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How To Get A $15,000 Loan: A Step-By-Step Guide

Victoria Araj5-minute read
PUBLISHED: June 21, 2024

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Whether you need $15,000 for a home improvement project or an unexpected expense, a personal loan may be your solution. A $15,000 personal loan offers quick access to funding and the flexibility to spend it as you please.

As with a personal loan of any amount, you’ll have to meet certain lender requirements to get approved. Let’s explore those requirements, how to apply for a personal loan and the pros and cons of $15,000 loans. This way, you’ll have the information you need to decide whether a $15K loan is a suitable option for you.

How To Get A $15,000 Personal Loan

If you’re looking to secure funding on a $15,000 personal loan, you can follow the steps discussed in detail next.

1. Make Sure You Meet Personal Loan Requirements

First, you’ll need to make sure you can qualify for a personal loan. Requirements differ by lender and loan type, so you’ll probably want to research different options. Most lenders look primarily at a borrower’s creditworthiness and debt-to-income ratio (DTI) to determine eligibility. Lenders will be less likely to approve you for a loan if you have poor credit or a high DTI.

The type of personal loan you can take out will likely depend largely on your credit score and overall credit profile. You usually need good credit to get an unsecured loan. If you have less than excellent credit, you may qualify for a secured personal loan, though. However, you’ll need to put an asset on the loan as collateral, and that asset can be permanently seized by the lender if you default on payments.

Your credit score will also impact the interest rate and loan repayment term you’ll get. A stronger credit history, which will include a solid credit score, can help you lock in a lower interest rate and favorable term. Check your credit report and credit score before applying, so you’ll have an idea of the offers you may receive. If you’re not sure if you’ll qualify for an ideal interest rate and repayment term, you may want to focus on improving your credit first.

2. Decide Where To Get A Personal Loan

Once you’re confident that you’ll qualify for a loan, you can decide where to apply for one. Many banks, credit unions and online lenders offer personal loans. The right personal loan lender for you will depend on your preferences.

For some borrowers, getting the lowest rate and most flexible term is a top priority. In this case, a lender you have a preexisting relationship with may be the best fit. If you already belong to a bank or credit union, check to see if they have member-exclusive loan offers.

Alternatively, you may want your funds as fast as possible. If so, an online lender will likely provide the quickest funding. Some online personal loan providers, including Rocket LoansSM, can offer same-day funding in certain cases.1

3. Prepare The Required Documentation

No matter where you apply for a loan, the lender will likely ask you to provide basically the same documents. These documents will show:

  • Proof of income (e.g., pay stubs, bank statements)
  • Proof of identification (e.g., state-issued ID, Social Security number)
  • Proof of address (e.g., recent utility bill, voter registration card)

Having this information readily available can make for a smoother application process.

4. Apply For Prequalification And Weigh Your Offers

After gathering your supporting documents, you can apply for prequalification with different lenders. Prequalifying lets you compare your potential loan options without facing a hard credit check, which will temporarily lower your credit score.

Pay attention to interest rates, repayment periods and origination fees. While prequalifications aren’t guaranteed offers, they provide estimates that can guide your decision on the best lender to go with.

5. Submit A Loan Application

Once you choose the lender that offered you the best interest rate and repayment term, you’re ready to apply for your loan. From there, you’ll wait to hear from the lender on their final decision.

You’ll typically get an answer within 1 – 7 business days, but it’s possible you could hear something by the next business day.

6. Agree To Your Loan Conditions And Receive Funding

Upon being approved for your loan, your last step before getting your money is to accept your loan conditions. You may need to sign a loan agreement, sometimes called a promissory note. Signing indicates you agree to the loan conditions and your legal responsibility to pay the loan back over a specified time period.

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$15,000 Personal Loan Pros And Cons

As with any big financial move, taking out a $15,000 loan can have benefits and drawbacks. Here are a few pros and cons to consider before starting the application process.

$15,000 Personal Loan Pros

$15,000 Personal Loan Cons

You’ll have one fixed monthly payment, which can make budgeting for loan payments easier.

Your credit score can take a hit if you fall behind on loan repayment.

You’ll get quick access to funding you can use however you want.

Taking on new debt raises your DTI, which can make getting approved for financing harder in the future.

Personal loan interest rates tend to be lower than credit card annual percentage rates (APR).

You’ll pay interest and potentially pay other fees, such as origination fees and prepayment penalties.

Most personal loans are unsecured, so you likely won’t need to put collateral on the loan.

If you opt for a secured personal loan, you’ll need an asset to use as collateral on the loan.

$15,000 Loan FAQs

If you still have questions about getting a $15,000 loan, you’re not alone. Below, we’ve answered a few common questions that borrowers ask about $15,000 loans.

How much is a monthly payment on a $15,000 loan?

The monthly payment on a $15,000 loan varies based on the interest rate and repayment term. The average personal loan rate for a 24-month term in February 2024 was 12.49%, according to the Federal Reserve. With this rate and a 48-month repayment period, your monthly payments may resemble the following:

Example Monthly Payment Calculation

Loan Amount

$15,000

Monthly Payment

$398.63

Interest Rate

12.49%

Total Paid

$19,134.04

Repayment Term

48 months

Total Interest Paid

$4,134.05

Keep in mind, though, that the interest rate on a loan with a 48-month term will be higher than the interest rate on a loan with a term of 24 months. Try our loan calculator to see how different rates and terms can impact what you pay each month and over the duration of the loan term.

How can I get a $15,000 loan instantly?

Some online lenders offer same-day loan approval. In some instances, they may disburse funds into your bank account the next business day. In any case, you can generally expect to receive your money within a week of approval.

Can I get a $15,000 loan with bad credit?

Getting a $15,000 personal loan with bad credit may be possible, but you might have to pay a higher interest rate or use collateral to secure the loan. Just like offering up collateral, adding a co-signer with strong credit can improve your odds of qualifying and qualifying with a lower rate.

Be cautious of deceptive “no credit check” or bad credit loan offers such as payday loans. These loans typically come with a short repayment term and high fees if you don’t repay your balance on time.

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Final Thoughts

A $15,000 personal loan can provide quick access to funding and the freedom to use it as needed. Before applying for the loan, take some time to reflect on your financial situation and research your options for borrowing money. This will help ensure you choose the right financing solution for your needs.

If you’re ready to see your potential interest rate and repayment term on a personal loan, start an online application with Rocket Loans today.

Victoria Araj

Victoria Araj is a Section Editor for Rocket Mortgage and held roles in mortgage banking, public relations and more in her 15+ years with the company. She holds a bachelor’s degree in journalism with an emphasis in political science from Michigan State University, and a master’s degree in public administration from the University of Michigan.