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Get a $15,000 loan

Get quick approval and funding from these lenders offering $15,000 loans in Canada.

There are many lenders you can consider when you need a $15,000 personal loan, including banks, credit unions and online lenders. Those with good to excellent credit (around 660 or higher) will have access to lower interest rates and better terms, but if you have fair or bad credit, don’t worry – you have options.

Online lenders offering a $15,000 loan

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

Types of personal loans

Regardless of the situation you’re in, you can seek out $15,000 loans in many different ways. Loans come in a variety of forms, from unsecured loans, secured loans, bad credit loans and cosigned loans. They all fall under the umbrella term “personal loans”. Here’s a look at your options to help you decide which best suits your needs:

Where to get a $15,000 loan

  • Banks and credit unions. These traditional lenders tend to offer the most competitive interest rates, but you need good to excellent credit to qualify. Banks and credit unions offer both fixed and variable interest rates.
  • Online lenders. These lenders are the main providers of personal loans to people with bad credit. They are faster at approval and funding than banks and credit unions, but they also have higher interest rates.
  • Peer-to-peer lenders. These are everyday Canadians that fund personal loans through a regulated online platform like goPeer.

How do I get a $15,000 loan with bad credit?

If you can show you’re able to repay your loan (for example, by showing employment income and manageable debts), there are lenders who can approve you for a $15,000 loan with bad credit. While traditional banks and credit unions might be out of reach for you, you do have the option of applying with online lenders. Keep these factors in mind if you need to borrow $15,000:

  • Amount. Taking out a $15,000 loan with bad credit is feasible with many online lenders. Proceed with caution and only borrow what you need to avoid going deeper into debt.
  • Interest rates. Those with bad or poor credit will end up paying higher interest rates compared to those with a solid credit history because lenders view bad-credit borrowers as higher risk. Compare interest rates before agreeing to a bad credit loan.
  • Repayment terms. Lenders will offer you around 6 months to 5 years to repay your $15,000 bad credit loan.
  • Fees, penalties and total cost. Don’t fixate solely on the interest rate your lender is charging you. Triple check the fine print of your loan’s terms and conditions so you’re aware of, and comfortable with, all of the extra fees from origination fees to penalty charges for late payments.

How to increase your chances of approval with bad credit

  • If possible, improve your credit first. By improving your credit score before applying, you’re likely to get a better rate. Get a copy of your credit report for free from one of the major bureaus and correct any discrepancies. Pay any outstanding debts, and pay your bills on time.
  • Review eligibility criteria. Before you apply for a $15,000 loan with bad credit, make sure you meet the eligibility criteria. Look for things like minimum income, credit score, employment and age requirements, and if you don’t meet one of the requirements, don’t apply for the loan.
  • Consider a joint application or cosigner. If your finances are not in the best shape, consider applying with a cosigner or another applicant. A $15,000 cosigned loan is easier to get when you have poor credit. A cosigner agrees to cover your loan payments on your behalf should you default on them. To get approved for the $15,000 loan, your cosigner’s finances must be in good shape (for example, have a good credit score and low debts).
  • Submit all necessary documents. Check what documents are needed and make sure you’re able to submit everything that is required. Having your information handy can help speed up the loan process too.

What is a good interest rate on a $15,000 personal loan?

Interest rate depends on a borrower’s financial factors, such as their credit score and debt level. Banks tend to offer the best rates to those with great credit scores. As a reference, TD’s fixed rate personal loans have an interest rate range of 8.83% – 16.03%, and its variable rate personal loans have an interest rate range of 6.33% – 13.58%.

If you have good to excellent credit, a $15,000 bank loan with a competitive rate is within your reach. You may also want to broaden your search with an online broker like LoanConnect, who also has competitive rates (Secured from 1.90%, Unsecured from 5.75%-46.96%). If you have an attractive application, your rate will fall on the lower end. With LoanConnect, you can see your lender matches for free without affecting your credit score.
Low interest loans for good to excellent credit

Personal loan calculator

Calculate your monthly payments on a $15,000 loan with this calculator.

Personal loan monthly payment calculator

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What are the monthly payments on a $15,000 loan?

All $15,000 loans share the same borrowed amount, but the rate and conditions can vary immensely from loan to loan. The cost of your $15,000 loan depends on two factors: the loan term and the annual percentage rate (APR). The longer the term is, the more interest will accrue. A lower APR helps to reduce the total amount of interest you’re required to pay.

Financing fees, such as late fees, non-sufficient funds (NSF) and prepayment penalties, add to the total cost too. Unfortunately, these fees are less predictable because whether you’re charged the fee depends on future, unknown events. Thankfully, if you always pay on time and in full, these fees can be avoided.

Cost example: Payments on a $15,000 loan

You can calculate the $15,000 loan payment on your own. In fact, there are many free calculators and tools that will help you with the calculation. The only information you need is the loan amount, the APR and the term.

Here is an example of how much your loan might cost with a 10% APR.

Loan term

Monthly payment

Total interest paid

2 years

$692.17

$1,612.17

5 years

$318.71

$4,122.34

7 years

$249.02

$5,917.49

Am I eligible for a $15,000 personal loan?

The exact eligibility criteria depend on the creditor. However, there are many consistencies from lender to lender. Below are common eligibility criteria for personal loans:

  • Residency. Being a citizen or a permanent resident of Canada with a valid Canadian address is almost always a requirement.
  • Age. You will need to be the age of majority in your province or territory. The age of majority is usually 18 or 19 in Canada.
  • Credit. Some lenders have minimum credit score requirements, usually around 650. However, there are plenty of creditors that work with bad or no credit. Compare lenders that accept bad credit.
  • Stable income. Lenders want borrowers to have a stable income because it increases the likelihood that they will be repaid. Employment income is the most favourable, but lenders work with business owners, gig workers, retirees on pension and many others too.
  • Low debt-to-income ratio. A debt-to-income ratio is the portion of earnings that goes towards paying debts. In general, the lower this amount is, the better. Lenders want to ensure you can afford another loan.
  • Active bank account. An open, active bank account is required to deposit the loan funds.

Steps to get a $15,000 loan

To obtain a $15,000 personal loan, follow these steps:

  1. Check your credit. It’s good practice to look at your credit score and credit report before lenders do. Check for inaccuracies, areas for improvement and items that creditors may question. If you have good credit, you will have access to better rates. If you have bad credit, there are lenders that accept bad credit.
  2. Compare lenders. Since there are multiple $15,000 loans on the market, you should compare loans and lenders to find the most ideal option. At the same time, avoid completing unnecessary applications because inquiries can damage your credit in the short term. If you can, fill out pre-applications because they won’t impact your credit.
  3. Apply for pre-approval. Some lenders offer pre-approval 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 may be able to work with.
  4. Submit the required documents. Once you’ve found a $15,000 loan you’re happy with, it’s time to complete the application. A big part of the process is providing documentation. Common items include proof of income, contact information and government-issued identification, but document requirements vary from lender to lender.
  5. Sign your loan agreement. After you submit a full application, your lender will begin the approval process. If approved, you will be required to review and sign your loan agreement.

Do you have more questions about the loan application process? Check out our guide on how to apply for a personal loan.

Bottom line

Personal loans of $15,000 are common, which means you have the luxury of choice. Take your time selecting a loan and a lender to optimize your interest rate and conditions. In addition, you can improve your credit score and financial position while researching personal loan options.

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