Interest accrues on the balance you still owe, so clearing it early removes interest that has not yet accrued. On the 12-month term that could save a meaningful share of the $253.92 total.