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.
Best $1,500 Loans
| Loan Amount | Interest Rate | Term | Province Availability | ||
 | Up to $50,000 | Prime to 46.96% | 3 - 60 months | Across Canada | Learn More |
 | $1,000 - $15,000 | 29.9% - 46.9% | 12 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $300 - $35,000 | 9.9% - 47.42% | 24 - 60 months | BC, AB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $35,00 | 9.99% - 46.99% | 9 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | $500 - $25,000 | 26.99% - 39.99%† | 6 - 60 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | $500 - $20,000 | 29.99% - 46.96% | 9 - 84 months | BC, AB, SK, MB, ON, QC, NB, NS, PEI, NL | Learn More |
 | Up to $15,000 | Started at 19.99% | Open-end | BC, AB, SK, ON, NS, PEI, NL | Learn More |
 | Up to $5,000 | 19.9% - 45.9% | 6 - 36 months | BC, AB, ON, NL | Learn More |
 | Up to $1,000 | Max 32% | Max 90 days | All of Canada | Learn More |
 | Up to $10,000 | 12.99% - 39.99% | 9 - 60 months | BC, AB, SK, MB, ON, NB, PEI, NL | Learn More |
 | $500 - $12,500 | 19.99% - 34.99% | 12 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
 | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NB, NS, PEI | Learn More |
 | Up to $1,500 | Varies by province* | Max 40 days | BC, SK, MB, ON, NS, NL, | Learn More |
 | Up to $1,500 | Varies by province* | Max 31 days | BC, ON, NS | Learn More |
†Interest rates are subject to change. Actual Annual Percentage Rage (APR) vary based on province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB and 34.99% in QC.
Types Of $1,500 Loans
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.
$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.
Learn How To Qualify For Other Loan Amounts
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.
$1,500 Loan FAQs
Can I get a $1,500 loan with no credit check?
How can I get a guaranteed $1,500 loan?
Can I get a $1,500 loan with bad credit?
Can I get a $1,500 loan with no job?
How fast can I get my funds?
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.
