Why choose a £1,500 loan?
Why choose a £1,500 loan?
A £1,500 loan is normally known as a short-term loan because it's not considered a particularly high sum of money. At least in terms of lending, that is.
So why get a £1,500 loan?
Because life can often throw a spanner in the works, a loan for £1,500 is usually taken out to cover unexpected emergencies, such as repairing your car or paying an urgent bill.
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Getting a £1,500 loan with bad credit
There's a common trend with short-term £1,500 loans being the loan of choice for people with bad credit. If you've fallen behind on payments and even received CCJs (County Court Judgement, a court order that's registered against someone who's not making payments on money they owe), then usually a loan of up to £1,500 can be the easiest way to gain access to some funds.
And of course, repaying your loan for £1,500 on time can also be a good way to boost your poor credit score.
Quick and easy loans
Plus, £1,500 loans are usually a quick-fire way to get your hands on some much-needed, last-minute cash. If you've run out of your wages for the month and the next payday is still too far away, then a short-term loan is a way of obtaining some money quickly. Unlike applications for bank overdrafts or credit cards, which can be a long and drawn out process, applying for a short-term loan of £1,500 can be quick, easy and hassle-free.
Repayments on a £1,500 loan
Short-term personal loans usually range from anything between £100 and £1,500, and the monthly repayments can often be spread across 18 months. The catch, of course – since money isn't free – is the interest that's added on top of the repayment plan.
So if you took out a £1,500 loan and decided to repay it over an 18-month period, then the amount of interest you pay on this funds will be higher If you repay your loan for £1,500 over a shorter period (six months for example) then the interest you pay should be lower
So when you’re considering taking out a loan for £1,500, there are a few questions you need to ask yourself:
- How much do I actually need?
- Do I really need the cash?
- How long will I need this money for and how long will it take me to pay it back?
- Can I afford the repayments?
Take a look through our loans section to see which lenders work best for you. We provide loans from the likes of Tesco Bank, Sainsbury's Bank, M&S Bank, Nationwide, NatWest and Rate Setter.
