App version: 0.1.0

Guide to $15,000 Personal Loans

Options for Getting a $15,000 Personal Loan
Lauren Ward
Lauren WardUpdated January 2, 2024
Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
You may need good credit and sufficient income to qualify for a $15,000 personal loan. A $15,000 loan from a bank, credit union, or private lender can help you pay for home improvement projects or unexpected expenses.Understanding all that goes into getting a $15,000 personal loan can take some research. Comparing your personal loan options, the good and the bad that can come with having a personal loan, and what to consider before applying are important when looking for a loan that fits your financial needs and your budget. Below we highlight how you can use personal loans of $15,000.

What Are the Pros and Cons of Personal Loans?

Here are some of the pros and cons to consider when applying for a $15,000 loan:
ProsCons
Money can be used for a wide variety of purposesMay have origination fees up to 10% of the loan amount
Often come with lower interest rates than credit cardsInterest rates can be as high as 35.99% for borrowers with subprime credit
Borrowing amount may be higher than your credit card limitMonthly loan payments are typically higher than credit card minimum payments

Pros of Personal Loans

Below we highlight some of the pros associated with personal loans:

Flexible Use

Borrowers generally have the flexibility to use personal loans for a wide variety of purposes, such as:

Lower Interest Than Credit Cards

Personal loans often come with lower interest rates than credit cards. It’s not uncommon for a credit card to have interest rates over 20%, but the average rate for a personal loan is just over 11% as of the fourth quarter of 2022. Over time, this means the cost to borrow money with a personal loan is often much cheaper than it is with credit cards.

Higher Borrowing Limit Than Credit Cards

Borrowers who qualify for personal loans of $15,000 may not necessarily get approved for a high-limit credit card. If you need a higher limit than you can qualify for on a credit card, a personal loan may be the way to go.

Credit Is Usually Unsecured

Most personal loans are unsecured personal loans. You likely won’t need to secure your personal loan with any kind of collateral, meaning your house or car won’t be seized if you default on your loan. Of course, there will still be financial consequences if you stop making payments, but your assets won’t be at risk.

Can Be Used to Pay Down Higher Interest Debt

If you lock in $15,000 personal loans with low interest rates, you can use the money to pay off your other debts that come with high interest rates, potentially saving you money in the long term.Consolidating can save you a lot of money and can make managing your monthly expenses much easier. Instead of having multiple payments to make to multiple lenders, you can reduce them to one. Paying off debt with personal loans is a common reason people take out personal loans.

Cons of Personal Loans

Below we highlight some of the cons associated with personal loans:

May Have Fees

Personal loans can have more favorable interest rates than credit cards, but personal loan lenders may charge fees that increase the overall cost of the loan. When choosing a lender, make sure to compare the following fees:

High Interest for Poor Credit Scores

Borrowers with bad credit scores may not qualify for the best personal loan interest rates. Some lenders may offer personal loans with annual percentage rates ranging from 8.99% to 35.99%. Borrowers with subprime or deep subprime credit who get approved for a personal loan may have an APR as high as 35.99%, particularly if the loan is unsecured.

Higher Monthly Payments Than Credit Cards

A personal loan is typically a closed-end credit product with a fixed repayment term, so you only have a certain amount of time until the entire debt needs to be paid off. Credit cards, meanwhile, generally operate as open-end revolving credit without set terms, so credit cards may have lower required monthly payments than personal loans on average.Recommended: How Much Can You Borrow With a Personal Loan?

Where Can You Get a $15,000 Personal Loan?

The below table highlights some of the lenders that offer $15K online personal loans. (The following information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)
LenderLoan amountsAPR rangeMaximum term
Avant$2,000 to $35,0009.95% to 35.99%36 months
Best Egg$2,000 to $50,0006.99% to 35.99%36 months
Achieve (formerly FreedomPlus)$15,000 to $50,0008.99% to 29.99%36 months
LendingClub$1,000 to $50,000 7.9% to 35.99% 36 months
OneMain Financial$1,500 to $20,00018% to 35.99%36 months
Prosper$2,000 to $50,0008.99% to 35.99%36 months
Universal Credit$1,000 to $50,00011.69% to 35.99%36 months
Upgrade$1,000 to $50,0007.99% to 35.99%36 months
You may consider applying for a $20,000 loan from these lenders — especially  if $15K is the bare minimum of what you think you’ll need.

$15,000 Personal Loan Requirements

Here are some of the typical requirements for a personal loan $15K disbursement:
  • U.S. citizen or lawful permanent resident
  • At least 18 years of age
  • Minimum FICO® Score of 660
  • Minimum annual income of $25,000
  • A debt-to-income ratio of 36% or lower

3 Steps to Getting a $15,000 Personal Loan

Here are three basic steps to getting a personal loan $15K disbursement:

1. Apply Online With Simple Process Now

You can get started by requesting to borrow $15K on a digital platform that offers online personal loans. Checking for prequalified loan offers may not affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.*

2. Verify Your Information

You may have to provide proof of income and proof of identity during the application process. Pay stubs, bank statements, or W-2s may serve as proof of income, while a driver’s license, passport, or other form of identification may serve as proof of identity.

3. Accept the Loan

If you’re approved, you can sign the $15K loan offer electronically and wait for the funds to hit your bank account. Approved customers may receive the funds within several business days via direct deposit.Recommended: Discover the Average Cost to Replace Siding on a House

What to Consider When Applying for a $15,000 Personal Loan

When shopping around for a personal loan, it’s important to understand how personal loans work. This means you need to understand interest rates, repayment terms, and monthly payments.

Interest Rates

Generally, the better your credit score, the lower your interest rates will be. Borrowers with excellent credit and sufficient income may qualify for a lender’s lowest APR. Think of interest as the cost of borrowing. It’s how lenders stay in business and make a profit. A $15,000 personal loan may have an interest rate as high as 35.99% if you have bad credit.

Repayment Terms 

The repayment term is how long you have to pay off the loan. Generally, you’ll have lower interest costs over the life of the loan by choosing the loan with the shortest repayment term. 

Monthly Payment

You need to consider your budget when choosing a monthly payment. Monthly payments are affected by the loan amount, interest rate, and repayment term. Choosing a loan with a longer term will give you a lower monthly payment, but you may also pay more interest over time.

Fees

As mentioned earlier, lenders may charge fees for personal loans. Some of these fees include:
  • Late payment fees. Lenders may charge a late fee of $25 to $50 if you make a late payment. Some lenders may charge a percentage of your monthly payment.
  • Origination fees. An origination fee is a fee that a lender may charge for handling your loan request. It may also be called an underwriting fee, processing fee, or administrative fee and can range from 1% to 10% of the loan amount.
  • Prepayment penalty. Some lenders may charge a prepayment penalty fee to borrowers who pay off their loan early. Not every lender charges a prepayment penalty, but if they do the amount will be disclosed in the loan agreement.
  • Returned check fee. If you send in a check for payment and have it returned for insufficient funds, your lender will likely charge you a fee. Expect this fee to be anywhere between $20 and $50. In addition to a returned check fee, some lenders may charge a late payment fee, too. 

Total Repayment Costs

When choosing a personal loan, consider the total repayment cost, which includes all fees and interest. Pay special attention to the following two numbers outlined in the Truth in Lending Act disclosure:
  • Total payments. This includes the cost of all monthly payments, including finance charges and principal.
  • Finance charge. Assuming you make all monthly payments on time, the finance charge includes interest and fees.
Recommended: ATV Prices & Expected Maintenance Costs to Know

5 Uses of a $15,000 Personal Loan

Here are five ways you can use a $15,000 personal loan:

1. Debt Consolidation

If you have $15,000 in outstanding credit card debt, you can consolidate that debt with a $15K debt consolidation loan. Using a personal loan for debt consolidation may be right for you if it reduces your total interest costs.

2. Financing Home Improvements

A $15K personal loan can help you finance home improvement projects. This could include renovations to your living room or a bathroom remodel project.

3. Paying for Grand Vacation

 A $15,000 personal loan can serve as a vacation loan. Such a loan may help you pay for the costs of traveling internationally.

4. Covering Wedding Expenses

A $15K loan can help you cover wedding expenses. This could include the cost of booking a reception venue and hiring a catering service.

5. Covering Moving Expenses

A personal loan of $15,000 can help you finance the cost of a long-distance move. This could include the cost of hiring professional movers and moving across the country.Recommended: Guide to Divorce Loans and Their Uses

What Are Some Alternatives to Personal Loans?

While there are many types of personal loans on the market, there are some alternatives you may want to consider:

Credit Cards 

If you have a strong credit score and sufficient income, you may be able to get a credit card with a revolving credit limit of $15,000. If you can qualify for a credit card with a 0% introductory APR, you could pay down the balance without paying interest during the promotional period.

Personal Line of Credit 

A personal line of credit is a hybrid of sorts between credit cards and personal loans. When you open a personal line of credit, you are granted access to a set amount of funds. During the draw period, you can borrow funds up to the approved credit limit. The repayment plan can either be a monthly payment, balloon payment, or a demand line of credit, which is when the lender has the right to ask for the entire repayment at any time. 

Checking Personal Loan Rates

If you’re looking for a $15,000 personal loan, doing a little research before choosing a lender can help you find a good fit for your unique financial situation. There may be options you hadn’t considered or you may find one personal loan product that fits your budget better than another.Lantern by SoFi offers personal loan comparisons to borrowers like you. One application gets you access to loan offers from online lenders, making it easy to compare loan rates, monthly payments, and repayment terms.Find online personal loans with Lantern.

Frequently Asked Questions

How hard is it to get a $15,000 personal loan?
What is a good interest rate for a $15,000 loan?
What is the monthly payment on a $15,000 loan?
Photo credit: iStock/baona
LCPL0323020U

About the Author

Lauren Ward

Lauren Ward

Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
Share this article: