There are a variety of banks, credit unions, and online lenders that offer $15,000 personal loans to qualifying borrowers. Before a lender approves a $15,000 personal loan, it will review your credit, income, and other financial factors. Some lenders accept lower credit scores than others, but having a strong score will help you qualify for […]
The post How to Get a $15,000 Personal Loan appeared first on LendEDU.
There are a variety of banks, credit unions, and online lenders that offer $15,000 personal loans to qualifying borrowers. Before a lender approves a $15,000 personal loan, it will review your credit, income, and other financial factors. Some lenders accept lower credit scores than others, but having a strong score will help you qualify for the best rates and lowest loan fees.
Applying with a cosigner or collateral may also help you secure a better interest rate, though most personal loans are unsecured. If you’re looking for a $15,000 personal loan, read about your options, including how to apply and the top lenders we recommend.
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A $15,000 personal loan is available with most loan providers, though you’ll need to meet eligibility criteria to borrow. Some of these eligibility requirements include a minimum credit score, a stable source of income, and an acceptable debt-to-income ratio.
As personal loan limits vary by lender, you’ll also find different annual percentage rates (APRs). Rates typically range from around 7% or 8% APR up to 36%. Borrowers with the strongest financial profile, particularly the best credit, tend to qualify for lower rates.
Even if your credit isn’t strong enough to access the best rates, a $15,000 personal loan may still be more affordable than a payday loan or other option from a predatory lender. Payday loans can be exceptionally expensive, sometimes having APRs as high as 400%.
Here are five lenders we recommend for a $15,000 personal loan.
Lender | Rates (APR) | Loan amounts |
Credible | 7.49% – 35.99% | $600 – $200,000 |
LightStream | 7.49% – 25.49% | $5,000 – $100,000 |
SoFi | 8.99% – 29.99% | $5,000 – $100,000 |
Upgrade | 8.49% – 35.99% | $1,000 – $50,000 |
Upstart | 7.8% – 35.99% | $1,000 – $50,000 |
LendEDU rating: 5.0 out of 5
Credible stands out as the premier marketplace for those seeking a $15,000 personal loan due to its user-friendly platform that aggregates personalized offers from various lenders, making it simple for borrowers to compare rates and terms.
This feature is useful for borrowers looking to secure the best possible deal without visiting multiple lenders, saving time and effort.
Credible’s transparent approach ensures users can make informed decisions without worrying about hidden fees or impacts on their credit scores from preliminary checks.
LendEDU rating: 4.8 out of 5
LightStream is ideal for borrowers with FICO scores at or above 740. It provides some of the most competitive interest rates for personal loans.
The absence of fees and prepayment penalties makes LightStream an attractive option for borrowers aiming to minimize costs over the loan term.
Its Rate Beat program, which promises to beat any qualifying interest rate from another lender, underscores LightStream’s commitment to offering the best value, making it an exceptional choice for those with stellar credit histories seeking affordable loans.
Because LightStream doesn’t allow borrowers to prequalify to see rates, we recommend that borrowers with excellent credit who are confident they’ll be approved consider this lender.
LendEDU rating: 5.0 out of 5
SoFi distinguishes itself by being not just a lender but a financial community, offering $15,000 personal loans at competitive rates for those with credit scores of 670 and above.
Beyond just loans, SoFi provides its members with numerous benefits, such as access to financial advisors and estate planning.
This holistic approach to lending makes SoFi an excellent choice for individuals with good credit looking for more than just a loan.
LendEDU rating: 4.9 out of 5
Upgrade fills a vital niche by catering to individuals with credit scores of 580 to 669 with reasonable terms. What sets Upgrade apart is not only its accessibility to a wider range of credit profiles but also its commitment to helping borrowers improve their financial health.
Through tools that monitor credit and the availability of hardship plans for those facing financial difficulties, Upgrade supports its customers throughout the life of their loan. This focus on financial empowerment and flexibility makes Upgrade a standout choice for those with fair credit seeking to borrow.
LendEDU rating: 4.8 out of 5
Upstart is revolutionizing the personal loan process for individuals who don’t have sufficient credit for many conventional lenders.
By employing artificial intelligence to assess creditworthiness, Upstart looks beyond traditional credit scores to include educational and employment history, opening up opportunities for many borrowers.
Upstart’s minimum credit score requirement is 300—the lowest possible. This innovative approach facilitates access to credit for newer borrowers and can offer more favorable rates based on their broader personal profiles.
Upstart’s inclusive strategy makes it the ideal platform for those with limited credit history aiming to secure personal loans.
The specific process for getting a $15,000 personal loan may vary by lender, but these are the typical steps you’ll need to take:
Personal loans usually require you to make payments monthly. Repayment terms vary, but you can often choose a term of one, three, five, or seven years.
The term you choose will directly impact your monthly payments and long-term loan costs. A longer term, for example, will have more affordable monthly payments but cost more in interest overall. A shorter term will have higher monthly payments but lower interest charges.
Most lenders don’t charge a penalty for prepayment, so you may also choose to pay off your loan ahead of schedule. Making extra payments on your loan’s principal balance can help you get free of debt and save money on interest charges.
The payments on a $15,000 personal loan primarily depend on your interest rate and repayment terms. Consider this example of a $15,000 loan with a 12% interest rate on different terms:
Repayment term | Monthly payments | Total interest charges |
1 year | $1,333 | $993 |
3 years | $498 | $2,936 |
5 years | $334 | $5,020 |
7 years | $265 | $7,242 |
Your interest rate also impacts your payments. Here’s how much that same $15,000 loan with different interest rates would cost (assuming a five-year term).
Interest rate | Monthly payments | Total interest charges |
7% | $297 | $2,821 |
12% | $334 | $5,020 |
25% | $440 | $11,416 |
36% | $542 | $17,520 |
Some lenders also charge loan origination fees that can affect your loan costs. Depending on the lender, this fee may range from 1% to 12% of your loan amount. On a $15,000 personal loan, that fee might cost between $150 and $1,800.
Using a personal loan to take out $15,000 has pros and cons. Consider both before you borrow.
Pros
May have a competitive interest rate
A personal loan may be more affordable than alternative financing options, such as a credit card. According to the Federal Reserve, the average rate on a two-year personal loan is 12.35%, while the average APR on a credit card is 21.47%.
Can spread out repayment over several years
Depending on the lender, you may be able to choose a loan term as long as five, seven, or even 12 years.
Funds can be used for almost any purpose
Personal loans are an extremely flexible form of financing for almost any expense. They can also help you consolidate high-interest debt.
Cons
Eligibility requirements may be tough to meet
Most lenders require fair or good credit to qualify for a personal loan. Although some lenders accept lower scores, they charge higher rates and fees.
Some lenders charge origination fees
Borrowers with weaker credit may have to pay a personal loan origination fee, costing up to 12% of the total loan amount.
Missing payments can damage your credit
If you miss payments on your $15,000 personal loan, the lender can report this to the credit bureaus, which would damage your credit.
Ask the expert
Assuming you have the cash flow to cover the personal loan payment, the loan amount itself is less of a factor than the reason. As long as you are taking the loan to consolidate and easily pay down current debt, reduce interest costs associated with new debt (vs. a credit card as an example), or improve your financial situation (i.e., home improvement or employment improvement), these kinds of loans are typically better than a lot of other options.
An unsecured personal loan may not be your only option for borrowing $15,000. Here are some alternatives to consider:
Credit score requirements can vary by lender. However, many lenders prefer to see at least a fair credit score—often around 660—to qualify for a $15,000 personal loan. It may also check the debt-to-income ratio and other details of your financial position.
Yes. Many lenders are willing to work with self-employed individuals. However, prepare to show proof of a reliable income stream, such as bank statements or tax returns. The lender wants to ensure you can repay the loan in full.
The time it takes to receive loan funds can vary by lender. In many cases, once approved for a personal loan, you can expect the funds to be deposited into your account within one to seven business days.
Generally, there are minimal restrictions on using a personal loan. Whether for home improvements, consolidating debt, or covering an emergency expense, the choice is yours. However, using the loan money responsibly and for the purpose stated in your application is important.
If you miss a payment on your personal loan, your lender might charge a late payment fee, and it could harm your credit score. If you can’t make a payment, contact your lender as soon as possible to explore options, such as payment extensions or refinancing.
In many cases, you can pay off your personal loan early. While uncommon, some lenders may charge a prepayment penalty—a fee for paying off your loan before the scheduled end date. Always check the loan agreement details and ensure you know of any such penalties before establishing a repayment plan.
Your credit score, income, and debt-to-income ratio determine interest rates on personal loans. Lenders use these factors to gauge your ability to repay the loan. Higher-risk borrowers, such as those with lower credit scores or irregular income, may pay higher interest rates.
The post How to Get a $15,000 Personal Loan appeared first on LendEDU.