$15,000 personal loans: Everything you need to know
Key takeaways
- Many financial institutions — including online lenders, banks and credit unions — offer personal loan amounts of $15,000.
- Before taking out a $15,000 personal loan, review your budget to see if you can afford the monthly payments.
- You should also consider alternative financial solutions that might be cheaper, like home equity loans or home equity lines of credit (HELOCs).
If you need $15,000 to cover a big-ticket purchase, home improvement project, financial emergency or debt consolidation, you may want to consider a personal loan. Personal loans can be a viable option to get the funds you need, and many lenders offer competitive rates, rapid decisions and quick funding.
Before applying, run the numbers to decide if you need a $15,000 loan — or if a smaller amount could work. Use a personal loan calculator to understand the costs of a $15,000 loan over the three to five years most loan terms last. You should also familiarize yourself with the requirements and common fees to avoid any surprises during the application review process.
Best $15,000 personal loans
Personal loans for $15,000 are available through banks, credit unions and online lenders. Most will have a wide range of loan amounts that should cover a $15,000 expense. When shopping for a loan, compare rates and terms to better assess which lenders offer the best fit for your needs.
| APR range | Loan amount range | Minimum credit score requirement | |
| LightStream | 6.94%-25.29%* with AutoPay | $5,000–$100,000 | 695 |
| PNC Bank | 7.89%-24.74% | $1,000–$35,000 | Not Specified |
| SoFi | 8.99%-29.49%* with Autopay | $5,000–$100,000 | No requirement |
| Happy Money | 8.95%-17.48% | $5,000–$40,000 | 640 |
LightStream
Bankrate's view
LightStream offers some of the lowest rates in the industry. It is most suitable for borrowers with good or excellent credit who want flexible loan terms of up to seven years. Most importantly, Bankrate users who borrowed through LightStream had an average loan of just over $25,000 — so a $15,000 loan amount may be more accessible through LightStream than with other lenders.
It offers same-day funding on loans approved before 2:30 p.m. ET on weekdays, or you can choose to receive the loan proceeds at a later date that is more convenient for you.
Pros
- Same-day funding available
- No fees
- Wide range of repayment terms
Cons
- No option to prequalify
- Good credit required
- Must have a long credit history
PNC Bank
Bankrate's view
If you’re looking for a lender that offers in-person service, PNC Bank could be an ideal option. There are over 2,200 brick-and-mortar locations in 28 states and Washington, D.C. Rate discounts are also available on personal loans for current PNC customers who enroll in autopay. Even if you’re new to PNC, you could still qualify for a loan with a competitive interest rate if you have a solid credit history. However, borrowers outside its service area won’t be able to qualify.
Pros
- Competitive starting APR
- Autopay discount with PNC checking account
- In-person service
Cons
- Loan approval takes a few days
- Must sign loan documents in person or via mail
- Not available in all states
SoFi
Bankrate's view
SoFi is an online lender that offers resources and financial education coaches to help borrowers responsibly manage loan payments. You may be eligible to borrow up to $100,000 — in addition to a variety of other banking services offered by SoFi. It also offers autopay discounts along with member rewards. And best of all, SoFi has optional origination fees and no prepayment penalties, allowing you to tailor your payments to your needs.
Pros
- Optional fees
- Autopay discount
- Option to prequalify
Cons
- Good credit required
- No co-signers
- Optional origination fee
Happy Money
Bankrate's view
Previously known as Payoff, Happy Money features personal loans with competitive interest rates, even if you don’t have perfect credit. Bankrate users had an average funded loan amount of just under $17,000 — so like LightStream, it should be possible to qualify for a $15,000 loan. Beyond offering flexible personal loan solutions, Happy Money also prides itself on financial wellness. It offers a suite of financial assessments to borrowers to facilitate the path to responsible debt management and better financial health.
Pros
- Low maximum APR
- Option to send funds directly to creditors
- Prequalification available
Cons
- Origination fee of 5.5%
- Not available in Iowa, Massachusetts or Nevada
- Joint applications not available
How to determine if you need a $15,000 loan
Before you apply for a loan, you should know how you intend to spend it. Ideally, you should only apply for what you need to keep the cost of borrowing to a minimum and to avoid overspending. It’s equally important to review your budget to determine if you can comfortably afford to make the monthly loan payments.
Weigh the pros and cons of taking out such a large personal loan before moving forward. Because a $15,000 personal loan is a big financial commitment, you need to know how to get a personal loan — and how to budget for monthly payments.
But if you’re planning to use the funds to cover an immediate financial need, specific purchase or consolidate debt, you’ll likely have a concrete idea of how much you need. You should only request the amount you need to avoid taking on more debt than necessary.
Benefits of a $15,000 loan
- Quick funding: Once approved, you generally receive your funds within a few days — and some lenders, like LightStream, are able to offer funding sooner.
- No collateral required: Personal loans are typically unsecured, so you don’t have to risk losing collateral, such as a bank account or your home.
- Flexible repayment terms: Many lenders have broad repayment terms, which allow you to stretch your payments over several years. While this may mean paying more in interest, it can help keep your monthly payments low.
Drawbacks of a $15,000 loan
- High average rates: Personal loans typically have higher average rates than home equity loans and HELOCs — currently, the average personal loan APR sits at about 12.43 percent. That said, they can be more affordable than the interest you would pay carrying a $15,000 balance on a credit card.
- Possible origination fees: Some lenders charge origination fees for processing the loan. You won’t pay it directly, but you should account for it when borrowing a $15,000 loan. An origination fee of just 5 percent will reduce your loan amount to $14,250.
- Long-term interest costs: Depending on your repayment term, APR and how fast you pay off the loan, you could end up paying thousands of dollars in interest.
Long term-costs of a $15,000 personal loan
The price you’ll pay for a $15,000 personal loan depends on the loan term and interest rate you receive. Federal law requires this information to be included in the Truth in Lending Act (TILA) disclosure you’ll receive before signing on the dotted line.
Generally, the best personal loan interest rates are reserved for consumers with excellent credit scores. A solid credit score could equate to cost savings of several hundred or even thousands of dollars.
If you want a more affordable monthly payment, you can choose an extended loan term. Just know that you will pay more in interest since the lender will have more time to collect from you — and because lenders tend to assign higher interest rates to borrowers who opt for longer repayment periods.
The best way to determine costs is to use a personal loan calculator. This way, you can quickly see how the loan term and interest rate will affect your monthly payment and total cost. For example, a $15,000 loan with an annual percentage rate (APR) of 8.99 percent will cost more if you pay it back over five years compared to a $15,000 loan with a 12 percent APR and a three-year term.
| Repayment term | APR | Monthly payment | Interest paid | Total cost |
| 3 years | 8.99% | $477 | $2,169.34 | $17,169.34 |
| 5 years | 8.99% | $311 | $3,678.15 | $18,678.15 |
| 3 years | 12% | $498 | $2,935.73 | $17,935.73 |
| 5 years | 12% | $334 | $5,020.00 | $20,020.00 |
Alternatives to $15,000 personal loans
Although a $15,000 personal loan is a convenient and quick option, there are personal loan alternatives that may fit your needs better, including:
- Home equity loan: Home equity loans allow you to borrow a portion of your home’s equity at a fixed rate. Because they are secured by your home, they usually come with lower rates than personal loans. However, a major downside is that defaulting on the loan puts your home at risk of foreclosure.
- HELOC: Another way to tap your home’s equity is with a HELOC. Unlike home equity loans, HELOCs come with variable rates, and you borrow from them as needed. Similar to home equity loans, though, defaulting can lead to losing your home.
- Credit cards: A credit card could be a cheaper alternative if you can secure one with a 0 percent APR promotional period. As long as you pay the balance in full before the interest-free window closes, you can avoid paying interest altogether. However, it may be difficult to qualify for a $15,000 credit limit with just one card.
Bottom line
Whether you need to get over a financial hump, consolidate debt or cover significant expenses, a $15,000 personal loan can provide much-needed relief. Most lenders offer a relatively simple application process with quick turnaround.
Before you borrow a personal loan, don’t forget to consider alternatives like borrowing from family or friends. If you decide to move forward with an application, compare multiple lenders to find the best rates, terms and fees for your financial situation.
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