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Several lenders offer $15,000 loans, but it's important to compare rates and terms to find the right personal loan for you. (iStock)
Whether you have a home remodeling project, need extra money for an upcoming move, or have another large expense, you may be thinking about taking out a $15,000 loan. A personal loan provides funds now that you can repay over time.
Plenty of lenders offer personal loans of this size, but loan interest rates and terms can vary greatly. Comparing multiple lenders will help you find the right loan for your needs.
As personal loan amounts go, $15,000 falls in the mid-range for many lenders. You likely won’t have any trouble finding a lender who offers personal loans for this amount. But since lenders have their own requirements for qualifying for a personal loan, it’s a good idea to research and compare all your options before choosing a lender.
Online lenders are convenient for personal loans because you can check rates and complete an application online. Funding is usually quick, with some lenders able to deliver funds either the next business day or within one or two business days.
Because online lenders don’t have the overhead of physical branches, they’re often able to offer lower interest rates. Of course, the interest rate you actually qualify for from an online lender will depend on many factors, including your credit score.
Check out Credible to compare personal loan rates and find the right one for you in minutes.
Banks and credit unions
Many banks and credit unions also offer $15,000 personal loans, but plenty of banks don't. You can sometimes qualify for loyalty discounts if you already have an account with the bank. And credit unions are typically able to offer lower interest rates and flexible terms because they’re not-for-profit organizations.
You’ll need to be a member of a credit union to get a personal loan from one, though, and to be a member you must meet the credit union’s eligibility criteria.
The monthly payment on a $15,000 loan depends on your interest rate and repayment terms. You can use a personal loan calculator to estimate your future loan payments.
For example, a three-year loan term for a $15,000 loan at a rate of 6% would equate to a monthly payment of $456 and a total payment of $16,427.
Meanwhile, a seven-year loan term with the same interest rate would give you a $219 monthly payment and a total payment of $18,406.
Compare personal loans with Credible to find one that fits your needs.
Can I get a personal loan with bad or fair credit?
If you have bad or fair credit, you can still qualify for a personal loan through several lenders. These loans typically come with higher rates than those for individuals with good to excellent credit. Some lenders allow you to apply with a cosigner if you don't qualify on your own or want to land a better interest rate.
You can also wait until your credit improves to get a personal loan at a better rate. If you choose to wait, do your best to reduce your debt-to-income ratio, which compares how much of your monthly income goes toward paying your bills.
What interest rate can I get on a personal loan?
Your loan's interest rate has a huge impact on the total amount you'll end up paying. Qualifying for lower rates can potentially save you hundreds or thousands of dollars in interest charges over the life of the loan.
Generally, personal loan interest rates are lower than credit card interest rates. Your credit is an important factor in the interest rate you receive. You can check personal loan rates without affecting your credit score when you compare lenders with Credible.
What’s the difference between APR and interest rate?
The interest rate on a personal loan is the percentage the lender charges for giving you a loan. The lender applies the interest rate to the principal to determine how much interest you’ll pay over the life of the loan. Annual percentage rate, or APR, includes the interest rate and any fees associated with the loan. Because APR considers all the expenses associated with the loan, it’s a better indicator of a loan’s total cost.
What are personal loan repayment terms?
Repayment terms for personal loans vary, often ranging from one to seven years. In most cases, a shorter loan term means a lower interest rate. Shorter terms usually also mean higher monthly payments.
What are personal loan fees?
It's not uncommon for some lenders to charge fees on personal loans. Origination fees, for example, cover the cost of processing a loan. If you don't make your payment on time, you may also be subject to a late payment fee. Always read your loan's fine print before signing anything.
What is principal and total interest on personal loans?
Your total loan amount is your principal. As you make payments, part of your payment goes toward paying the principal, while the remainder goes toward accrued interest.
The amount of interest you pay on your loan depends on your interest rate, your loan term, and whether you take the entire repayment period to pay off your loan. You can save money by paying ahead on your loan, as long as your lender doesn’t have a prepayment penalty.