Compare costs and learn how to qualify for a competitive deal.
Top 5 providers that offer $15,000 loans for fair credit
|Provider||Min Credit Score||Min Loan Amount||Max Loan Amount||APR Range|
|LendingClub Personal Loan||640||$1,000||$40,000||6.95% to 35.89%||Go to site More|
|Credible Personal Loans||Good to excellent credit||$1,000||$100,000||5.34% to 35.99%||Go to site More|
|Monevo Personal Loans||550||$1,000||$100,000||3.99% to 35.99%||Go to site More|
|Even Financial Personal Loans||550||$1,000||$100,000||3.84% to 35.99%||Go to site More|
|Avant||580||$2,000||$35,000||9.95% to 35.99%||Go to site More|
How to get a $15,000 personal loan in 4 steps
Compare more providers offering $15,000 loans
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 (DTI) is important, as lenders also want to see that you can afford all of your financial obligations.
- 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.
The three Cs of eligibility
- 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. Lenders look at the length and type of your employment as well as your income and (DTI). Generally, you need to show that you’re able to comfortably afford your repayments.
How much will a $15,000 loan cost?
The cost of your $15,000 loan depends on two main factors: The term and the APR. You can use our calculator to find out how much a $15,000 loan would cost you each month and overall.
Cost example: Repaying 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.
|APR||Monthly repayment||Total amount repaid||Total interest paid|
How to get the best rate and terms
Ask yourself three important questions about important factors that’ll determine the rate and term of your loan.
- Do I want a fixed vs. variable interest rate? Is the interest rate set for the entire loan term or will it fluctuate with the market? Variable interest rate loans typically have lower starting APRs than fixed ones but have the possibility to increase over time.
- Do I meet the minimum credit score set by the lender? If your credit score isn’t in the good-to-excellent range needed to get the best rate, you may want to consider an installment loan for a lower loan amount.
- Can I secure the loan for a lower rate? Some lenders offer both secured and unsecured personal loans, with lower APRs when you secure the loan with collateral, such as a vehicle or savings account.
- 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.
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:
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 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.
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.
What can I use a $15,000 personal loan for?
- Get a personal loan for business use. This has several advantages over business loans, especially if you only need a small amount to get started. Compare personal loans versus business loans.
- Complete a home repair or renovation. If you have a leaky roof or want to finish your basement, a $15,000 could cover all the necessary labor and materials. If you have enough equity in your home, you could consider a HELOC (home equity line of credit) or home equity loan.
- 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 factors to keep in mind
- Additional costs. Consider any fees or charges beyond the interest rate. The APR gives 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.
Just about all personal loan lenders offer $15,000 loans, so you have plenty of options to compare. 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.