Looking for a £1500 loan?
When a significant expense comes up, whether it’s an essential car repair, an overdue home improvement, or an unexpected bill, £1,500 can make a real difference. New Horizons searches over 50 FCA-authorised lenders to help find a £1500 loan that fits your circumstances.
Our Soft Credit Match technology lets you check your eligibility without leaving any mark on your credit file. There are no fees, no obligation, and the whole process takes around three minutes.
If matched, you see your loan options in minutes. If you accept an offer and are approved by the lender, funds can be in your account within 15 minutes.* Whether you have a strong credit history or have faced difficulties in the past, our lender panel includes specialists who consider a wide range of circumstances.
This page covers everything you need to know about borrowing £1,500, from how the process works and what it costs, to eligibility requirements and alternatives worth considering first.
How a £1500 loan works at New Horizons
New Horizons is a credit broker, not a lender. That means we don’t make lending decisions ourselves. Instead, we search our panel of over 50 FCA-authorised lenders to help find the best match for your situation.
Here’s how the process works:
- Complete our short online form with your personal and financial details
- We run a Soft Credit Match across our panel of over 50 FCA-authorised lenders
- If matched, you see your loan options in minutes, with no impact on your credit score
- Choose the offer that works for you, or walk away with no obligation
- If you accept an offer, the lender completes a full affordability check
- If approved by the lender, funds can be in your account within 15 minutes*
The application takes around three minutes, and our system returns results in minutes. Only if you decide to proceed with an offer will the lender carry out a hard credit check.
You’re under no pressure at any stage. If none of the offers suit you, simply walk away. There are no fees from New Horizons regardless of the outcome.
It's quick & easy
Apply for a loan
What could you use a £1500 loan for?
People borrow £1,500 for all sorts of reasons. It’s a mid-range amount that sits between smaller emergency borrowing and larger personal loans, making it suitable for a wide range of situations.
Common reasons people apply for a £1500 loan include:
- Car repairs or MOT-related work that can’t wait
- Essential home repairs such as boiler replacements or plumbing issues
- Unexpected veterinary bills
- Moving costs including deposits and removals
- Consolidating smaller debts into one manageable monthly payment
- Covering a gap between paydays during an expensive period
Whatever the reason, borrowing should always be a considered decision rather than a quick fix. Before applying, it’s worth checking whether you have other options available, such as savings, payment plans with the company you owe, or support from family.
If you need a smaller amount, our £1000 loans page explains how borrowing less could reduce your total repayment costs. For larger expenses, we also offer £2000 loans and £2500 loans through the same quick application process.
Can I get a £1500 loan with bad credit?
A low credit score can feel like a barrier, but it doesn’t have to mean no options. We work with lenders who look at your current situation, not just your past.
Whether you’ve had a default, a CCJ, missed payments, or been declined elsewhere, our panel includes specialist lenders who consider a range of credit histories. They assess factors like your current income, employment status, and overall affordability alongside your credit file.
Because we use Soft Credit Match technology, checking your eligibility won’t affect your credit score. You can see whether you’re matched with a lender before committing to anything. If you’d like to understand more about how credit issues affect borrowing, our guide on loans for bad credit covers the topic in detail.
Keep in mind that if you have a lower credit score, the interest rate offered may be higher than the representative rate. The lender will always show you the full cost before you commit, so you can decide whether the terms work for you.
Eligibility requirements for a £1500 loan
To check your eligibility through New Horizons, you’ll need to meet these basic requirements:
- Be at least 18 years old
- Be a UK resident
- Have a regular source of income
- Have a UK bank account
- Provide accurate personal information
Meeting these criteria doesn’t guarantee approval, as that’s the lender’s decision based on their own assessment. Different lenders have different thresholds, which is why searching across 50+ lenders through a broker like New Horizons can improve your chances of finding a match.
You won’t need a guarantor for most loans on our panel. If that’s a concern, our no guarantor loans page has more information on how this works.
Understanding the costs of a £1500 loan
Transparency about costs is important when borrowing any amount of money. Here’s what you need to know about the cost of a £1500 loan through New Horizons.
New Horizons never charges any fees to customers. Our service is completely free to use. We’re paid by lenders, never by you.
The cost of your loan depends on the interest rate offered by the lender, which varies based on your individual circumstances. Our representative APR is 49.9%, but rates across our panel range from 9.3% APR to 1721% APR depending on the lender and your credit profile.
Representative example: Amount of credit: £1,200 for 18 months at £95.44 per month. Total amount repayable: £1,717.83. Interest: £517.83. Interest rate: 49% pa (fixed). Representative 49.9% APR.
For a £1500 loan specifically, repayment terms range from 3 to 36 months. Choosing a shorter term means higher monthly payments but less interest overall. A longer term reduces your monthly cost but increases the total amount you repay.
Before committing, the lender will clearly show you the exact monthly payment, total repayable amount, and interest rate. You can compare offers and take your time to decide, with no pressure to accept.
How New Horizons compares to other lenders
When searching for a £1500 loan, you’ll find various options from direct lenders and other brokers. Here’s why thousands of people choose New Horizons.
Our representative APR of 49.9% is significantly lower than many competitors. Some direct lenders charge representative APRs of 679% or more, while other brokers sit at 79.5% APR. Because we search over 50 lenders, you’re more likely to find a competitive rate suited to your circumstances.
As a broker, we offer something a single direct lender can’t: choice. One application gives you access to our entire panel. You see what’s available, compare the terms, and choose the best option for you. If you’d prefer to explore our service further, our borrow money page gives a broader overview of how it all works.
We also hold a Feefo Gold Trusted Service rating, which reflects consistently positive feedback from verified customers. Established in 2017, New Horizons was built on ethical practices from the start, not as a response to regulatory pressure.
Why choose New Horizons for your £1500 loan
There are plenty of places to search for a loan online. Here’s what makes New Horizons different.
- Over 50 FCA-authorised lenders searched with one application
- Soft Credit Match technology that won’t affect your credit score
- No fees from New Horizons, ever
- Representative 49.9% APR, lower than many alternatives
- If approved, funds can be in your account within 15 minutes*
- Available 24 hours a day, 7 days a week
- Feefo Gold Trusted Service rating
We never sell your data. We never contact you to sell other products. We never give consent to other companies to contact you. That’s our Customer Promise, and it’s been part of how we operate since day one.
New Horizons processes over 7,510 loan applications per day, connecting people across the credit spectrum with FCA-authorised lenders. Whether you have excellent credit or have faced challenges in the past, our technology is designed to help find your best match.
It's quick & easy
Apply for a loanAlternatives to a £1500 loan
Borrowing isn’t always the right answer, and a responsible broker should be upfront about that. Before taking out a £1500 loan, consider whether any of these alternatives might work for you.
Credit unions are not-for-profit organisations that offer loans at capped interest rates to their members. They often provide more affordable borrowing than commercial lenders, though you may need to be a member for a period before you can borrow.
Payment plans are sometimes available if you owe money to a specific company. Many utility providers, garages, and tradespeople offer the option to spread costs interest-free. It’s always worth asking before borrowing elsewhere.
Family or friends may be able to help, though mixing money with relationships requires care. If you go this route, agree clear terms and put them in writing.
If you’re struggling with existing debts and considering a £1500 loan to cover repayments, it’s worth speaking to a free debt advice service first. MoneyHelper offers free, impartial guidance. You can also contact StepChange, Citizens Advice, or National Debtline for support.
Repaying your £1500 loan
If you’re approved for a £1500 loan through one of our panel lenders, you’ll repay it in equal monthly instalments over the agreed term. Repayment terms range from 3 to 36 months, so you can choose a schedule that fits your budget.
Each monthly payment includes a portion of the amount borrowed plus interest. The lender will confirm your exact monthly payment before you sign any agreement, so there are no surprises.
If you’re able to repay early, many lenders allow this, though some may charge an early settlement fee. Check the terms of your specific agreement for details.
If you think you might miss a payment, contact your lender straight away. They may be able to offer a short-term arrangement to help. Ignoring the problem can lead to additional charges, a negative mark on your credit record, and your details being passed to a collections agency.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
How a £1500 loan could affect your credit score
Checking your eligibility through New Horizons uses a soft search, which has no impact on your credit score. Other lenders can’t see it, and it won’t leave a mark on your credit file.
A hard credit check only happens if you accept an offer and proceed with a full application to the lender. This will appear on your credit file and may temporarily affect your score.
Once you have a loan, making all your repayments on time can actually help build your credit score over time. Lenders report repayment behaviour to credit reference agencies, so consistent payments demonstrate responsible borrowing.
On the other hand, missed or late payments will negatively affect your score. If you’re working on improving your credit, our guide on how to fix a bad credit score fast offers practical steps you can take alongside borrowing responsibly.
Frequently asked questions about £1500 loans
How quickly could I receive the money from a £1500 loan?
If approved by a lender, funds can be sent to your account within 15 minutes. The time it takes for the money to appear depends on your bank’s processing times. Our system returns matched results in minutes, and many lenders offer same-day funding for approved applications.
Will checking my eligibility affect my credit score?
No. New Horizons uses Soft Credit Match technology, which is invisible to other lenders and won’t affect your credit score. Only if you accept a loan offer and proceed with a full application will the lender carry out a hard credit check.
Do I need a guarantor for a £1500 loan?
Most lenders on our panel don’t require a guarantor. You apply in your own name and the lender assesses your application based on your individual circumstances. If you’d like to learn more, our no guarantor loans page has full details.
Can I get a £1500 loan if I’m on benefits?
You may be able to, depending on your total income and circumstances. Some lenders on our panel consider benefits as part of your income when assessing affordability. Visit our loans for people on benefits page for more information.
What interest rate will I be offered on a £1500 loan?
The rate depends on your individual circumstances and the lender you’re matched with. Our representative APR is 49.9%, with rates across the panel ranging from 9.3% APR to 1721% APR. The lender will confirm your exact rate before you commit to anything.
Can I repay my £1500 loan early?
Many lenders allow early repayment, which can reduce the total interest you pay. Some may charge an early settlement fee, so check the terms of your specific loan agreement. Early repayment won’t negatively affect your credit score.
What happens if I can’t make a repayment?
Contact your lender immediately if you think you’ll miss a payment. They may be able to offer a temporary arrangement. Ignoring the situation can lead to additional charges, negative credit reporting, and your account being passed to a collections agency. Free debt advice is available from MoneyHelper.
Is New Horizons a lender?
No. New Horizons is a credit broker, not a lender. We search over 50 FCA-authorised lenders to help find your best match. We never lend money directly. New Horizons Finance Ltd (Company No. 11757330, FCA reference: 834535) is an Appointed Representative of Flux Funding Limited (FRN 806333).
Are there any fees for using New Horizons?
No. New Horizons does not charge customers a fee for using its services. Our service is completely free. We’re paid a commission by lenders when a loan is completed, but this doesn’t affect the rate you’re offered.
How much can I borrow through New Horizons?
You could borrow from £50 to £5,000, with repayment terms from 3 to 36 months. If £1,500 isn’t quite right, you can adjust the amount. For smaller needs, consider a £500 loan. For larger amounts, we also offer £3000 loans and £5000 loans.
Can I use a £1500 loan to consolidate debts?
Yes, debt consolidation is a common reason people borrow £1,500. Combining multiple debts into one monthly payment can simplify your finances. However, be mindful that extending the repayment term or replacing lower-rate credit with a higher-rate loan could mean you pay more in total. If you’re struggling with debt, speak to a free advice service like StepChange before borrowing.
What if I’ve been refused a loan elsewhere?
Being declined by one lender doesn’t mean every lender will say no. Different lenders have different criteria. Because New Horizons searches over 50 lenders, you may find options that weren’t available when you applied to a single provider. For more advice, see our guide on how to get a loan accepted.
Is my personal data safe with New Horizons?
Yes. We never sell your personal data, and our website uses the latest encryption and security measures. Our Customer Promise guarantees we won’t share your details without permission or contact you to sell other products. New Horizons is licensed by the Information Commissioner’s Office (registration number ZA496853).
Can I apply for a £1500 loan outside of office hours?
Yes. Our online application is available 24 hours a day, 7 days a week. You can check your eligibility at any time. If matched and approved, many lenders offer same-day funding during their operating hours.
Find your best rate loan without needing an initial credit check.
‘Soft Credit Match’ our technology matches your profile with our industry-leading panel of Financial Conduct Authority (FCA) approved direct lenders without leaving any mark on your credit record.
With no obligation & no cost – it’s the best way to find a loan.
Get Your CreditMatch