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Many lenders offer $15,000 loans, but it’s important to compare rates and terms to find the personal loan that’s right for you. (Stock)
Whether you have a home improvement project, need extra cash for an upcoming move, or have another major expense, you might be considering taking out a $15,000 loan. A personal loan provides funds now that you can repay over time.
Many lenders offer personal loans of this size, but interest rates and loan terms can vary widely. Comparing several lenders will help you find the right loan for your needs.
When it comes to personal loan amounts, $15,000 is about average for many lenders. You will probably have no trouble finding a lender who offers personal loans for this amount. But since lenders have their own requirements to qualify for a personal loan, it’s a good idea to research and compare all of your options before choosing a lender.
Online lenders are convenient for personal loans because you can check rates and complete an application online. Funding is usually fast, with some lenders able to provide funds the next business day or within one or two business days.
Because online lenders don’t have the overhead of physical branches, they are often able to offer lower interest rates. Of course, the interest rate you’re actually entitled to with an online lender will depend on many factors, including your credit score.
Check out Credible for compare personal loan rates and find the right one for you in minutes.
Banks and credit unions
Many banks and credit unions also offer $15,000 personal loans, but many banks do not. You can sometimes benefit from loyalty discounts if you already have an account with the bank. And credit unions are usually able to offer lower interest rates and flexible terms because they are nonprofit organizations.
However, you will need to be a member of a credit union to get a credit union personal loan, and to be a member you must meet the credit union’s eligibility criteria.
The monthly payment for a $15,000 loan depends on your interest rate and repayment terms. You can use a personal loan calculator to estimate your future repayments.
For example, a loan term of three years for a loan of $15,000 at an interest rate of 6% would equate to a monthly payment of $456 and a total payment of $16,427.
Meanwhile, a seven-year loan with the same interest rate would give you a monthly payment of $219 and a total payment of $18,406.
Compare personal loans with Credible to find the one that fits your needs.
Can I get a personal loan with bad credit or fair credit?
If you have bad or fair credit, you can still qualify for a personal loan from several lenders. These loans usually come with higher rates than people with good to excellent credit. Some lenders allow you to apply with a cosigner if you don’t qualify on your own or want a better interest rate.
You can also wait until your credit improves to get a personal loan at a better rate. If you choose to wait, do your best to lower your debt-to-equity ratio, which compares how much of your monthly income goes to paying your bills.
What interest rate can I get on a personal loan?
The interest rate on your loan has a huge impact on the total amount you will end up paying. Benefit from lower rates can potentially save you hundreds or thousands of dollars in interest charges over the life of the loan.
Generally, personal loan interest rates are lower than credit card interest rates. Your credit is an important factor in the interest rate you receive. You can check personal loan rates without affecting your credit score when you compare lenders with Credible.
What is the difference between APR and interest rate?
The interest rate on a personal loan is the percentage the lender charges to give you a loan. The lender applies the interest rate to the principal to determine the amount of interest you will pay over the term of the loan. The annual percentage rate, or APR, includes the interest rate and all fees associated with the loan. Since the APR takes into account all the expenses associated with the loan, it is a better indicator of the total cost of a loan.
What are the repayment terms for a personal loan?
Repayment Terms for personal loans vary, often ranging from one to seven years. In most cases, a shorter loan term means a lower interest rate. Shorter terms usually also mean higher monthly payments.
What are the personal loan fees?
It is not uncommon for some lenders to charge fees on personal loans. The assembly costs, for example, cover the loan processing cost. If you do not make your payment on time, you may also be subject to late fees. Always read the fine print of your loan before signing anything.
What is principal and total interest on personal loans?
The total amount of your loan is your principal. As you make payments, part of your payment goes towards paying the principal, while the rest goes towards accrued interest.
The amount of interest you pay on your loan depends on your interest rate, the length of your loan, and whether you take the full repayment period to pay off your loan. You can save money by paying off your loan early, as long as your lender doesn’t have a prepayment penalty.