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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 AmountInterest RateTermProvince Availability
LC logo
Loans Canada
Up to $50,000Prime to 46.96%3 - 60 monthsAcross CanadaLearn More
Loanz Logo
Loanz
$1,000 - $15,00029.9% - 46.9%12 - 60 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
mogo
Mogo
$300 - $35,0009.9% - 47.42%24 - 60 monthsBC, AB, ON, NB, NS, PEI, NLLearn More
Spring Logo
Spring Financial
$500 - $35,009.99% - 46.99%9 - 78 monthsBC, AB, SK, MB, ON, NB, NS, PEI, NLLearn More
Fairstone Logo
Fairstone
$500 - $25,00026.99% - 39.99%†6 - 60 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
easy financial
easyfinancial
$500 - $20,00029.99% - 46.96%9 - 84 monthsBC, AB, SK, MB, ON, QC, NB, NS, PEI, NLLearn More
lenddirect
LendDirect
Up to $15,000Started at 19.99%Open-endBC, AB, SK, ON, NS, PEI, NLLearn More
Loan Away
Loan Away
Up to $5,00019.9% - 45.9%6 - 36 monthsBC, AB, ON, NLLearn More
Loan Me Now
Up to $1,000Max 32%Max 90 daysAll of CanadaLearn More
SkyCap Financial
SkyCap Financial
Up to $10,00012.99% - 39.99%9 - 60 monthsBC, AB, SK, MB, ON, NB, PEI, NLLearn More
Consumer Capital Canada
Consumer Capital Canada
$500 - $12,50019.99% - 34.99%12 - 60 monthsBC, AB, SK, MB, ON, NB, NS, PEI, NLLearn More
iCash Logo
iCash
Up to $1,500Varies by province*Max 62 daysBC, AB, MB, ON, NB, NS, PEILearn More
Money Mart
MoneyMart
$120 -  $1,500Varies by province*Max 62 daysBC, AB, SK, MB, ON, NSLearn More
GoDay Logo
GoDay
Up to $1,500Varies by province*Max 62 daysBC, AB, SK, MB, ON, NB, NS, PEILearn More
Cash Money
CashMoney
Up to $1,500Varies by province*Max 40 daysBC, SK, MB, ON, NS, NL, Learn More
Pay2Day Logo
Pay2Day
Up to $1,500Varies by province*Max 31 daysBC, ON, NSLearn More
*The maximum borrowing cost for a payday loan varies by province, learn more here.
†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.

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 LoanPayday Loan
Loan Amount$300 – $35,000$100 – $1,500
Interest Rates3% – 46%$15 – $25 per $100 borrowed
Term6-60 months14-30 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 Term6 months 
Interest Rate24.99% 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/TerritoryLoan AmountMax 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?

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 Daly avatar on Loans Canada
Bryan Daly

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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