What Is a $1,500 Loan?
A $1,500 loan is a common mid-tier amount, often used for debt consolidation of a couple of credit cards, a significant home or auto repair, or a planned cost like a smaller family celebration. It's one of several loan amounts we match, from $300 up to $5,000.
Who a $1,500 Loan Is For
- Consolidating two credit card balances into one payment
- A major home repair, like a water heater replacement
- A milestone celebration or smaller wedding cost
- Covering a portion of unexpected medical expenses
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Will a $1,500 Loan Cost?
APRs across our lender network range from 5.99% to 34.99%, depending on the lender, your credit profile, and provincial regulations, in compliance with Canada's federal criminal rate of interest. Here's an illustrative example at a representative rate:
| Term | APR | Est. Monthly Payment | Est. Total Repayable |
|---|---|---|---|
| 6 months | 29.9% | $272 | $1632 |
| 12 months | 29.9% | $146 | $1752 |
Illustrative example only — your actual rate, term, and payment depend on the lender and your credit profile.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Cons
- At this amount, total interest becomes a more meaningful number — compare the total repayable amount across offers, not just the monthly payment.
- A missed payment at this size has a bigger relative impact on your credit than at smaller amounts.
Alternatives to a $1,500 Loan
Balance transfer credit card
If you're consolidating card debt specifically, a 0% balance transfer offer can beat a personal loan's cost if you qualify.
Credit union personal loan
Worth comparing directly, since credit unions often price mid-sized loans competitively for members.
How to Get Your $1,500
Apply in 2 minutes
Tell us you need $1,500 and a bit about your situation. No paperwork.
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Get funded
Accept an offer and funds typically land within 24 hours.