Who can apply for a £1,500 loan?
Eligibility criteria can vary between lenders but, generally, you can apply for a £1,500 loan if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account with a valid debit card; and
- Have a regular source of income paid directly into your bank account.
Can I get a £1,500 loan with CashLady?
CashLady is a credit broker, not a lender. This means we search for loans; we do not provide them. We’re proud to work with a large panel of responsible lenders who offer short-term personal loans from £100 to £10,000.
You’re welcome to search for a £1,500 loan if you meet the eligibility criteria above.
How long will it take to repay my £1,500 loan?
The lenders on our panel offer repayment terms from 3 to 60 months, depending on how much you apply to borrow.
You can choose to repay your £1,500 loan across the following terms:
- 6 months;
- 12 months;
- 18 months;
- 24 months; or
- 36 months.
What if I have bad credit? Can I still apply to borrow £1,500?
If you have bad credit, getting approved for a loan can be difficult. However, several lenders, including some on the CashLady panel, specialise in loans for those with a bad or poor credit history.
You should bear in mind that, if you are accepted for a bad credit loan, it is likely to be offered at a higher rate of interest and you may not be approved to borrow the amount of money that you need.
I have no credit history at all; what are my chances of being approved for a £1,500 loan?
Having no credit history is sometimes referred to as having a ‘thin’ credit file. This can be especially common in those who have never paid bills or borrowed credit before. Lenders may see you as a risk, as they have no evidence of how you’ve managed credit in the past.
CashLady works with a diverse panel of lenders, some of whom are happy to consider applications from those with a thin credit file.
How can I search for a £1,500 loan with CashLady?
Our online form has been designed to be as straightforward as possible.
Here’s what you can expect when using CashLady to search for a loan.
- 1. Our online form should take no longer than five minutes to complete.
- 2. The information you provide will enable us to run a soft search on your financial history. We’ll scan our panel of lenders for a suitable loan for you; this should take around 60 seconds.
- 3. If we’ve matched you with a loan, you’ll be redirected to the lender’s website. Should you decide to make a full application, your lender will need to complete some further checks, including a hard credit search.
- 4. If the lender is happy with the outcome of their checks, you will be sent a loan agreement.
- 5. Be sure to take the time to carefully read through the terms and conditions before choosing whether to sign and return the agreement.
Will applying for a £1,500 loan affect my credit score?
CashLady uses soft search technology, which means you can search for a loan with no impact to your credit score. Please be aware that if you’re matched with a loan and make a full application directly with the lender, you’ll need to undergo a hard search.
A hard search will remain visible on your credit file for up to 12 months. Multiple hard searches within a short period of time could have a negative impact on your credit score.
I’ve been approved for a £1,500 loan - how quickly will my money be sent?
Each lender has their own payout timeframe; you’ll be able to find out when you can expect to receive your loan by contacting your lender directly.
Some of the lenders on the CashLady panel could send your money the same day your application is approved; however, the time it takes for the funds to appear in your account will depend on your bank’s policies and procedures.
How do I repay my £1,500 loan?
You will repay your £1,500 loan in monthly instalments for the duration of your loan term. Your monthly repayments will include interest.
What happens if I miss a repayment?
Missing and making late repayments could result in late fees and additional charges. Your credit score will also be negatively affected.
You should contact your lender as soon as you feel that you might make a late repayment or miss one altogether. While this can feel nerve-wracking, it’s much better to reach out and ask for help rather than allow your stress to build up.
Your lender will be keen to talk you through any options that may be available to you.
If you’re worried about money…
Charities and organisations such as StepChange, MoneyHelper, Citizens Advice and National Debtline provide free, impartial financial advice on a range of topics, including debt management.