Using memory that doesn't work properly will cause a malfunction, but nothing that would damage the computer or the memory.
I would recommend you visit OWC or DataMem to find the proper products for your model. They know if 1.5 v memory will work or not, so they will not recommend a product that would not work. That said some Macs can be finicky about memory, but these vendors will work with you if there is a problem.
Suffice to say what i was explaining earlier is that the computer supplies the power to the memory modules, not the other way around. The Mac supplies 1.35 volts to the memory modules regardless of what the modules are rated for. So, if a module requires 1.5 volts from the computer, then that module may not work in a computer that only provides 1.35 volts. However, many modules rated for 1.5 volts will work when used in computers that supply 1.35 volts. This means that memory rated for 1.5 volts will most likely work in a Mac.
I hope this is a clear enough explanation.