Guide to $15,000 Personal Loans
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What Are the Pros and Cons of Personal Loans?
Pros of Personal Loans
Using a personal loan to buy a $5,000–$15,000 inground hot tub Using a personal loan to finance a backyard remodel Using a personal loan to help cover a service dog cost
Lower Interest Than Credit Cards
Higher Borrowing Limit Than Credit Cards
Credit Is Usually Unsecured
Can Be Used to Pay Down Higher Interest Debt
Cons of Personal Loans
May Have Fees
Origination fee Prepayment penalty Late payment fee Returned check fee
High Interest for Poor Credit Scores
Higher Monthly Payments Than Credit Cards
Where Can You Get a $15,000 Personal Loan?
$15,000 Personal Loan Requirements
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
1. Apply Online With Simple Process Now
2. Verify Your Information
3. Accept the Loan
What to Consider When Applying for a $15,000 Personal Loan
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
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.
5 Uses of a $15,000 Personal Loan
1. Debt Consolidation
2. Financing Home Improvements
3. Paying for Grand Vacation
4. Covering Wedding Expenses
5. Covering Moving Expenses
What Are Some Alternatives to Personal Loans?
Personal Line of Credit
Checking Personal Loan Rates
Frequently Asked Questions
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