$1500 is not a huge amount, but when you are in the situation where you need a 1500 loan in cash and need it fast because of some financial emergency, what options have you got?
First of all you can turn to your friends and members of your family. If they have cash to spare and willing to lend, then you are sorted. This might be the fastest way to borrow. There is not credit check and application process, you just need to ask and hear the answer immediately. The biggest advantage is that it is quite “flexible” in term of loan terms and repayment arrangement. But the downside is that failure to repay will most definitely ruin your relationship.
Your credit card is your next best option. If you have not reach the credit limit of your card, and your are running out of time, use it by all means. The interest rate is not low on most of the credit cards, but the credit has already been pre-approved, you don’t need to wait for any application for the loan. Once your pay for your financial emergency, you can always find a way to reduce the interest payment of your card later. For example, you can sign up for a new card that offer 0% interest rate for transferring your credit card debts to them. Even if you don’t have $1500 available credit left, you can still take advantage of your credit card, and use it in conjunction with other options mentioned here.
Bank loans are usually the preferred option for borrowing money. However if you need money fast, this is not the way to go. Apply for a bank loan involves filing an application, waiting for credit check, signing for the contract etc, the turn around time is long. Even if both you and your bank clerks work hard to speed things up, it will still take a long time to go through all the formalities. For $1500 it may not worth the effort, especially if you can repay fairly quickly. Unless you want to borrow a 5000 loan and more, don’t bother trying the banks.
Payday loan can be a good option. Upon receipt of your proof of income, most of the lenders will deposit the loan immediately to your bank account. Unfortunately, this is also the most expensive way to borrow money. Usually there is a fee of certain percentage to the loan amount charged when you take out the payday loan. For example, when a 10% fee is applied, the lender will only deposit $900 dollars into your bank when you actually wanted to borrow $1000. Furthermore the insterest rates of payday loans are extremely high. It is only designed for people who want money and will pay back on or before the next payday. If you want long term loans, stay well clear of payday loans, otherwise the interest will snowball into a debt avalanche.
You do have many options when you want to borrow $1500, but they all have pros and cons. You need to weigh up which one is the most suitable to your situation and financial needs.