Getting a $15,000 Personal Loan: What Are Your Options?

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What Are the Pros and Cons of Personal Loans?
Pros of Personal Loans
Making a down payment on a new home. Paying college tuition. Financing business expenses.
Cons of Personal Loans
Origination fee. Prepayment penalty. Late payment fee. Returned check fee.
Where Can You Get a $15,000 Personal Loan?
What to Consider When Applying for a $15,000 Personal Loan
Interest Rates
Repayment Terms
Monthly Payment
Fees
Late payment fees: Make your payment late, and your lender will likely charge a late fee of $25 to $50. Some lenders may charge a percentage of your monthly payment. Origination fees: An origination fee is a fee a lender charges borrowers for processing a loan. It may also be called an underwriting fee, processing fee, or administrative fee. Prepayment penalty: This fee may be charged 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 more money than is actually in your account and it’s 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 charge a late payment fee, too.
Total Repayment Costs
Total payments: Includes the cost of all monthly payments, including finance charges and principal. Finance charge: Assuming you make all monthly payments on time, this charge includes interest and fees.
What Are Some Alternatives to Personal Loans?
Credit Cards
Personal Line of Credit
The Takeaway
About the Author
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.
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