Many Canadians struggle with their finances, especially in our largest cities, where the general cost of living is high. If you’re struggling to keep up with certain expenses or have an unexpected cost to cover, a small loan can help you make the costs more affordable.
If you’re looking for a small loan of $1,500 or less, to help cover your expenses, here’s what you should do.
Can You Get A Small $1,500 Loan?
Yes, you can get a loan as small as $1,500 with a number of different lenders. Generally, you’ll find small loans like these with payday lenders and alternative personal loan lenders. If you have bad credit, payday loans may be easier to qualify for but they are more expensive than personal loans.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
There are at least two ways to get a $1,500 loan in Canada, such as:
$1,500 Personal Loans
While some personal loan lenders have a minimum borrowing amount over $1,500, many personal loan lenders have a minimum that starts at $300 – $500. When applying for a $1,500 personal loan, be sure to check if the lender offers loans for amounts this small.
A personal loan allows you to borrow $1,500 in one lump sum, which you can use to cover your expenses and repay in installments. Loan conditions and requirements vary from lender to lender but applicants with stronger credit and incomes usually have less trouble qualifying and are able to secure better interest rates and terms.
$1,500 Payday Loans
Payday loans are $100 – $1,500 cash loans that you can get almost anywhere in Canada, with minimal requirements. However, unlike personal loans, they have sky-high rates (over 600% APR) and terms of 14-30 days. In some areas, payday lenders are also permitted to offer “rollovers” (multiple loans at once), which can cause revolving debt. As such, these loans should only be used for emergencies.
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.
$1,500 Personal Loan vs $1,500 Payday Loan Overview
Personal Loan
Payday Loan
Loan Amount
$300 – $35,000
$100 – $1,500
Interest Rates
3% – 46%
$15 – $25 per $100 borrowed
Term
6-60 months
14-30 days
How To Get A $1,500 Loan
Looking for a $1,500 loan in Canada? Just follow these instructions:
Step 1. Shop Around
Compare loan rates and conditions from a variety of lenders. Many lenders offer pre-approvals so you can see how much you may qualify for and at what rates. You can also use a loan comparison platform to compare lenders and their offers. When evaluating different lenders, also make sure your lender is a reputable business with good customer reviews.
Step 2. See If You’re Eligible
Once you have a few lenders in mind, find out their minimum eligibility requirements. This will ensure that you apply with lenders you know you have a chance of qualifying with. Every lender has different prerequisites but to become eligible for any loan in Canada, you’ll generally need to:
Be a permanent resident or citizen
Be at least the age of majority in your province or territory (18 – 19+)
Have a regular income that would sufficiently cover your loan payments
Have a bank account that’s been active for at least 3 months
Step 3. Apply
If you’re eligible to get a $1,500 loan, you can apply by going to your lender’s website or service point to submit your application. During this process, you may have to provide personal and financial information like:
Your name, date of birth, permanent address and phone number(s)
Your email address and Social Insurance Number (SIN)
1 or more pieces of government photo ID (passport, driver’s license, etc.)
A recent pay stub and bank statement (proof of income/bank account)
A recent utility bill or document with your address (proof of residency)
A pre-authorized debit form or VOID cheque (for deposits and payments)
Step 4. Wait For A Reply
Once you’ve applied, most lenders will inform you whether you’ve been approved or rejected within 24-48 hours. Some will even contact you within a few minutes. If all goes well, you should receive your loan contract shortly after and your funds on the same day or the next business day.
How To Increase Your Chances Of Qualifying For A $1,500 Loan
As mentioned, every lender has different requirements for their loans, so there’s no real way to get guaranteed approval, but you can increase your approval chances by:
Improving Your Credit
If your credit score is bad (roughly 300 – 600) take the time to improve it with consistent debt payments before you apply. You can check your credit score for free by using Loans Canada’s Compare Hub platform.
Earning More Income
While $1,500 is a relatively small loan these days, most lenders have a minimum monthly income requirement that you must pass to be approved. If you’re not employed or you’re living off other forms of income, like government benefits, you may have to apply with an alternative/private lender.
Not Applying Too Often
When you apply for credit, a hard inquiry appears on your credit report which can lower your credit score by a few points. Not only can this harm your credit as a whole, but lenders may also see all the recent applications in your credit history and turn you down, especially if you were denied a lot in the past.
Cost Of A $1,500 Personal Loan
Personal loans are installment-based loans with requirements, conditions and interest rates that vary according to the lender, as well as the applicant’s financial aptitude.
Here’s a basic example to show you what a $1,500 personal loan could cost in Canada:
Personal Loan Amount
$1,500
Payment Term
6 months
Interest Rate
24.99% APR
Monthly Payment
$268.53
Total Interest
$111.21
Total Cost
$1,611.21
Cost Of A $1,500 Payday Loan
Most payday loans have 14-day terms (the average length of time between paychecks), along with very high-interest rates and fees. Maximum rates depend on the provincial laws of your region.
Here’s what a Canadian payday loan can cost you:
Province/Territory
Loan Amount
Max Rate Per $100
Total Cost
Alberta, British Columbia, New Brunswick, Ontario, Prince Edward Island
$1,500
$15
$1,725
Manitoba, Saskatchewan and Nova Scotia
$1,500
$17
$1,755
Newfoundland & Labrador
$1,500
$21
$1,815
Nunavut, Yukon & Northwest Territories
$1,500
$60
$2,400
Other Ways To Get $1,500 Loan
Use A Credit Card – Instead of a payday loan, consider using a credit card. Credit cards are a good alternative as they have more flexible repayment options. You can simply pay the minimum balance to avoid any penalties and you can pay down the principal once you’re able to.
Ask Your Family For Help – While this won’t apply to everyone, it can sometimes be fruitful to ask your friends and family for help if you are in a pinch when it comes to money. There is a good chance they will be able to help you out if they have the means to do so.
Cut Down On Costs – Sometimes spending less money can be a great way to get $1,500 without having to take out a loan. The best way to spend less is to simply look at your budget and monthly spending and see which areas you can afford to spend less in.
Many alternative lenders will offer you a $1,500 loan without checking your credit. That said, you should be really careful if you plan to apply with a no-credit-check lender, because many of them will use this “privilege” as an excuse to charge predatory rates and fees.
How can I get a guaranteed $1,500 loan?
When it comes to loans, don’t forget to take the word “guaranteed” with a grain of salt. There’s no such thing as a loan that’s 100% guaranteed to get approved. All legitimate lenders will have some sort of screening process. So, if a supposed lender promises to give you a loan, despite your finances or credit, they may be trying to scam you in some way. However, do note that there are legitimate lending businesses that accept applicants who have bad credit, debt problems or low incomes, as long as they’re willing to pay higher rates.
Can I get a $1,500 loan with bad credit?
Absolutely, as long as you know where to look. Banks and credit unions don’t normally offer bad credit loans, so you’ll have to search online for alternative lenders with more flexible requirements. Just remember that these private companies tend to charge higher rates and fees, especially when you have a spotty credit history, low income or no security.
Can I get a $1,500 loan with no job?
Some alternative lenders will approve you for a loan without a job, but you’ll probably need some other source of regular income, like self-employment or government benefits. Just keep in mind that these lenders also charge higher rates and can be less trustworthy than banks or credit unions (who usually won’t accept unemployed clients).
How fast can I get my funds?
It depends on your lender, bank and date of application. For instance, if you apply for a $1,500 loan during business hours with the right qualifications, including a bank account with direct deposit, many lenders will deposit your funds that day. If you apply outside business hours or during a holiday, you may receive your loan on the next business day.
Need A $1,500 Loan In Your Region?
Then check out the Loans Canada website, because we have a lot of advice for you. Whether you’re looking for a $1,500 loan online or with your bank, there are plenty of different things you can do to get approved for the best rates and conditions possible. We can also help you find the right lender or credit product for your financial lifestyle.
Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.
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