Where can I get a $15,000 personal loan?
Banks, credit unions and on-line lenders all offer personal loans — and it ’ mho common to find good rates for $ 15,000. But the across-the-board diverseness of lenders means you should take your time comparing options. Pick a lender that will work with your credit and budget so you can get the financing you need without much hassle .
How much will a $15,000 personal loan cost?
The cost of your lend primarily depends on two factors : Loan term and interest rate. hera is an exercise of how much your personal loan might cost with an 9.41 % APR. *
| 2 years | $ 688.10 | $ 1,514.31 |
| 5 years | $ 314.37 | $ 3,862.12 |
| 7 years | $ 244.47 | $ 5,535.39 |
*We chose 9.41 % by using the average pastime rate for a personal loanword, according to data from a 2019 Experian study. Use our calculator to determine how much your monthly payment and sum cost might be by adjusting the loanword condition and interest rate.
$15,000 loan repayment calculator
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How to get a $15,000 personal loan
Before you get started on an application, follow these steps :
- Check your credit. Knowing your credit score and history will help you find lenders that are more likely to approve you for a loan.
- Compare lenders. Since there are multiple lenders that offer loans of $15,000, you should compare your personal loan options to narrow down your search — and avoid filling out dozens of applications.
- Apply for preapproval. Most lenders offer preapproval to let you see your potential loan terms before you undergo a hard credit check. While you aren’t guaranteed full approval, it can help you narrow down the list of lenders you are able to work with.
- Submit required documents. You will need to provide proof of income, employment and residence to finalize your application.
- Sign your loan agreement. Once you submit a full application, your lender will perform a hard credit check. If approved, you will need to review and sign your loan agreement to complete the loan process.
For a fully breakdown of the application march, read our lead on how to apply for a personal lend .
Do I qualify?
Although eligibility criteria varies by lender, you should expect to meet the be requirements when you apply for any personal lend :
- Good to excellent credit of 670 or higher
- Consistent source of income, such as employment
- Low debt-to-income ratio
- Active checking account
Your lender will likely require you to submit basic information about yourself. This can include your address, Social Security number, date of parturition and contact information.
Read more: 500 Dollar Loan
Can I get a $15,000 personal loan with bad credit?
It ’ s possible, but you ’ ll need to meet other criteria. Lenders will be more lenient if you have minimal debts and a high income, but you may face a higher april if you have bad credit rating. If you don ’ thyroxine, you should take steps to improve your credit or borrow a smaller measure .
How can I get the best rate?
To get the lowest interest rates and best lend terms, you ’ ll typically need to have beneficial to excellent credit and exceed your lender ’ sulfur minimum eligibility criteria .
- Improve your credit. The best rates are given to borrowers with good to excellent credit. If you don’t meet a lender’s minimum score, work on improving your credit before applying to increase your chances of scoring a good rate.
- Provide collateral. Securing you loan with an asset, like an investment account or property, can help you get a low rate because you lower your lender’s risk. However, you risk losing your collateral if you’re unable to repay your loan.
- Include all income and assets. Include all your income and assets in your application to demonstrate your ability to repay the loan. The better your finances, the better your APR.
- Choose a short loan term. While it may mean a slightly higher monthly payment, lenders tend to offer lower rates for shorter loan terms — and it can reduce the amount you pay in interest overall.
Bottom line
personal loans of $ 15,000 are common, so you have batch of lenders to compare. For more information and some of our top choices, read our lead to personal loans .
