A £1,500 loan could help with home improvements, go towards a new car, or boost your wedding fund. Check the loans you’re eligible for with Asda Money without affecting your credit score.

Check your eligibility today

From a new bathroom suite to upgrading your kitchen appliances, a £1,500 loan could make your home improvement plans a reality. Whatever the reason for borrowing, Asda Money is here to help.

Find the right loan for your needs with our panel of carefully selected and trusted UK lenders. We check your eligibility without impacting your credit score.

How does a £1500 loan work with Asda Money?

At Asda Money, we work with a panel of lenders to help find a £1,500 loan that fits your personal circumstances.

All it takes is one eligibility check. It’s quick and the initial check doesn’t leave a hard search on your credit file.

Our wide panel of UK lenders then provide offers based on your personal credit situation that are tailored to your specific borrowing needs. Compare each offer and choose the one that works best for you.

You’ll then go on to complete a full application with the lender. Or simply take some time to consider your options.

Check your eligibility for a £1,500 loan

If no offers are available, then our free and impartial Financial Support service will help you understand what options are available to you.

When can a £1500 loan help?

A £1,500 loan could help in a variety of ways. Many people choose to borrow £1,500 to help with home improvements. This could be to buy new furniture, redecorate, or put money towards:

• A new kitchen
• A new bathroom suite
• An overall budget for a home renovation project.

You may also consider borrowing £1,500 to go towards a new car, help pay for your wedding or assist with consolidating existing debt.

Please remember that by consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay.

Types of loans

At Asda Money, the £1,500 loans you’ll see listed from our panel of lenders are unsecured personal loans. You don’t have to be a homeowner to apply for one.

Unsecured personal loans (available through Asda Money)

• Often a small, fixed rate loan for personal use
• From £1,000 to £25,000
• The amount you can borrow and the interest rate is based on factors like your credit score and personal circumstances

Secured personal loans also known as homeowner loans (not available through Asda Money)

• Typically sums over £15,000 and repaid over longer periods such as five to 30 years
• The amount you can borrow and the interest rate depends on factors like your credit history and personal circumstances. The assets you own, like your home, are a key factor.

With secured loans, you need security in the form of an asset. This is usually your home. If you don’t keep up the payments on a secured loan, your home can be repossessed to pay off any debt secured against it.

Guarantor loans (not offered through Asda Money)

This is often offered if you have bad credit. With guarantor loans, the lender will only lend you the money if a family member or friend will guarantee to make the payments if you can’t afford to do so.

How much will a £1500 loan cost?

The full amount you may pay for a £1,500 loan depends on a range of factors.

When you borrow £1,500 through a loan, you pay interest on the amount borrowed. The interest rate and APR is set by the lender – the offer you get will likely depend on your financial history and credit rating. If you have a better borrowing history, you may be more likely to get a lower rate.

Loan length can also affect the cost. If you choose a longer loan – for example a five year loan compared to a one year loan – your monthly payments will likely be less, but you’ll pay more in interest over the term of the loan.

Our helpful personal loan calculator helps you understand how both loan length and interest rate affect how much you’ll pay for a £1,500 loan.

£1500 loans with bad credit

If you’ve had money problems in the past, this may have left you with a poor credit rating. Even so, you may be able to borrow a £1,500 loan with poor credit. It’s likely there will be a smaller pool of lenders willing to lend to you with higher interest rates.

If you can borrow £1,500 with bad credit, you may be able to boost your credit score in the future. By sticking to your monthly payments, you’ll demonstrate responsible borrowing. This can have a positive impact on your credit score over time.

Will a £1500 loan affect my credit score?

When you check your eligibility for a £1,500 loan with Asda Money, we run an initial eligibility check. This doesn’t affect your credit score and only leaves a soft credit footprint on your file.

Once you’ve seen the available offers from across our panel of lenders, it’s up to you whether you want to take up one of the offers. If you do, you’ll apply directly with the lender. They may complete a hard credit search as part of the application process. This will show up on your credit file.

Alternatives to a £1500 loan

There are alternative options to a loan, such as:

• Borrowing from family or friends: With a loan like this, there’s no need for an application process or a credit check. Consider drawing up a loan agreement before you borrow the money, so both parties are clear on the amount lent and the payment terms.
• Applying for a credit card: Sometimes a credit card may be more suitable if you only need to make a small payment. Paying off your credit card bill on time each month can also help boost your credit score.
• Saving up: You may decide to save up the money before making any large purchases to avoid getting into debt.

Frequently asked questions

Can I get a £1500 loan without a guarantor?

The lenders on our panel offer unsecured personal loans without guarantors, so you won’t be asked for a guarantor through Asda’s panel if you receive an offer.

Can I get a £1,500 loan without a credit check?

After you’ve done an initial eligibility check with Asda Money, you’ll see the available £1,500 loans from across our lender panel.  This is done using only a soft search which doesn’t harm your credit rating, however, if you then choose to apply for one of the loans  with the lender, they will likely run a credit check on your credit file.

Can I pay back my £1500 loan early?

It should be possible to pay back your £1,500 loan early. This will depend on the loan agreement with the lender, but it may sometimes include an early repayment charge (ERC). If an ERC is in place, you’ll need to pay extra to pay back your loan early. You’ll need to check the terms and conditions of your loan agreement.