£1,500 Loan

Below you’ll find all you need to know about alternatives to a £1,500 payday loan

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An emergency cost can feel like a major setback if you have no savings or other means of covering the expense.

If you’ve been confronted with an emergency expense of £1,500 or more, you may be worrying where you’ll find the funds you need to pay it in time. It’s possible you might not be able to cover the expense and still have enough left for your regular bills and other essential costs.

This is where a £1,500 payday loan might come in.

However, while this loan will help you deal with the emergency expense when you need to, it’s important to bear in mind that you’ll still need to pay back the full amount plus interest quite quickly afterward, once payday comes around. Despite the immediate relief, this can still be tricky for many people to manage.

This is why a short-term loan, for the same amount, maybe a better option. You can pay back a £1,500 loan over a period of 3 to 36 months, making the whole process much more manageable. Here, we’ve taken a look at what to consider when researching a loan for this amount.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

£1,500 payday loan information hub

Take a look at the questions below - these may help when it comes to understanding and making a decision on whether to apply for a £1,500 loan.

  • This type of borrowing may be required for a number of reasons. You may need to cover the cost of an urgent home repair or perhaps you’ve received a large bill – whatever the reason, a payday loan may feel like a good solution because you can receive the cash you need fast.

  • It’s very important to weigh up your options before taking on a loan for a large amount. Ask yourself these questions:

    • Can I put off the expense until payday?
    • Can I find the cash elsewhere first, such as from a savings account or borrowing from family and friends?
    • Are there any fees or charges to consider on top of the cost of the loan?
    • Can I afford the repayments?
  • Here at Sunny, we don’t consider ourselves to be a payday loans company, but our broker partner does work with a panel of lenders who offer short-term loans for life emergencies. Providing loans from £100 to £2,500 to cover every type of emergency expense.

  • If you have bad credit it is still possible to apply for and obtain a loan, but you may struggle to be accepted for larger amounts. Take a look at our bad credit section of the site which features guidance on how to improve your credit rating and what to do if you have bad credit but need to borrow.

More information on £1,500 payday loans

Payday loans have been a popular choice for many looking for a quick fix when they’re unable to find the money to cover an unexpected cost elsewhere. However, the short amount of time between receiving the loan and having to repay it – plus interest – can make it more difficult to pay the full amount back on time. If you then have to roll over the loan, then this could make the loan even more difficult to repay in full.

Instead, a short-term loan that can be paid over a number of months may be the better option. It allows you to spread out the cost of an expense, saving you worry and allowing you to get back on track with payments that fit into your budget.

Eligibility for a £1,500 loan

Different lenders have different eligibility requirements, but most lenders require you to meet these criteria before you apply:

  • Be at least 18 years old or above
  • Be a UK resident
  • Not be bankrupt or otherwise insolvent
  • Have a regular income of £500 or more
  • Provide details of your addresses for the last three years, as well as your bank account and debit card information
  • Have an email address and mobile phone that you can be contacted on

It’s worth noting that meeting these requirements doesn’t guarantee that you will be accepted for a £1,500 payday loan as approval of all applications is subject to a credit and affordability assessment. You can see our full list of the pre-application eligibility requirements of lenders by clicking the link below.

How Sunny can help you

Not only do we offer access to short-term loans with manageable repayments, they also come with a range of benefits some other companies don’t offer. Take a look at these below.

You will receive an instant decision from a panel of lenders

We do not charge any application or admin fees

Our broker partner works with a market-leading panel of lenders so even if you have been declined elsewhere, we would still be able to help.

Got everything you need?

Feeling confident that Sunny offers access to a great alternative to a £1,500 payday loan? Hit the apply now button below and receive the cash you need, today.

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Looking for alternative lending options?  

Want to know more about short-term lending? Take a look at our in-depth guides below for more information and what to consider before applying.

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