Get the best deal on a £15,000 loan

A £15,000 loan is a significant commitment, so getting your application approved might be a little harder and getting a competitive rate is that much more important.

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Whether you want to renovate your house, consolidate debt or buy a new car, £15,000 can be a game-changing sum of money. But it’s a significant sum for a lender too. If you’ve got good credit, then you can make meaningful savings by comparing the market-leading rates, and if you’ve got bad credit you may be asked to secure the loan against your property.

Secured vs. unsecured £15,000 loans

With a secured loan, you’ll be asked to put forward an asset (usually a property) that the lender can sell to recoup their losses if you don’t pay the loan back. With an unsecured loan, it’s not necessary to put down any collateral.

Lenders typically ask for security when there’s more risk involved – for larger sums, longer terms, lower credit profiles or some combination of these.

Unsecured loans typically apply a fixed rate of interest, meaning borrowers can budget with certainty – knowing their monthly repayment figure will remain the same over the course of the loan, and also knowing in advance what the loan will cost overall. Secured loans, which are effectively second-charge mortgages, usually involve longer loan terms, so lenders won’t be willing to fix for the full loan term but may offer an introductory fixed-rate period.

It’s worth noting that lenders issuing unsecured loans can still take legal action against a borrower to get any money they’re owed, however.

What are my options when borrowing £15,000?

Your available options for a £15,000 loan are likely to based on your credit rating. Lenders tend to be more picky for sums of this size than they do for smaller loans. Even if the most favourable terms are out of reach, there are a few providers offering loans of this size to those with bad credit.

If you have bad credit

Most lenders will be willing to lend out £15,000 without security if you have very good credit, but if you don’t have good credit, then specialist bad credit lenders might still offer you an unsecured loan. These lenders will promote the fact that they look at more than just your credit score when considering your application, but they’ll also hike up the rates to mitigate the risk they’re exposed to – potentially charging upwards of 40% p.a.

In this situation, you do have a couple of other options. You could apply for a guarantor loan – that’s where you apply with a friend or relative (who has good credit) who promises to step in and repay the loan if you don’t. In certain situations, guarantor loans can allow you to access larger loans and lower rates than you might alone, but they still come with painfully high rates – typically around 35-50%.

Alternatively, if you own a home with a mortgage, you could consider using the equity in your property as security. Secured loans could offer rates of around 7-15%, but require very careful consideration. For one thing you’re putting your home on the line, and for another, if you borrow £15,000 at, say, 11% p.a. over 15 years, the length of the loan could make it a false economy. Secured loans are commonly used for debt consolidation, where they can prove smarter than an expensive “stop-gap” loan which doesn’t solve financial problems but just defers them.

If it’s for business purposes

Most personal loan contracts forbid borrowers from spending the money on a business. However if you wish to borrow £15,000 to start or grow a small business, there’s a wide selection of business loans (including government-backed loans) available from both standard and specialist lenders.

Loans for small businesses

If you’re self-employed

The market for self-employed loans has grown in recent years, making it easier for self-employed borrowers to access loans of £15,000. Frustratingly, the rates offered are often not as favourable as those offered to employees, who are typically seen by lenders as less of a risk due to their guaranteed income.

Loans for self-employed people

Comparison of £15,000 personal loans

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
Hitachi Personal Finance Hitachi Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.2% p.a. (fixed). Representative APR 3.2% and total payable £10,493.64 in monthly repayments of £291.49.
NatWest Existing Customer Personal Loan (specific eligibility criteria apply)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Post Office Money® Personal Loan
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Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Royal Bank of Scotland Existing Customer Personal Loan (specific eligibility criteria apply)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
AA Member Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.
Zopa Personal Loan
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Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.
Lloyds Bank Existing Customer Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Lending Works Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. (fixed) with an application fee of £0.00. Representative APR 10.0% and total payable £11,543.40 in monthly repayments of £320.65.
M&S Bank Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

Compare up to 4 providers

Name Product Total Payable Monthly Repayment Representative APR Link
1st Stop Personal Loans Ltd Homeowners Unsecured Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 31.3% p.a. (fixed). Representative APR 31.3% and total payable £14,801.76 in monthly repayments of £411.16.
118 118 Money Personal Loan (fair credit)
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Representative example: Borrow £2,000.00 over 2 years at a rate of 35.9% p.a. (fixed). Representative APR 35.9% and total payable £2,710.32 in monthly repayments of £112.93.
besavvi Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 18.9% p.a. (fixed). Representative APR 18.9% and total payable £12,913.20 in monthly repayments of £358.70.
Everyday Loans Personal Loan (fair credit)
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Representative example: Borrow £10,000.00 over 3 years at a rate of 34.4% p.a. (fixed). Representative APR 34.4% and total payable £15,269.04 in monthly repayments of £424.14.
Bamboo Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 49.7% p.a. (fixed). Representative APR 49.7% and total payable £17,537.04 in monthly repayments of £487.14.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.

How to compare £15,000 loans to find the best deal

Consider each of the following factors when comparing personal loans:

  • Total payable. This is the total amount your personal loan will cost you. If you consider only one factor, make it this one. It’ll include the capital owed, interest charges and any one-off fees.
  • Available amounts and terms. Each lender will have its own minimum and maximum loan amounts and terms. If you know you need to borrow £15,000 over two or three years, you’ll want to avoid wasting time by checking early on that a lender can offer this.
  • Eligibility. Each lender will have its own eligibility criteria. If you’re in doubt about your specific situation, simply drop them a line to confirm. You should never apply for a loan that you’re not eligible for – multiple applications for credit in a short space of time have the potential to damage your credit score.
  • Rates. The interest rate of any loan is obviously a very important factor, but bear in mind that while lenders must declare the “representative APR” of a loan, this only has to be offered to 51% of customers. You may get a higher rate if the lender deems you to be less creditworthy than that 51%.
  • Turnaround time. Need the money quickly? Then you’ll want to factor each lender’s turnaround time into your comparison.
  • Early repayment rewards. How much you’ll stand to save in interest if you pay off some or all of your loan early.

£15,000 loan illustrations

Interest rate of 5.0% fixed p.a. Interest rate of 10.0% fixed p.a. Interest rate of 25.0% fixed p.a.
2 year term £658.07 monthly
£15,793.70 overall
£692.17 monthly
£16,612.17 overall
£800.57 monthly,
£19,213.75 overall
3 year term £449.56 monthly
£16,184.28 overall
£484.01 monthly
£17,424.28 overall
£596.40 monthly,
£21,470.31 overall
5 year term £283.07 monthly
£16,984.11 overall
£318.71 monthly
£19,122.34 overall
£440.27 monthly,
£26,416.19 overall

How do lenders assess creditworthiness?

It’s not just your income and your credit score that lenders will consider when assessing your creditworthiness. Most will ask what the money is being borrowed for, using your answer to judge how likely you’ll be to pay it back on time, They’ll also want details of your employment status in order to make a judgment about your job security.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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