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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. 

Anelda Knoesen
From the Money team
2
minute read
posted 20 NOVEMBER 2019

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.

 

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.

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