Are you looking for a £1,500 loan?
When looking to borrow money, it can be difficult to know where to start. With so many lenders, not to mention the unfamiliar financial jargon, it’s easy to feel overwhelmed.
If this sounds like you, or if you’re simply looking for guidance on how to find the best loan for your needs, we’re here to help.In this complete guide, we’ll cover everything you need to know about borrowing £1,500, so that you can fund that well-deserved holiday, home improvement, or consolidate your debts with confidence.
Where can I get a £1,500 loan?
When it comes to borrowing, there are many options available to you. Lenders will offer a variety of loan types that cover a range of circumstances and use cases, leaving it up to you to pick the lender and loan product that works.
If you are planning to borrow £1,500 with a loan, you’ll generally be looking for an unsecured personal loan. These are loans of between £500 and £35,000, with repayment terms of between 1-7 years.
Unsecured loan providers use your credit score, amongst other factors, to determine whether you are eligible to borrow. This means unsecured loans are a great option if you have a strong credit history.
If you feel that a loan isn’t right for you, then you can also consider using a credit card to borrow the amount. Keep in mind, however, that your credit limit (the amount you can borrow), may be lower than the card provider’s advertised maximum, depending on your credit history.
Am I eligible for a £1,500 loan?
Your eligibility for a £1,500 loan will depend on criteria set by each lender, which will commonly include:
- Your borrowing history or credit score
- Your income
- Your debt to income ratio (the amount of your income that you already pay towards debts)
- Loan purpose (such as taking a holiday, consolidating existing debts, or buying a new car)
Thanks to our loan eligibility checker tool, it’s easy to compare loan providers and find the ones you are more likely to be eligible for. Simply enter a few personal details, and we’ll suggest lenders that suit your needs and financial circumstances.
It’s quick, obligation free, and doesn’t affect your credit scor
Can I borrow £1,500 with a bad credit score?
Your credit score is a figure used by lenders to evaluate your creditworthiness.
It’s essentially a representation of your borrowing history. So every loan, credit card, mortgage, or similar finance agreement that you’ve entered into in the past will be reflected.
If you have a good credit score, it’s usually a sign that you’ve borrowed and repaid on-time in the past. Regular borrowing and repayment is a good way to improve your credit score. With a high credit score, lenders will be happy to offer higher amounts and more favourable interest rates.
A lower credit score could be a sign that you’ve previously had difficulty keeping up with repayments, or it may simply mean that you haven’t borrowed much in the past, making it difficult for lenders to evaluate you accurately.
A bad credit score won’t necessarily stop you from getting a £1,500 loan, though it may mean you’ll need to pay more in interest, or be offered a lower amount.
As a broker, we work with multiple lenders, many of which have loan products that are specially designed to cater to people with low credit scores. So it can help to shop around and find the right loan for your own personal situation.
Can I apply to borrow £1,500 online?
It’s easy to apply for a £1,500 loan online and get a decision in minutes.
Simply head over to our eligibility checker, enter some information about yourself and what you’re looking for, and then we’ll search our database to find lenders that would be a good fit for you.
Once you have found an option that you like the look of, you’re ready to make your application.
When you click to apply to a selected loan provider, they will usually run a hard check on your credit report to decide whether you are eligible. If they are happy to approve you for the loan, they will send you an offer, which will include:
- The loan amount
- The repayment term
- Any additional fees or charges that you will need to be aware of
- The total amount expected to be paid at the end of the repayment term
Take some time to read through these terms in detail and consider whether you are able to reliably make the repayments they have outlined, as well as whether the amount offered meets your needs.
If you’re happy with the terms, you can accept the offer and the money will be sent to your account.
Will I receive my loan on the same day?
Once your application is accepted by a lender, the money is approved to be sent as soon as you agree to the terms and the transaction is processed on their side.
As a result, it’s quite common to receive an unsecured loan on the day you accept it.
Can I afford to borrow £1,500?
When taking out a loan, it’s important to make the repayments on-time, according to the schedule set by the lender.
Missing repayments can negatively impact your credit score, as well as causing additional fees and interest to be applied to your debt. In some cases, lenders may charge a late payment fee for this.
Because of this, you should take time to consider whether you can afford to take out the loan and make the repayments.
A good way to check is to look at your current spending and the amount you have available each month after all of your regular expenses come out. Is there enough to cover your living costs through the month and the repayment on the loan?
It’s also a good idea to look ahead and think about how you would stay on top of your repayments if you were to lose your source of income unexpectedly. Planning like this can help to give you a buffer, should your circumstances change.
What can I use my £1,500 loan for?
Whatever your need for borrowing, a loan can help to spread costs and boost your credit score in the process, providing you keep up with your repayments on time.
Some of the most common reasons for borrowing £1,500 include:
£1,500 debt consolidation loans
If you have a number of smaller existing debts, like a credit card or an old loan that you’re halfway through repaying, a debt consolidation loan can help make the repayments easier to stay on top of.
You essentially take out a loan and use that to repay your existing debts. By doing this, you then only have one monthly repayment to cover, rather than trying to keep track of multiple each month.
It’s important to note that a debt consolidation loan, while helping to make things more manageable, may extend the amount of time that you are repaying your debts. This means you will pay more in the long run than you otherwise would have.
You can learn more about debt consolidation, including with bad credit, in our complete guide to consolidating debt.
£1,500 home improvement loans
A £1,500 loan could help provide the cash to get those kitchen cupboards fixed, replace that dodgy window, or repaint your interiors.
When shopping around for home improvement loans, it’s worth considering how the loan can help increase the overall value of the property. It might be that you can earn a greater return in the long run by increasing the sale value of your home.
You can learn how to finance home improvements in our complete guide.
£1,500 holiday loans
Maybe you’re simply in need of some much deserved rest and relaxation, or you’ve decided it’s time to take that trip of a lifetime you’ve been wishing for.
A £1,500 holiday loan might be just what you need to bring your dream trip to life.
Check our guide to holiday loans for tips on how to get started with your search and shop around for the best offers.
Other reasons to borrow
You can find information on other common types of personal loans on our dedicated pages for each:
How do I repay the money I’ve borrowed?
Once you have accepted the loan and the money is in your account, it’s simply a case of making the loan repayments outlined in your agreement, sticking to the agreed schedule.
If you ever find that you are unable to make a repayment on-time, contact your lender to let them know and they can often advise, as well as taking steps on your account to smooth things over if necessary.
Once the loan has been repaid, including any additional fees and interest, the lender will close your account.
How long will it take to repay a £1,500 loan?
The amount of time it takes to repay a loan, as well as the total amount that you repay, will vary depending on the terms you have agreed to.
Here is a general guide with a representative APR to give you an idea.
|Amount borrowed||Repayment term||APR (example rate)||Monthly repayments||Total repayment|
|£1,500||12 months (1 year)||19.70%||£137.60||£1,651.24|
|£1,500||24 months (2 years)||19.70%||£74.97||£1,799.31|
|£1,500||36 months (3 years)||19.70%||£54.32||£1,955.41|
|£1,500||60 months (5 years)||19.70%||£44.15||£2,119.41|
Representative example: If you borrow £7,500 over 5 years at a representative APR of 19.7% and an annual rate of 19.7% (fixed) you would pay £190.93 per month. Total charge for credit will be £3,955.76. Total amount repayable is £11,455.76. Minimum repayment period is 12 month. The % APR rate you will be offered is dependent on your personal circumstances. Freedom Finance is a leading credit broker not a lender.
As a general rule, aim to borrow as little as possible and repay it as quickly as possible. As an added benefit, frequent borrowing and repayment can help to boost your credit score.