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£1,500 loans

Borrowing £1,500? See what it costs across different terms, why people choose it, and how to pick a repayment term that suits you.

Written by the Dot Dot Loans editorial team and reviewed by Paul Gillooly

Director, Dot Dot Loans

4 min readLast reviewed July 2026

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Representative APR 79.5% (Variable). Rates from 48.1% APR to 1721% APR.

At £1,500, the main decision is how long to take. The monthly payment and the total cost move a long way apart as the term gets longer, and most people will be paying for at least a year. This page sets out that trade-off, what loans of this size are used for, and how to protect yourself when the money is for a purchase. Dot Dot Loans is a credit broker, not a lender.

12, 18 or 24 months?

Example repayments on £1,500

Illustration only

Term

Monthly

Total repayable

6 months

£300.69

£1,804.14

12 months

£174.47

£2,093.64

18 months

£133.83

£2,408.94

24 months

£114.53

£2,748.72

36 months

£97.08

£3,494.88

Figures assume a representative 79.5% APR and are for illustration only. Your actual rate depends on the lender and your circumstances.

Taking 24 months instead of 12 lowers the payment from £174.47 to £114.53, but the interest rises from £593.64 to £1,248.72. Eighteen months sits between the two, at £133.83 a month and £908.94 in interest.

One way to choose: work out the highest payment you could keep up even in a month with an extra bill, then pick the shortest term at or below it. If that turns out to be 36 months (£97.08 a month), it is worth asking whether you could borrow less.

Representative Example: Borrow £1,000 over 18 months. 18 monthly repayments of £89.22. Total amount repayable: £1,605.96. Interest: £605.96. Annual interest rate: 59.97% (fixed). Subject to application approval by the lender. Not all lenders offer loans up to £5,000. Representative APR 79.5% (Variable). Any representative monthly repayment shown is for illustration only, based on our representative APR. Your actual repayments will be confirmed by the matching lender if your application is approved.

What applications for £1,001 to £2,500 were for

Why people applied for £1,001 to £2,500

Borrowing Barometer · H1 2026

Utility bills27.4%

Home improvement20.5%

Emergency cash16.6%

Debt consolidation15.7%

Vehicle13.4%

Special occasion6.3%

Source: Dot Dot Loans Borrowing Barometer 2026.1. Stated purpose of the 35,921 applications for £1,001 to £2,500 made through dotdotloans.co.uk between 1 January and 30 June 2026.

Debt consolidation accounts for 15.7% of applications at this size, against 3.2% for loans of £100 to £300.

Borrowing for a purchase or a project

If the £1,500 is for something you are buying, a few checks protect you and your money:

Section 75 does not apply. If you pay a trader with money from a personal loan, you do not get the protection you would have by paying with a credit card or the retailer's own finance. Paying even part of the cost by credit card can bring the whole purchase under Section 75, as long as the item costs more than £100.
For building or repair work, get more than one written quote and avoid paying the full amount upfront. Paying in stages as the work is completed is safer.
For a car, a personal loan means you own it outright from day one. With hire purchase, the finance company owns it until the last payment. Avoid logbook loans, which are secured on your car.

Who a £1,500 loan suits

Likely to suit

A planned cost with a known price

Stable income for at least the next year

A payment you could still make in a month with an extra bill

Less likely to suit

Income that varies a lot from month to month

Clearing other debts while keeping the old accounts open and in use

Already struggling with existing repayments

Related guides

£1,000 loans: the representative example explained line by line
£2,000 loans: checking whether consolidation saves money
Long term loans: the cost of spreading repayments over years

Frequently asked questions

How much is £1,500 over 18 months?

At our representative 79.5% APR, about £133.83 a month, or £2,408.94 in total (illustration only).

Can I use a £1,500 loan to buy a car?

Yes. Because the loan is not secured on the car, you own it outright once you buy it. Compare the total cost with any dealer finance offer, and check the car's history before you pay.

Am I protected if a trader takes my money and doesn't deliver?

Not by Section 75 if you paid with money from a personal loan. That protection applies to credit card purchases and to finance arranged through the retailer. Paying at least part of the cost by credit card can give you it.

Can I borrow £1,500 on a part-time income?

Possibly. Lenders assess whether the repayments are affordable from your income after essential spending, rather than whether you work full time. A smaller amount may be more realistic than a longer term, which costs more overall.

What happens if I miss a payment?

Contact the lender straight away. You may be charged a late fee, and a missed payment can stay on your credit file for six years. Lenders must treat customers in financial difficulty with forbearance, which can mean more time to pay or a reduced payment plan, so ask what options they offer.