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Choosing the best 1,500 dollar loan

Borrowing $1,500 online can be difficult and time-consuming if you have bad credit. In this article, we'll compare 3 solid loan options tailored for bad credit borrowers: installment loans, line of credit, and title loans.

Features $1,500 Installment Loan $1,500 Line of Credit $1,500 Title Loan
Interest rate 175% 300% 300%
Credit check Yes Yes No
Bad credit accepted Yes Yes Yes
Unemployed accepted Yes No Yes
Instant approval Yes Yes No
Same-day funding Yes Yes Yes
Completely online Yes Yes No
Need collateral No No Yes

Best for low interest rates

#1. Installment loans

The average interest rate on an installment loan is 175%, which would cost you $851.52 in finance charges on a $1,500 loan paid back in 6 months.

Installment loans win gold simply because you are going to get a much lower rate compared to title loans or a line of credit.

Lower interest rates result in more manageable payments. In addition, installment loans offer flexible loan amounts and term lengths to better fit your needs.

#2. Line of credit

The average interest rate on a line of credit is 300%, which would cost you $1,549.38 in finance charges on a $1,500 loan paid back in 6 months.

When it comes to average interest rates, a line of credit is the second-best choice for a $1,500 loan.

While lines of credit typically have similar interest rates to title loans, you don’t have to offer any collateral with a line of credit. That means there’s no risk of losing your car if you fall behind on payments.

Best for no credit checks

#1. Title loans

For those with poor credit scores, title loans are a good option for a $1,500 loan because no credit check is required.

As a secured loan, your car’s title serves as the main factor in getting lender approval (after a vehicle inspection).

Keep in mind, however, that repayments tend to be less flexible than other bad credit personal loans.

#2. Installment loans

While installment loans still require a credit check, they are a worthy runner-up in this category.

Installment loan lenders are primarily concerned with bankruptcies and collections, rather than your overall score. As long as these aren’t present, you can still get approved for a $1,500 loan even with a less-than-satisfactory credit score.

Best for bad credit

#1. Installment loans

If your credit score needs a little work, installment loans can serve as a great lending option.

That’s because lenders use other data when deciding whether to lend to you, such as banking history and your ability to repay. This gives you a decent shot at getting approved for a $1,500 loan, even if you have bad credit.

#2. Line of credit

If you have bad credit, a line of credit is another worthwhile option to consider.

Both line of credit and title loan lenders will work with you if your credit score is between 300-579.

However, a line of credit is the healthier financial choice because it doesn’t require using your vehicle as collateral.

Best for the unemployed

#1. Installment loans

If you are unemployed or receive regular benefit checks, installment loans should be your first pick.

Most lenders will be able to verify your Social Security or unemployment check as income, as long as these payments are regularly deposited in an active checking account.

This makes installment loans a clear winner for applicants who rely on Social Security or disability payments.

#2. Title loans

A title loan can also be a worthwhile borrowing option for those who are unemployed or on full-time disability.

Even though you will need to provide a working vehicle as collateral to secure funding, you have a good chance of being approved with proof of recurring benefits payments.

On the other hand, line of credit lenders usually have stricter employment requirements.

Best for instant approvals

#1. Installment loans

For a quick loan approval, the decision is simple: go with an installment loan.

Getting the money you need won't be slow when applying for an installment loan thanks to a simple online application process that offers instant approval.

This loan option also offers affordable interest rates, making it a real no-brainer!

#2. Line of credit

If you need a $1,500 loan with instant approval, your second-best option is a line of credit.

Even though the process isn’t as quick as an installment loan, you don’t have to wait long to find out if you’re approved.

This is much faster than a title loan, which requires a vehicle inspection before you get approved.

Best for same-day funding

#1. Installment loans

In a situation that requires a same-day lending decision? An installment loan is your best option.

Installment loan lenders offer simple online applications with flexible payback arrangements and fair approval requirements.

Fast approval means you can get your $1,500 loan today, making installment loans the best option for dealing with a financial emergency.

#2. Line of credit

A line of credit takes home the silver medal for loans with same-day funding.

Lenders are relatively flexible in their approval decisions, which are often fast enough that you’ll receive funding the same day you apply.

One significant distinction is that a line of credit has higher interest rates than an installment loan — so be ready for a bigger monthly payment.

Best for a completely online experience

#1. Installment loans

If you want to apply for a $1,500 loan completely online — and still get great interest rates — installment loans are king.

Even with a simple online application, installment loans provide versatile repayment options and competitive rates.

You can’t beat having the ability to handle a financial emergency without leaving your home!

#2. Line of credit

Not to be outdone, line of credit applications can also be done completely online.

Lenders have modernized so you can complete your application from a smartphone, laptop, or tablet.

However, this loan type comes in second place because you’ll pay more in interest than if you obtained an installment loan.

Best for no collateral

#1. Installment loans

While there are several loan options that don’t require collateral, installment loans have the best interest rates.

With an installment loan, your credit will be checked and you'll need to provide proof of income, but you'll never have to hand over any collateral in exchange for the $1,500 you need.

#2. Line of credit

A line of credit also doesn’t require collateral for a $1,500 loan.

However, this lending product lags behind installment loans in terms of APR, resulting in higher repayment rates. A line of credit can be a solid backup option if you can’t secure an installment loan.

Frequently asked questions

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Is your 1500 dollar loan guaranteed?

Once your loan application is approved – and the lender has verified that you meet all the necessary eligibility requirements – the lender makes a commitment to fund your loan. Though, this isn’t to be confused with guaranteed approval for funding. To secure funding, a loan applicant must fulfill the required eligibility criteria after approval of their application.

Can I get a $1500 loan today if I apply after normal business hours?

If your $1,500 loan application is received or approved after normal business hours, your loan will likely not be funded on the same day.

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