{"id":114649,"date":"2018-06-25T11:27:02","date_gmt":"2018-06-25T10:27:02","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=114649"},"modified":"2025-06-18T09:01:22","modified_gmt":"2025-06-18T08:01:22","slug":"15000-loan","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/15000-loan","title":{"rendered":"How to get approved for a \u00a315,000 loan at a low rate"},"content":{"rendered":"

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.<\/p>

Late repayments can cause you serious money problems. See our debt help<\/a> guides.<\/p><\/div><\/article>

Overview<\/h3>

Whether you want to renovate your house, consolidate debt or buy a new car, \u00a315,000 can be a game-changing sum of money. But it\u2019s a significant sum for a lender, too. If you\u2019ve got good credit, you can make meaningful savings by comparing the market-leading rates, and if you\u2019ve got bad credit, you may need to consider securing the loan<\/a> against your property.<\/p>

What are my options when borrowing \u00a315,000?<\/h3>

Your available options for a \u00a315,000 loan depend on your credit score. Lenders tend to be pickier for sums of this size than smaller loans. But even if the most favourable terms are out of reach, there are providers offering loans of this size to those with bad credit. <\/p>

\"Credit\"<\/a><\/div>

Bad credit?<\/a><\/h1>

Been rejected by a lender or know your credit isn\u2019t great? It\u2019s not the end of the line.<\/p>

Discover options<\/a><\/p><\/div><\/div><\/div><\/article><\/div>

\"Credit\"<\/a><\/div>

Good credit?<\/a><\/h1>

Compare the best rates available on the market from a panel of good-credit lenders.<\/p>

Browse bank rates<\/a><\/p><\/div><\/div><\/div><\/article><\/div>

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No idea?<\/h1>

Regardless of credit history, complete one fast, simple form to compare multiple lenders.<\/p>Personalised rates<\/a><\/div><\/div><\/div><\/article><\/div><\/div>

Can I get a \u00a315,000 loan with bad credit?<\/h3>

Understandably, if you\u2019re worried about your credit score, you won\u2019t want to just apply to the first lender you come across.<\/p>

A good loan matching service can help you to check which lenders would approve you for a loan (plus the actual rates they would offer you), in a matter of minutes and without affecting your credit score. A loan matching service is a broker that runs \u201csoft search\u201d credit checks with a number of lenders to see which would approve you. You\u2019ll need to fill in a short online form, but it\u2019s a lot faster than going to multiple lenders individually.<\/p>See which lenders will approve you

Many lenders will be willing to lend out \u00a315,000 without security if<\/em> you have very good credit, but if you don\u2019t, specialist lenders might still offer you an unsecured loan. These lenders will promote that they look at more than just your credit score when considering your application, but they\u2019ll also hike up the rates to mitigate the risk they\u2019re exposed to \u2013 potentially charging upwards of 40% p.a.<\/p>

In this situation, you do have a couple of other options. You could apply for a guarantor loan<\/a>, where you apply with a friend or relative (who has good credit) who promises to step in and repay the loan if you can\u2019t. In certain situations, guarantor loans can allow you to access larger loans and\/or lower rates than you might alone, but they do still come with painfully high rates \u2013 typically around 35-50%. <\/p>

Note that \u00a315,000 is the largest amount you can borrow with a guarantor loan, but some lenders will only allow a \u00a310,000 loan<\/a> if your guarantor is not a homeowner. <\/p>

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\u2019re putting your home on the line, and for another, if you borrow \u00a315,000 at, say, 11% p.a. over 15 years, the loan\u2019s length could make it a false economy. Secured loans are commonly used for debt consolidation, where they can prove smarter than an expensive \u201cstop-gap\u201d loan, which doesn\u2019t solve financial problems but just defers them.<\/p>

Secured loan comparison and info<\/strong><\/a><\/div>
Guarantor loan comparison and info<\/strong><\/a><\/div><\/div>

Secured vs unsecured \u00a315,000 loans<\/h3>

With a secured loan<\/a>, you\u2019ll be asked to put forward an asset (usually a property) that the lender can sell to recoup their losses if you don\u2019t pay the loan back. With an unsecured loan<\/a>, it\u2019s not necessary to put down any collateral.<\/p>

Lenders typically ask for security when there\u2019s more risk involved \u2013 for larger sums, longer terms, lower credit profiles or some combination of these. <\/p>

Unsecured loans typically apply a fixed rate of interest, meaning borrowers can budget with certainty \u2013 knowing their monthly repayment figure will remain the same throughout the loan and also knowing in advance what the loan will cost overall. Secured loans, which are effectively second-charge mortgages<\/a>, usually involve longer loan terms, so lenders won\u2019t be willing to fix for the full loan term (although they may offer an introductory fixed-rate period).<\/p>

It\u2019s worth noting that lenders issuing unsecured loans can still take legal action against a borrower to get any money they\u2019re owed, however.<\/p>

What about a \u00a315,000 guarantor loan?<\/h3>

If you have a poor or limited credit history and can\u2019t get a standard personal loan, you could consider a guarantor loan. \u00a315,000 is the absolute maximum you can borrow with an unsecured guarantor personal loan, and in fact, many guarantor loan companies won\u2019t stretch this far.<\/p>

When selecting a guarantor to financially back your loan, they\u2019ll need to be a homeowner with an excellent credit score. They may also need to have a decent amount of equity in their home \u2013 so a first-time buyer with a short period on their mortgage may not be eligible.<\/p>

With \u00a315,000 being such a large amount, to keep monthly payments affordable, most of us would require a longer loan term. Most guarantor lenders expect the \u00a315,000 to be paid back over a maximum of 5 years. However, even over a term as long as this, the monthly repayments are still likely to come in at more than \u00a3450, with the best guarantor loan interest rates currently around 30%.<\/p>

Getting approved for a \u00a315,000 guarantor loan<\/h4>

Most lenders aim to process and approve your application the same day. However, there are factors that can delay the application or even result in it being rejected. If both you and your guarantor make sure your application form is accurate and honest, you will increase your chance of a speedy approval.<\/p>