I think its a great deal for us. Who cares if there is no option. Cuadrado offers a lot of tactical flexibility and he is a player who was clearly not himself at Chelsea for those 6 months. We all thought fairly highly of him while he was at Fiorentina. Chelsea play a very different style of game and it may not have suited him.
Cuadrado can play at a right wing back, a right winger (in a 4-4-2), and a left winger in a (4-3-3) given he is right footed.
Loan for 1.5m is a great deal for us. If we can then add another quality attacking midfielder, I think Allegri will have what he wants - someone more central.