The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504. But if you take out a $15,000 loan for seven years with an APR of 4%, your monthly payment will be $205.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $15,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $15,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $1,354 | $1,246 |
| 24 months | 15% | $727 | $2,455 |
| 36 months | 15% | $520 | $3,719 |
| 48 months | 15% | $417 | $5,038 |
| 60 months | 15% | $357 | $6,411 |
| 72 months | 15% | $317 | $7,837 |
| 84 months | 15% | $289 | $9,314 |
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/31/21 and it was last updated on 09/10/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Requirements for a $15,000 Personal Loan
In many cases, you'll need a good credit score of 670 or above to apply. While some lenders lean more heavily on credit scores, others take into account occupation, education and income. A lower DTI ratio is also more favorable to lenders.
What credit score do you need to get a $15000 loan? ›
Requirements for a $15,000 Personal Loan
In many cases, you'll need a good credit score of 670 or above to apply. While some lenders lean more heavily on credit scores, others take into account occupation, education and income. A lower DTI ratio is also more favorable to lenders.
How much is a $20000 loan over 5 years? ›
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
How much is monthly payment on $10,000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% | 12.35% |
|---|
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time | $224.22/month, $3,453.03 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time | $178.40/month, $4,985.98 in interest over time |
1 more rowJan 17, 2024
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
How long to pay off $15,000 loan? ›
A minimum payment of 3% a month on $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month. By the time you've paid off the $15,000, you'll also have paid almost as much in interest ($12,978 if you're paying the average interest rate of 14.96%) as you did in principal.
Can I get a $15,000 loan from my bank? ›
Lenders that offer $15,000 personal loans include banks, credit unions, and online lenders. Many banks may offer rate discounts for existing customers. You'll typically need to be a member of a credit union to take out a loan with one.
How much would a $15,000 loan cost per month? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsThe current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
Is it hard to get approved for a 20k loan? ›
The credit score needed for a $20,000 loan varies by lender. Generally, you'll need a good to excellent credit score — 670 or higher — to qualify for a $20,000 loan. The higher your credit score, the better your chances of qualifying for a loan and securing a lower interest rate.
- HDFC Bank Personal Loan.
- State Bank of India Personal Loan.
- Axis Bank Personal Loan.
- IDFC FIRST Bank Personal Loan.
- ICICI Bank Personal Loan.
- Federal Bank Personal Loan.
- Bajaj Finserv Personal Loan.
- IndusInd Bank Personal Loan.
Nearly 23 million Americans have unsecured personal loans, with an average balance of about $11,500. Today, the average interest rate on a personal loan is 11.48%, up from 9.38% in 2021. The average personal loan balance is highest among baby boomers ($21,644) and lowest among Generation Z ($7,684).
What is the best place to get a personal loan? ›
Summary: Best Personal Loans Of May 2024
| Company | Forbes Advisor Rating | Loan amounts |
|---|
| SoFi® | 5.0 | $5,000 to $100,000 |
| Upgrade | 4.8 | $1,000 to $50,000 |
| LightStream | 4.6 | $5,000 to $100,000 |
| PenFed | 4.1 | $600 to $50,000 |
The interest rate on a loan directly affects the duration of a loan. Note: The interest rate is calculated using the hit and trial method. Therefore, it takes 30 years to complete the loan of $150,000 with $1,000 per monthly installment at a 0.585% monthly interest rate.
How much would a $5000 personal loan cost a month? ›
What is the monthly payment on a $5,000 personal loan? The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
How much would a $6,000 loan cost per month? ›
Example Monthly Payments on a $6,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $542 |
| 24 months | 15% | $291 |
| 36 months | 15% | $208 |
| 48 months | 15% | $167 |
3 more rowsAug 31, 2021
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How big of a loan can I get with a 560 credit score? ›
Best Personal Loans for a 560 Credit Score
| Lender | Loan Amounts | APRs |
|---|
| Upstart | $1,000 - $50,000 | 7.80% - 35.99% |
| Oportun | $300 - $10,000 | 35.95% - 35.99% |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
| RISE | $300 - $5,000 | 60% - 299% |
1 more rowAug 26, 2022
On average, borrowers approved for a personal loan have a credit score ranging from Good (670 – 739) to Very Good (740 – 799). You'll likely need a score of at least 650 for a personal loan with a good interest rate.
Can I get a loan for a house with a 580 credit score? ›
You can get a mortgage with a credit score as low as 620, 580 or even 500, depending on the type of loan. Some mortgage lenders offer bad credit loans with more flexible qualifying requirements but higher costs. Others offer free credit counseling to help you improve your score before applying for a loan.
