Where to get a $15,000 loan (2024)

FAQs

Where to get a $15,000 loan? ›

$15,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.

$15,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.

A credit score of at least 660 is typically required for a $15,000 personal loan. Some lenders that cater to people with poor credit will charge higher interest rates and fees to cover their elevated risk.

Use Collateral To Secure The Loan

If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.

Cash advance apps, “buy now, pay later” companies and high-interest installment lenders all provide loans without a hard credit inquiry. Each option comes with its own set of risks, so compare these options to low- or no-cost borrowing alternatives, and have a plan to repay the funds to avoid financial risk.

Just keep in mind that if you are approved for the loan with a lower (or no) credit score, you may be subject to a higher interest rate. You can apply for loan amounts as low as $1,000 and as much as $50,000.

Even if you have Chase credit cards, a Chase mortgage, and Chase bank accounts in good standing, you can't get a personal loan through Chase. Fortunately, you have many personal loan lenders to choose from.

What is the average car payment on a $15000 loan? ›

As most borrow money from banks quite often, they already take care of that by default. On average, they get an APR of 2.89%, which obliges them to pay the following amounts monthly on a $15,000 loan: 12 months. $1269.25.

A down payment between 10 to 20 percent of the vehicle price is the general recommendation.

The base FICO score is also called FICO Score 8 or 9. It's not designed specifically for auto loans, but many lenders use it. It's a number between 300 and 850, and a higher score means that a person is more likely to make loan payments on time.

No origination fee or prepayment penalty. Representative example of repayment terms for an unsecured personal loan: For $15,000 borrowed over 36 months at 13.99% Annual Percentage Rate (APR), the monthly payment is $513. This example is an estimate only and assumes all payments are made on time.

$15,000 can be an intimidating total when you see it on credit card statements, but you don't have to be in debt forever. If you're struggling to make your minimum payments every month and you don't see light at the end of the tunnel, sign up for a debt management program to get out of debt fast.

Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.

Prove that your income is enough to repay the loan: Despite a low credit score or having no credit score, you can still avail a personal loan of your choice provided that you can prove it to the lender that your income is sufficient to repay the loan on time.

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.

No-credit-check loans do not require a review of your credit score, which can make them convenient if you have bad credit. But they can be risky and often have extremely high interest rates and origination fees.