money $15,000 Personal Loans: Everything You Need to Know
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This article first appeared on the Credible blog.
If you’re moving to another state, remodeling a bathroom, or facing another expense, you might consider applying for a $15,000 personal loan.
There are plenty of lenders that offer loans of this amount, but their interest rates and terms can vary widely — which is why it’s important to compare as many lenders as you can to find the right loan for your needs.
Ready to find your personal loan? Credible makes it easy to find the right loan for you.
Where to get a $15,000 personal loan
Below you’ll find some of your options when it comes to different types of personal loan lenders:
Online lenders
Banks
Credit unions
Online lenders
Online lenders can be a good place to start if you’re looking for a $15,000 personal loan.
Many online lenders offer higher loan maximums as well as faster funding time — the time to fund for an online personal loan is typically five days, though some lenders fund approved loans as soon as the same or next business day.
Banks
Not all banks offer personal loans — notably, Bank of America, Capital One, and Chase don’t have a personal loan program. However, several other major banks do provide personal loans.
Tip: Many banks offer rate discounts on personal loans for existing customers. If you already have a bank account, it could be worth checking with your bank to see what options are available to you. Plus, you might get another discount if you sign up for automatic payments.
Here are several banks that offer $15,000 personal loans. Keep in mind that none of these are Credible partners.
HSBC Bank
Regions Financial Corporation
Santander Bank
TD Bank
U.S. Automobile Association (USAA)
U.S. Bank
Wells Fargo
Credit unions
Credit unions are nonprofit organizations that provide traditional banking products — such as checking accounts and personal loans — to their members.
Because credit unions are nonprofits, they sometimes offer better rates and terms than banks or online lenders.
Keep in mind: You’ll need to be a member of the credit union to take out a loan with them. To become a member, you might have to live in a certain area, work in a specific field, or join a designated organization.
This means there are plenty of credit unions that offer $15,000 personal loans. Here are several options to consider (note that none of these are Credible partners):
Alliant Credit Union
Boeing Employees’ Credit Union
Consumers Credit Union
First Tech Federal Credit Union
Navy Federal Credit Union
Suncoast Credit Union
What to consider when comparing $15,000 loans
There are several factors to think about before taking out a $15,000 personal loan:
Interest rates
Fees
Repayment terms
Monthly payment
Total repayment costs
1. Interest rates
Your loan interest rate will affect how much you repay over the life of your loan. Generally, the better your credit, the lower your interest rate will be.
You might also get a lower interest rate by choosing a shorter loan term, depending on the lender.
Keep in mind: While personal loans for bad credit are available from some lenders, these typically come with higher interest rates. If you can wait to get your loan, you might consider spending some time building credit before applying to secure a lower interest rate.
You could also try applying with a cosigner. Not all lenders offer cosigned personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
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2. Fees
Some lenders charge additional fees for personal loans, such as origination fees and late payment fees. Be sure to read the fine print before accepting a loan so you’re not caught by surprise.
Tip: Another type of fee to watch out for is a prepayment penalty. This is charged by some lenders if you pay off your loan early. Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.
3. Repayment terms
Most personal loans come with repayment terms ranging from one and seven years. Generally, you’ll get a lower interest rate if you select a shorter loan term.
However, a shorter loan term also typically means having a higher monthly payment.
Tip: It’s usually a good idea to choose the shortest loan term you can afford to save on interest charges over time.
4. Monthly payment
Your monthly payment is mainly impacted by your loan term and interest rate. As you compare personal loans, be sure to consider how the payment will fit within your budget.
Tip: You should be able to comfortably afford your loan payments without stretching your budget too thin. If the monthly payment is too high for you to manage, you might need to choose a longer loan term with a smaller payment.
5. Total repayment costs
Depending on your loan term, interest rate, and monthly payment, you could end up paying hundreds or even thousands of dollars in interest charges on top of the loan principal.
Be sure to consider the loan’s total repayment cost — which should be outlined in the federal Truth in Lending Act (TILA) disclosure given to you by the lender — so you can plan for any added expenses.
Pay special attention to these two numbers in the TILA disclosure:
The finance charge: This is the cost of your loan, including interest and fees, assuming you make all your payments on time.
Total payments: This is the sum of all the payments you’ll make to pay off your loan, including the loan principal and finance charges.
Cost to repay a $15k loan
This table illustrates how the interest rate, loan term, and monthly payment impact how much a $15,000 personal loan will actually cost.
The interest rates for this example are hypothetical and don’t reflect the interest rates you might get on a loan.
If you decide to take out a $15,000 personal loan, remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Ready to find your personal loan? Credible makes it easy to find the right loan for you.
About the author: Kat Tretina is a freelance writer who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.49%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
