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.