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Where can I borrow £1500 from?

If you need to borrow £1500, you now have a variety of options. Many short-term loan lenders will now allow you to borrow £1500. Previously, payday loans did not offer such high amounts but as people began to require larger amounts, repayable over a longer period of time, the lenders made more products available. Whether you have a good credit score or have been declined for credit in the past, our partner has a panel of lenders that cover most circumstances.

Questions answered in this guide

Q1 – Will applying for a loan damage my credit score?
Q2 – Do I have to have a guarantor if I don’t have a good credit rating?
Q3 – Can I borrow £1500 with bad credit?
Q4 – Can I apply for a loan to clear other debts?

Will applying for a loan damage my credit score?

At New Horizons, when you submit an application for a £1500 loan, our partners are able to get an instant decision from their panel of lenders without leaving a footprint on your credit file. This is because the lenders all use soft search technology which cannot be seen by other lenders. Once you accept a quote from a lender and decide to go ahead with the loan, at this stage they will complete a full credit search.

Do I have to have a guarantor if I don’t have a good credit rating?

At New Horizons, we work with a wide panel of lenders who specialise in providing loans to people who may have been declined by a mainstream lender such as their bank. Some companies require you to have a guarantor, but this is not the case with every lender. If you do not have a guarantor or prefer not to add one, we can still try to help you find the right loan for you.

Can I borrow £1500 with bad credit?

If you are looking to borrow £1500, many mainstream lenders, like your bank, will not accept you if you have a bad credit rating. Thankfully there a now whole host of lenders who may offer loans to poor credit applicants. The process is exactly the same, with the ability to get an instant decision and the same day payout if you are accepted. Lenders will also allow you to spread the repayments up to 36 months to ensure that there is a repayment option suitable for most budgets.

Can I apply for a loan to clear other debts?

If you want to clear other debts with a loan, of course, this is certainly a valid reason to take out a loan. Consolidating debts into one monthly repayment can make life easier and potentially reduce your monthly outgoings. You should be mindful that extending the repayment term or paying off cheaper credit with a more expensive loan will mean you repay more in total.

If you are struggling with your debts and require assistance. You can speak to the companies below, free of charge.

moneyadviceservice.org.uk
stepchange.org
nationaldebtline.org