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Many financial institutions, including online lenders, banks and credit unions, offer $15,000 for personal loans.
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Before you issue a $15,000 personal loan, check your budget to see if you can afford a monthly payment.
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You should also look at alternative financial solutions that can be inexpensive, such as home equity loans and home equity credits (HELOCS).
If you need $15,000 to cover a high purchase, home improvement project, financial emergency, or debt settlement, we recommend considering a personal loan. Many lenders provide competitive rates, quick decisions and quick funding.
Before applying, run your number to determine if you need a $15,000 loan or if a small amount works. Use a personal loan calculator to understand the cost of a $15,000 loan over most loan terms of 3-5 years. You also need to get used to the requirements and general pricing to avoid surprises during the application review process.
Best $15,000 Personal Loan
The $15,000 personal loan is available through banks, credit unions and online lenders. Most people have a wide range of loan amounts that should cover the $15,000 cost. When shopping for a loan, compare your personal loan fees and terms to better assess which lenders will provide you with the best fit for your needs.
| APR Range | Loan amount range | Minimum Credit Score Requirements | |
| Lightstream | 6.49%-25.29%* With Autopay | $5,000-100,000 | 695 |
| PNC Bank | 7.89%-24.74% | $1,000-$35,000 | not specified |
| Sophie | 8.99%-35.49% with Autopay* | $5,000-100,000 | |
| Happy money | 8.95%-29.99% | $5,000-40,000 | 640 |
Bankrate’s view
Lightstream offers some of the lowest rates in the industry. This is most suitable for borrowers with excellent or excellent credit who want flexible loan terms up to 20 years. You can either provide same-day funding for approved loans by 2:30pm on weekdays or receive loan proceeds at a more convenient later date.
Strong Points
- Same day funds are available
- There are no fees
- Wide range of repayment conditions
Cons
- There is no option to get prequalified
- You need good credits
- A long credit history is required
Bankrate’s view
If you are looking for a lender to provide face-to-face services, PNC banks could be your ideal option. There are over 2,200 brick and mortar stores in 26 states, and the Washington DC rate discount is also available for personal loans for current PNC customers registered with Autopay. Even if you’re not used to PNC, if you have a solid credit history, you can qualify for a loan with competitive interest rates. However, borrowers outside the service area cannot qualify.
Strong Points
- Competitive April
- Autopay discount with PNC checking account
- Face-to-face service
Cons
- It takes several days to approve the loan
- New customers may need to sign the loan document directly
- Not available in all states
Bankrate’s view
SOFI is an online lender that provides resources and financial education coaches to help borrowers manage their loan payments responsibly. In addition to the various other banking services offered by SOFI, you are eligible to borrow up to $100,000. We also offer Autopay discounts along with member rewards. And most importantly, SOFI has an optional origination fee and no advance penalty. This allows you to tailor your payments to your needs.
Strong Points
- Optional fees
- Auto Pay Discount
- Prequalification options
Cons
- You need good credits
- There is no cosiner
- Highest minimum loan amount
Bankrate’s view
Happy Money features personal loans with competitive interest rates, even if you don’t have full credit. In addition to providing flexible personal loan solutions, Happy Money also focuses on financial health. It provides borrowers with a series of financial assessments, promotes the path to responsible debt management and improves financial health.
Strong Points
- Low APR
- Option to send funds directly to creditors
- Available in advance
Cons
- Up to 10% origination fee
- Not available in Iowa, Massachusetts, and Nevada
- Collaborative applications are not available
How to get a $15,000 personal loan
The steps to obtaining a personal loan are pretty simple.
- Let’s start with Personal Loan Calculator: Run the numbers to see what you pay monthly on a $15,000 loan at various interest rates. Compare that with your monthly budget and make sure there is room for adding monthly payments.
- Compare lenders: Review fees, conditions, fees and eligibility requirements for multiple lenders. Prequalify (it does not affect your credit score) and get a quote from at least 3. Banks, credit unions and online lenders all have their own strengths and weaknesses.
- Apply to the best choice: Once you know which lenders offer the most favorable terms, you can formally apply for a loan. The required documents may include photo ID, proof of residence, employer contact information, payment stubs, or tax returns. At this point, the lender may perform a hard credit check. This may temporarily reduce your credit score by up to 10 points.
- Start your payment: Some lenders can earn you as much money as they would on the same day or the next business day. Once combined, lenders can pay directly to their creditors. Pay on time each month to support your credit score.
General Personal Loan Requirements
Many lenders allow loans that are much higher than $15,000, but they want to ensure they can be paid back on time. To assess whether you are a low-risk borrower, the lender sees:
- Credit score: The first thing most lenders think about is your credit score. This reflects how well it has been managed on time for past debts. The higher the score, the lower the rate.
- Debt to income ratio: The debt-to-income ratio is calculated by dividing monthly debt payments by pre-tax income. This tells the lender how many rooms they have in their monthly budget, in order to make monthly payments that are added in total for a few hundred dollars. Lenders would like to see a ratio ideally below 36%, but some could reach up to 50%.
- income: Many lenders require a certain monthly salary. A stable full-time income can help borrowers, especially determine that they are at low risk.
Long-term costs of a $15,000 personal loan
The price you pay for a $15,000 personal loan depends on the loan term and interest rate you receive. Federal law requires that this information be included in Loan Act (TILA) disclosures received before signing a loan agreement.
Generally, the highest personal loan interest rates are reserved for consumers with excellent credit scores. A solid credit score can amount to hundreds or thousands of dollars in savings.
If you want a more affordable monthly payment, you can opt for an extended loan term. Know that you pay more interest as lenders have more time to collect from you. And because lenders tend to allocate higher interest rates to borrowers who choose a longer repayment period.
The best way to determine costs is to use a personal loan calculator. This allows you to quickly see how the term of the loan and interest rate affects your monthly payments and total costs. For example, a $15,000 loan with an annual rate (APR) of 8.99% is even more expensive when repaying over five years compared to a $15,000 loan for a 13% APR and a three-year term.
| Repayment period | April | Monthly payment | Interest paid | Total cost |
| 3 years | 8.99% | $477 | $2,169.34 | $17,169.48 |
| 5 years | 8.99% | $311 | $3,678.15 | $18,678 |
| 3 years | 13% | $505 | $3,194.73 | $18,194.76 |
| 5 years | 13% | $341 | $5,477.77 | $20,478 |
How to determine if you need a $15,000 loan
Before you apply for a loan, you need to know how you are going to use it. Ideally, you should only apply for what you need to minimize borrowing costs and avoid spending. It is equally important to check your budget and determine if you can afford to pay your monthly loan.
Before moving forward, we will weigh the pros and cons of taking away such a large personal loan. Personal loans may have quick funding and flexible repayment terms. Personal loans are usually unsecured, so there is no need to give collateral. However, they generally charge higher than other loan products such as home equity loans. You may also need to pay the origination fee.
However, if you are planning to use funds to integrate immediate financial needs, specific purchases, or debts, you will have a specific idea of ​​how much you need. You should only request the amount you need to avoid debts that are more than necessary.
A $15,000 personal loan alternative
While the $15,000 personal loan is a convenient and quick option, there are alternatives to personal loans that suit your needs:
- Home Equity Loan: With a home equity loan, you can borrow a portion of your home’s stock at a fixed rate. They are usually lower fees than personal loans, as they are secured by your home. The main drawback, however, is that the default on the loan puts your home at risk of foreclosure.
- HELOC: Another way to tap on fairness in your home is to use HELOC. Unlike home equity loans, HELOCS offers a variety of fees and you can borrow from them if you wish. However, just like with home equity loans, defaults can lead to losing your home.
- Credit Card: Credit cards could be a cheaper alternative if they can be secured for a 0% APR promotion period. You can avoid paying interest in full as long as you pay in full before the interest-free window closes. However, it can be difficult to qualify for the $15,000 credit limit on just one card.
Conclusion
Whether you need to overcome your financial hump and consolidate your debt or cover a substantial cost, a $15,000 personal loan can provide much-needed relief. Most lenders offer a relatively simple application process with quick turnarounds.
Before taking out a personal loan, don’t forget to consider alternatives such as borrowing from family and friends. If you decide to move forward with your application, compare multiple lenders to find the best rates, conditions and rates for your financial situation.
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