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Discover How to get a $15,000 personal loan

Discover How to get a $15,000 personal loan, see procedures below.

Whether you have a home remodeling project, need extra money for an upcoming move or have another large expense, you may be thinking about taking out a $15,000 loan. A personal loan provides funds now that you can repay over time.

Plenty of lenders offer personal loans of this size but loan interest rates and terms can vary greatly. Comparing multiple lenders will help you find the right loan for your needs.

You can easily compare personal loan rates from various lenders with Credible.

Understand the basics of a personal loan
Knowing what to look for in a personal loan will help you narrow down your options to find the best one for you. Take these factors into consideration when choosing a $15,000 personal loan.

Interest rates
Your loan’s interest rate has a huge impact on the total amount you’ll end up paying. Qualifying for lower rates can potentially save you hundreds or thousands of dollars in interest charges over the life of the loan. Your credit is often the determining factor in the interest rate you receive. Some lenders allow you to check rates before applying without affecting your credit score.

Monthly payment
Before taking out a personal loan, make sure you can afford to make your monthly payments. The loan amount and repayment terms will determine your monthly payments.

Repayment terms
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.

Fees
It’s not uncommon for some lenders to charge fees on personal loans. Origination fees, for example, cover the cost of processing a loan. If you don’t make your payment on time, you may also be subject to a late payment fee. Always read your loan’s fine print before signing anything.

Total principal
Your total loan amount is your principal. As you make payments, part of your payment goes toward paying the principal, while the remainder goes toward accrued interest.

Total interest
The amount of interest you pay on your loan depends on your interest rate, your loan terms and whether or not you take the entire repayment period to pay off your loan. You can save money by paying ahead on your loan, as long as your lender doesn’t have a prepayment penalty.

Online lenders that offer $15,000 personal loans
Online lenders are convenient for personal loans because you can check rates online, and funding is usually quick. The following 17 lenders are Credible partners and all of them offer $15,000 personal loans.

Avant
Loan amounts: $2,000 to $35,000
Loan terms: Two to five years
Best for: Fast funding
Axos
Loan amounts: $5,000 to $35,000
Loan terms: One to five years
Best for: Borrowers with excellent credit
Best Egg
Loan amounts: $2,000 to $50,000
Loan terms: Two to five years
Best for: Borrowers with good credit
Discover
Loan amounts: $2,500 to $35,000
Loan terms: Three to seven years
Best for: Longer repayment terms
FreedomPlus
Loan amounts: $7,500 to $50,000
Loan terms: Two to five years
Best for: Paying off high-interest credit card debt
LendingClub
Loan amounts: $1,000 to $40,000
Loan terms: Three or five years
Best for: Borrowers with strong credit history
LendingPoint
Loan amounts: $2,000 to $36,500
Loan terms: Two to four years
Best for: Smaller loan amounts
LightStream
Loan amounts: $5,000 to $100,000
Loan terms: Two to seven years (12 for home improvement loans)
Best for: Home improvement projects
Marcus
Loan amounts: $3,500 to $40,000
Loan terms: Three to six years
Best for: Borrowers who want a monthly payment tailored to their budget
OneMain Financial
Loan amounts: $1,500 to $20,000
Loan terms: Two to five years
Best for: Borrowers with below-average credit
Payoff
Loan amounts: $5,000 to $40,000
Loan terms: Two to five years
Best for: Borrowers who want to boost their credit score
PenFed
Loan amounts: $600 to $50,000
Loan terms: One to five years
Best for: Debt consolidation
Prosper
Loan amounts: $2,000 to $40,000
Loan terms: Three or five years
Best for: Borrowers who want to pay off their loan ahead of schedule
SoFi
Loan amounts: $5,000 to $100,000
Loan terms: Two to seven years
Best for: Larger loan amounts
Universal Credit
Loan amounts: $1,000 to $50,000
Loan terms: Three to five years
Best for: Credit card payoff loans
Upgrade
Loan amounts: $1,000 to $50,000 (minimums vary by state)
Loan terms: Two to seven years
Best for: Fast approval
Upstart
Loan amounts: $1,000 to $50,000
Loan terms: Three to five years
Best for: Borrowers with strong education or work history
Check out Credible to compare personal loan rates and find the right one for you in minutes.

Banks that offer $15,000 personal loans
Many banks also offer personal loans of $15,000, but plenty of banks don’t. You can sometimes qualify for loyalty discounts if you already have an account with the bank.

Popular banks that offer $15,000 personal loans include:

American Express
Citibank
HSBC Bank
PNC Bank
Regions Bank
Santander Bank
TD Bank
USAA
U.S. Bank
Wells Fargo
Credit unions that offer $15,000 personal loans
Because credit unions are not-for-profit institutions, most of them pass savings on to members through lower rates and other perks. In most cases, you need to either be a current member or become a member to qualify for a personal loan through a credit union.

Here are some credit unions that offer $15,000 personal loans:

Alliant Credit Union
Connexus Credit Union
Consumers Credit Union
First Tech Federal Credit Union
Navy Federal Credit Union
Suncoast Credit Union
What’s the monthly payment on a $15,000 loan?
The monthly payment on a $15,000 loan depends on your interest rate and repayment terms. You can use a personal loan calculator to estimate your future loan payments.

For example, a three-year loan term for a $15,000 loan at a rate of 6% would equate to a monthly payment of $456 and a total payment of $16,427. Meanwhile, a seven-year loan term with the same interest rate would give you a $219 monthly payment and a total payment of $18,406.

Compare personal loans with Credible to find one that fits your needs.

Getting a $15,000 loan with fair or bad credit
If you have bad or fair credit, you can still qualify for a personal loan through several lenders. These loans typically come with higher rates than those for individuals with good to excellent credit.

Some lenders allow you to apply with a cosigner if you don’t qualify on your own or want to land a better interest rate. You can also wait until your credit improves to get a personal loan at a better rate.

 

 

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