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Get a $15,000 personal loan with a reasonable rate and affordable payments

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Need to make a major home repair or fund some other large purchase? See how much a $15,000 loan could cost and how to get one.

There’s an endless list of expenses that could come up and require you to shell out a large amount of money at one time. Maybe your patio is leaking and you need to get it rebuilt. Or maybe you’d like to finish your basement in one large project rather than spread the work out over several months.

If you don’t have all the money saved up, a personal loan could help you accomplish your task affordably. You know how much you want to borrow, but how do you go about comparing lenders and getting the best rate and terms? Find answers to this question and more in our guide.

Credible Personal Loans

Credible

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

  • Recommended Credit Score: 670 or higher
  • APR Range: 4.99% to 36%
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000
  • Loan Term: 2 to 7 years
  • Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Top 5 providers that offer $15,000 loans for fair credit

    Provider Min Credit Score Min Loan Amount Max Loan Amount APR Range
    Monevo Personal Loans 550 $1,000 $100,000 3.34% to 35.99% Go to site More
    Even Financial Personal Loans 580 $1,000 $100,000 4.99% to 35.99% Go to site More
    Prosper Personal Loans 640 $2,000 $40,000 6.95%–35.99% Go to site More
    LendingClub Personal Loan 660 $1,000 $40,000 6.95% to 35.89% Go to site More
    LendingPoint Personal Loans 600 $2,000 $25,000 15.49%–35.99% Go to site More

    How to get a $15,000 personal loan

    • Review multiple lenders. Comparing lenders can get you better rates, terms and a better overall loan. If you have an existing relationship with a bank or credit union, it may be worth checking with them to see if they offer perks for their customers. Keep in mind that online lenders tend to have easier application processes and may be able to approve loans faster. You can start by looking at the descriptions of top online lenders in our comparison table on this page, or you can browse the lenders in the left-hand menu to read full reviews.
    • Know how much you can afford. Budget how much you need to borrow, your monthly repayment limit and a comfortable payment date. This can ensure you’re always in a position to make repayments on time. If your patio repair, for example, turns out to cost $12,000, consider only getting a $12,000 loan. Even though you qualify for $15,000, that extra money will cost you more in interest over the course of the loan.
    • Check your credit. It has a direct impact on the interest rate you’ll be offered. Be sure your credit score is higher than the lender’s minimum credit score required.
    • Apply for the loan. Click “Go to Site” button next to the lender you’re interested on finder.com to be taken to the application form. There you’ll provide your full name and contact information, fill out what you’re taking the loan out for and the amount you want. After you submit your application, you may receive instant pre-approval. If not, it can take anywhere from a few hours to a week to process your application, depending on the lender. Be sure to have documents ready that verify your identity and income.

    Step-by-step application instructions with screenshots

    Compare more providers offering $15,000 loans

    Rates last updated November 21st, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    550
    $100,000
    3.34% to 35.99% (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99% to 36% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    6.99% to 14.87% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    Marcus by Goldman Sachs Personal Loans
    Consolidate your debt or pay off large expenses with competitive rates and no fees.
    Good to excellent credit
    $40,000
    6.99% to 24.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    4.99% to 35.99% (fixed)
    Avant
    Conveniently check your loan options without affecting your credit score.
    580
    $35,000
    9.95% to 35.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    What do I need to qualify?

    Here’s what lenders are generally looking for in applicants:

    • Why you’re taking out the loan. A $15,000 loan could be used for a variety of large purchases that can demonstrate different levels of responsibility. If you’re using the loan for a repair on a home you own, the lender may see that as a less risky borrowing reason than someone who’s using the money for a vacation, for example.
    • Your creditworthiness. What you’ve borrowed in the past, your payment history, your current debts, among other factors, all affect the APR you could be offered.
    • Specifics about your income. Lenders want to know if you’re making enough money to cover the amount you want to borrow, but that’s not all. Your entire debt-to-income ratio is important, as lenders also want to see that you can afford all of your financial obligations. Lenders generally want you to have a debt-to-income ratio less than 40%, but the lower the better.
    • Your employment status. Because income is a big factor when assessing your application, lenders will want to know that you have a stable job with regular paychecks.

    Some lenders summarize eligibility in three C's

    • Character is about creditworthiness, how you’ve handled your debt payments in the past.
    • Capital is better known as collateral. If your creditworthiness is lacking, some lenders may only offer you secured loans. A secured loan will require collateral – an asset they can take possession of if you don’t repay the loan as you’ve agreed.
    • Capacity refers to your ability to repay the loan. That’s where the lender will evaluate the length and type of your employment as well as your income and debt-to-income ratio. If you’ve been in your current employment for a short time, previous job history may be important. The lender will analyze your ability to handle the new monthly payment.

    How is my creditworthiness determined?

    A lender typically reviews your credit score and credit report to determine your creditworthiness. Your credit report is a detailed record of your credit history, including open accounts, credit inquiries and payment history. Your credit score is a number that represents your capacity to take on new credit and repay it. It’s based on five factors: payment history, amounts owed, length of credit history, new credit and types of credit used.

    Your credit score greatly affects whether you’re approved as well as the rate and loan term you’re ultimately offered. Here are general ranges you can use to evaluate where you stand:

    Credit scoreRating
    720–850Excellent
    680–719Good
    620–679Fair
    300–619Poor

    A specific lender’s credit ranges may differ slightly, while others rely on your FICO score for evaluation. But to get the lowest interest rate and APR, you’ll typically need to be in the good to excellent range.

    Find out your credit score

    What if I have bad credit?

    It can be difficult to qualify for a personal loan with bad credit. If you’re okay with getting a lower loan amount for now, you could get a $5,000 with bad credit. You could also consider comparing installment loan options — these loans typically range from $1,000 to $10,000 and have more lenient eligibility criteria.

    If you think your credit score is lower than it should be, you can check your credit report. In the event you find errors like incorrect late payments or delinquent accounts that should’ve been closed, you can contact the credit bureau to have that mistake fixed. If your credit report is accurate and you still have bad credit, you may be able to build your credit. Learn more about tips to improve your score.

    Repayment of a $15,000 loan over 5 years

    Loan costs vary based on the amount, term and APR. You can potentially shift these factors around to get different monthly payments and total costs.

    APRMonthly repaymentTotal amount repaidTotal interest paid
    5%$283$16,984.11$1,984.11
    12.99%$341.22$20,473.16$5,473.16
    20%$397.41$23,844.50$8,844.50

    How to get the best rate and terms on your loan

    Ask yourself three important questions about important factors that’ll determine the rate and term of your loan.

    Additional tips:

    • When applying, be sure to include all your income and assets — your savings and investment accounts and real for example — in the application to demonstrate your ability to repay the loan.
    • Apply for the smallest amount and shortest-term loan for your situation if possible. A longer repayment period means smaller monthly payments but a higher cost overall with the added interest payments.

    What can you use a $15,000 personal loan for?

    • Consolidate credit card debt. Whether you have balances on one or multiple credit cards, you can pay them off with a credit card consolidation loan and save money on interest while simplifying your payments.
    • Learn about even more personal loan uses. Personal loans can generally be used for just about any legitimate purposes. Find out some of the most common uses for personal loans and compare lenders.

    Other things to keep in mind when applying for a $15,000 loan

    • Additional costs. Consider any fees or charges beyond the interest rate. The APR will give an idea of the total cost of the loan including required fees for things like origination. However, you may also want to keep a lookout for penalty fees that aren’t included in the APR for things like late payments or early payoff, if applicable.
    • Terms and conditions. Be sure to read the terms and conditions of the loan agreement for things about the loan that may not have been advertised. You can contact a customer support representative if you don’t understand something in the document. Things to flag may include hidden fees or privacy policies regarding your personal information.
    • Alternatives if you have bad credit. If it turns out a personal loan isn’t the best fit for you because of your credit score or eligibility, you can look into installments loans as another borrowing option. For example, you could get a $5,000 loan even if you have bad credit.

    Bottom line

    Just about all personal loan lenders offer $15,000 loans, so you have plenty of options to compare. Comparing multiple lenders can be a time consuming process. To make your decision easier, we’ve narrowed down the list for you to several legit online lenders offering competitive personal loans of $15,000. Check out the comparison table above to see the starting rates and eligibility requirements.

    If you’d like to learn more about comparing your personal loan options, different types of loan types available and how to apply, you can visit our complete personal loans guide.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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    2 Responses

    1. Default Gravatar
      JamieOctober 9, 2018

      I would like to get a personal loan for 15,000 and use my deed to my house and I have a credit score of 560

      • finder Customer Care
        nikkiangcoOctober 10, 2018Staff

        Hi Jamie,

        Thanks for your inquiry and for visiting our page.

        Great job on the credit score! Here is a page that lists collateral loans. Read the page carefully to check what other properties you can use for as collateral for your loan.

        As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications about the card.

        Hope this was helpful. Don’t hesitate to message us back if you have more questions.

        Regards,
        Nikki

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Monevo Personal Loans

    Quickly compare multiple online lenders with competitive rates depending on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site