Finder rating
Min. credit score
Finder rating
Min. credit score
Finder rating
Min. credit score
Finder rating
Min. credit score
You can find a $15,000 personal loan with many traditional and alternative lenders. Learn more about your options, calculate loan costs and read up on common eligibility requirements.
Income requirements vary widely depending on the lender you’re working with, but at a minimum, you’ll need enough available income each month to cover the monthly payments for a $15,000 loan.
Requirements for a personal loan vary by lender, but here are general requirements to expect:
It’s possible to get a $15,000 loan with bad credit, but your options will be limited. That’s because most personal loan providers require good or excellent credit.
You may also be short on alternatives since bad credit lenders like installment loan providers typically only offer loans as high as $10,000. But it’s still worth comparing your options alongside personal loan alternatives.
Your income and credit score are major factors in determining your eligibility for a personal loan. You’ll typically need good to excellent credit and exceed your lender’s minimum eligibility criteria to get the lowest interest rates and best loan terms.
To help increase your odds of approval and get a low rate, consider one or more of these tactics:
Lenders typically charge between 4% and 36% APR on personal loans, with the average interest rate being 11.23%, according to the Federal Reserve. The rate you receive depends on factors like your credit score, income and debts.
However, you likely aren’t eligible for the lowest available rates if you apply for a $15,000 loan, even if you’re the perfect applicant. That’s because lenders typically reserve the lowest rates for the highest loan amounts. The good news is that lenders typically also offer lower rates for shorter terms, which are more affordable on a $15,000 loan than, say, a $50,000 loan.
Let’s take a look at an example. Say you’re a Wells Fargo customer with a credit score over 760 who wants to take out a $15,000 personal loan in Texas. Here’s how rates compare, depending on your loan term.
Term | APR | Monthly payment |
12 months | 7.49% to 11.75% | $1,301 to $1,331 |
24 months | 7.50% to 11.76% | $675 to $704 |
48 months | 9.50% to 12.00% | $377 to $395 |
84 months | 12.25% to 14.75% | $267 to $287 |
While the starting rate on an 84-month loan is higher than the maximum APR on a 12-month loan, the monthly payments are significantly lower. To cut down on the monthly and total costs, go for the shortest term you can comfortably afford.
A $15,000 loan is nothing to shake a stick at — it’s a large amount. And if you have a long loan term and a high interest rate, it can cost a lot of cheddar. It’s worth your time (and money!) to compare lenders and rates and try for the best loan you can qualify for.
Experiment with loan amounts, interest rates and terms to see how much a personal loan may cost.
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Before you get started on an application, follow these steps:
For a full breakdown of the application process, read our guide on how to apply for a personal loan.
Terms for this loan amount typically range from 12 to 84 months. If you want to pay off debt faster than planned or save some cash, consider these payment methods:
A $15,000 personal loan can be used for many things: debt consolidation, home improvements, medical expenses or unexpected life events.
If you need a $15,000 lump sum and a personal loan isn’t the route for you, check out our personal loan alternatives guide.
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See whether Bank of America fits your loan needs. The bank offers a variety of loans with a simple online application and discounts for existing customers.
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The four best alternatives when you’re looking to borrow from a lender similar to Capital One.
Explore OneMain Financial’s personal loans with low requirements, quick approvals and options for all credit types.
SoFi offers personal loans at competitive rates with extra perks for borrowers. Learn what you need to qualify and how to apply with this top online lender.
Discover how NetCredit provides fast loans for borrowers with poor credit, but beware of high APRs and state restrictions.
I would like to get a personal loan for 15,000 and use my deed to my house and I have a credit score of 560
Hi Jamie,
Thanks for your inquiry and for visiting our page.
If you own a property outright or hold equity in a mortgaged property, you can use it as collateral for a loan. You can compare lenders that offer secured personal loans to help you find one that might suit you.
As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications about the card.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Regards,
Nikki