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
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Types of $15,000 personal loans
Regardless of the situation you’re in, you can seek out $15,000 loans in 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:
Secured $15k loans are loans where you agree to give up an asset you own should you become unable to make your payments. Assets such as your house or your car could be used as insurance on your loan. Because they involve collateral, secured loans generally have the lowest interest rates. Learn more about secured loans.
Unsecured loans come with higher interest rates because they don’t require any form of collateral. Instead, lenders take a risk loaning you $15,000, but at a higher interest rate. Unsecured loans are commonplace for online lenders – the application and approval process is usually pretty quick, which means you could secure a $15,000 loan within the same day of applying.
If you can’t qualify for a personal loan on your own, you can ask a family member or close friend to cosign on your loan and act as a cosigner. The catch? If you default on payments, your cosigner will have to pay for them, so make sure they’re aware of what they’re committing to. Both of your credit scores will take a hit if you default on your loan. For people having trouble securing a loan in other ways, adding on a responsible cosigner should remove any barriers to getting your funding.
With fixed-rate personal loans, you will lock in an interest rate at the beginning of your loan term so your repayments stay the same throughout the duration of your loan.
Variable-rate loans have fluctuating interest rates throughout the term of your loan depending on market conditions. Your repayment amounts will generally stay the same, but if your rate increases, more will go towards paying the interest than the principal, which could extend how long it’ll take you to pay off your $15k loan. Variable-rate personal loans tend to come with lower starting annual percentage rates (APRs) compared to fixed-rate counterparts. This year, however, economists expect a series of interest rate increases, so be prepared for your variable rate to increase if you get this type of loan now.
A debt consolidation loan can help you combine your existing debts into one new fixed monthly repayment. Ideally, your new loan offers a lower interest rate and better loan terms than all of your current debts. When applying for a debt consolidation personal loan, you will need to select “debt consolidation” as the purpose on your application. The lender will transfer your approved funds into your bank account, which you then use to pay off your open debts — whether that’s credit card balances, bills or other loans. After paying off your debts, you’ll be left with one single loan to repay. Learn more about the best debt consolidation loans.
Where to get a $15,000 loan in Canada
Banks and credit unions. These traditional lenders tend to offer the most competitive interest rates on a $15k loan, 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 sufficient income and manageable overall debt load), there are lenders in Canada who can approve you for a $15k loan with bad credit. While traditional banks and credit unions might be out of reach for you, online lenders tend to have more lenient eligibility requirements. Keep these factors in mind if you need to borrow $15,000 with bad credit:
Amount. Taking out a $15,000 loan with bad credit is feasible, but you may also only be approved for smaller amounts once lenders examine your personal variables.
Interest rates. Those with bad or poor credit will end up paying higher interest rates – possibly up to 47% – 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 3 - 60 months 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 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 for a $15k loan with bad credit
If possible, improve your credit first. This may not be an option for some people, but if you can wait at least 6 months, improve your credit score first by making on-time debt payments. Having recent NSF transactions in your bank account will affect a lender’s decision.
Demonstrate room in your budget. Lenders will analyze your current monthly income and debts. You’ll need to show that there’s room in your budget to take on more debt.
Review the eligibility criteria. Before you apply for a $15,000 loan with bad credit, make sure you meet the lender’s eligibility criteria. Check for requirements like minimum income, credit score, age and the lender’s availability in your province.
Consider a 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).
What is a good interest rate on a $15,000 personal loan?
A good interest rate on a $15,000 loan will be at or lower than the average personal loan plan rate of 9.59%, according to the Bank of Canada. The interest rate you’ll be charged on a $15k loan will depend on financial factors like your credit score, income and overall debt level.
Banks and credit unions tend to offer the best rates to those with good to excellent credit scores. You may also want to broaden your search with an online broker like LoanConnect, who also offers competitive rates (8.99% - 46.96%), and allows you to see lender matches for free without affecting your credit score.
Write the loan term in years (not months) under Loan terms.
Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
Hit Calculate.
Review your results.
What is the monthly payment on a $15,000 loan?
The cost of your $15k 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 for $15k loans 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 660. 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:
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.
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.
Apply for pre-approval. Some lenders offer pre-approval to let you see your potential $15k 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.
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.
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.
Can I get a $15,000 loan with no credit check?
It’ll be difficult to get a $15,000 loan without a credit check. This is because $15,000 is a big ask, and lenders who don’t do credit checks tend to approve much smaller loan amounts to lower their risk. To increase your chances on a $15,000 loan with no credit check, you’ll need to submit collateral, such as your car or home.
No. Legitimate lenders will need to review your finances before approving, especially for a $15,000 loan. Avoid lenders that promise to approve you no matter what, because this could be a scam.
$15,000 loans 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 $15k personal loan options.
Frequently asked questions about $15,000 loans
You can use a $15,000 personal loan for many purposes, including:
Buying a car
Debt consolidation
Home improvement
Boat or jet ski
Vacation
Wedding
Business purposes
It may be difficult to get an unsecured $15,000 loan with bad credit. If you have bad credit, lenders are more likely to approve you for much lower loan amounts. One way to increase your chances of approval on a $15,000 loan is to secured your loan with collateral, such as your car or house.
While you can get personal loans for bad credit, you'll have an easier time qualifying and can lock in lower interest rates on a $15,000 loan if you have a credit score of 660 or more.
If you're looking to get a $15,000 loan instantly, your best bet is to opt for an online personal loan lender. Online lenders often offer pre-approval within minutes, full approval on the same or next business day, and deposited funds within 24-48 hours.
It depends on the lender. It's generally harder to get a $15,000 loan from banks, because they have strict eligibility requirements. Alternatively, it may be easier to qualify for a $15k loan from online lenders who often have lower minimum credit score and income requirements.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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