How To Get a $15,000 Personal Loan (April 2024 Guide) (2024)

Many lenders offer personal loans, including banks, credit unions and private lenders. To help you research personal loan offers, we’ve assembled a list of some of the best lenders for different categories:

• LightStream: Our top pick
• SoFi: Best for customer service
• PenFed: Best for small loans
• Discover: Best for low rates
• Upstart: Best for bad credit
• U.S. Bank: Best for bank switchers
• Upgrade: Best discounts
• Wells Fargo: Best for in-person service

LightStream offers unsecured loans for various purposes, including for home improvement, auto purchases, debt consolidation, adoption services, weddings, fertility treatment and medical or dental fees. With the ease of application, discounts and same-day funds, LightStream is our top pick for a $15,000 personal loan.

Pros and Cons of LightStream

Pros of LightStream

• No fees or prepayment penalties
• Same-day funds are possible.
• Offers an interest rate 0.10 percentage points lower than competitors

Cons of LightStream

• Rates without autopay are 0.50% higher.
• Only available online
• Only for those with good to excellent credit profiles

LightStream Eligibility Requirements

While LightStream loans are available to most income-earning individuals, if you work in the marijuana industry, including wholesale, retail, dealers or growers, you will not be eligible for funds. To receive a loan from LightStream, you must have good credit, sufficient income and assets and a valid Visa or Mastercard. You will also need to agree to receive electronic statements and to sign electronically. And while a good to excellent FICO credit score is necessary to review your application, it doesn’t guarantee acceptance.

SoFi offers a $15,000 personal loan if you are looking to fund a wedding, family planning, travel, credit card consolidation or home improvement project. Our favorite for customer service, SoFi has excellent customer service reviews and live customer support seven days a week.

Pros and Cons of SoFi

Pros of SoFi

• Live customer service seven days a week
• May pause payments if you become unemployed

Cons of SoFi

• Starting rate is higher than some competitors.
• Higher minimum loan amount than some lenders at $5,000
• It has an origination fee up to 6%.

SoFi Eligibility Requirements

SoFi’s loan requirements include a minimum credit score, proof of income and proof of employment as well as a positive debt-to-income (DTI) ratio, which is the amount of debt you have compared to how much money you make. Most lenders require a credit score of at least 670 or above, and, typically, the higher your credit score, the more likely a lender will approve your loan and offer you a favorable rate. You will also need to be gainfully employed and have the means to repay your loan. While not absolute, SoFi cites a preferable DTI ratio of below 30%.

PenFed is a credit union offering full-service banking and credit needs. The services provided include checking and savings accounts, certificates of deposit (CDs), IRAs, credit cards, auto loans, insurance, mortgages, home equity options and student loans. With a minimum loan amount of $600, one of the lowest in the industry, PenFed is our choice for small loans – but it’s still a great option for a $15,000 loan.

Pros and Cons of PenFed

Pros of PenFed

• Annual percentage rate (APR) is lower than most competitors
• Offers banking and credit services
• No origination or prepayment fees

Cons of PenFed

• Lower repayment terms at 60 months compared to some competitors
• Must become a member if you choose to move forward with the loan application
• No autopay discount

PenFed Eligibility Requirements

PenFed checks your credit score and verifies your income and identity before approving your loan. PenFed may ask for recent pay stubs, bank statements, retirement account statements or tax returns to verify your income. To verify your identity, PenFed will look for a government-issued ID, a copy of your latest utility bill or your Social Security card. While potential borrowers don’t have to be a PenFed member to apply, they must become one in order to move forward with the lending process.

Discover offers personal loans in amounts ranging from $2,500 to $40,000. Its loans do not have any origination fees, closing costs or other fees as long as you make your payments on time. If you take out a personal loan through Discover, you can get a loan repayment term between 36 and 84 months. With low starting rates (7.99% as of this writing), Discover is our choice for the best personal loan rates.

Pros and Cons of Discover

Pros of Discover

• Repayment term can be up to 84 months.
• Same-day decision is likely
• 100% U.S.-based customer service

Cons of Discover

• Maximum APR of 24.99% can be higher than some competitors
• State restrictions may apply to rates
• Must meet a minimum annual income

Discover Eligibility Requirements

Discover personal loans are not available if you have a household income of less than $25,000. Discover also considers your credit history, DTI ratio and income, much like other lenders. Discover’s lowest rates are available to customers with the best credit, with rates based on credit history, terms of the loan and application information. You cannot use personal loans obtained through Discover to pay off your Discover credit card, for postsecondary education expenses or to pay off a secured loan.

Upstart offers both personal and auto loans. You can get a personal loan for $1,000 to $50,000 with a repayment term of three to five years. Upstart personal loans have no down payment and no prepayment penalty. Upstart uses an alternative eligibility model instead of the credit-only models some lenders use. As a result, Upstart is our choice for borrowers with bad credit.

Pros and Cons of Upstart

Pros of Upstart

• Some of the lowest advertised rates for personal loans
• Company claims its underwriting process offers 43% lower rates than if it used a credit-only model
• 88% of loans are fully automated, Upstart says.

Cons of Upstart

• Origination fees
• Although low rates are available, rates can go higher (up to 35.99%) than most competitors.
• Five-year maximum loan repayment period

Upstart Eligibility Requirements

Upstart prides itself on using a comprehensive eligibility model, making application decisions on more than just your credit score. The non-financial factors analyzed in Upstart’s decision include your education and employment, while financial factors include your income and credit reports. This makes Upstart a good option if you have less-than-ideal credit, as other factors affect this lender’s decision-making process.

U.S. Bank offers personal loans from $1,000 to $50,000, with the maximum amount for non-U.S. Bank customers capped at $25,000. Further, U.S. Bank offers customers these higher loan amounts coupled with lower mandatory credit scores, making it our choice for those looking to switch banks.

Pros and Cons of U.S. Bank

Pros of U.S. Bank

• Members enjoy longer repayment terms than many competitors offer.
• No origination fees or prepayment penalty
• Low minimum loan amount of $1,000

Cons of U.S. Bank

• A higher credit score is needed if you’re not a U.S. Bank member.
• Lower repayment terms offered for non-members

U.S. Bank Eligibility Requirements

U.S. Bank requires its members to have a credit score of at least 660 or above. If you are not a U.S. Bank customer, you will need a credit score of 720 or above. Determining your eligibility for a loan from U.S. Bank depends on your creditworthiness and program guidelines, while the APR you get depends on your credit score, loan amount, purpose of the loan and term. If you use a U.S. Bank personal loan for home improvement and have a score of 800 or above as well as a discount for setting up automatic payments, you can expect the lowest rates when you take out $10,000 or more and pay it back within 12 to 36 months.

Upgrade offers personal loans from $1,000 to $50,000 and is known for the discounts it provides to customers. One of the most significant discounts available is the $200 bonus if you also open a qualifying Upgrade checking account and direct deposit $1,000 into it. This makes Upgrade our choice for the best discounts.

Pros of Upgrade

• No prepayment penalties
• Next-day funds possible
• Lower minimum loan amount than some competitors

Cons of Upgrade

• Maximum rates (up to 35.99%) are higher than most competitors
• Up to a 9.99% one-time origination fee
• Late fee for payments made after 15 days of the due date

Upgrade Eligibility Requirements

Your actual interest rate depends on your credit score, credit usage history, loan term and other factors. While there is limited information about eligibility online, Upgrade makes checking your rate easy. Because it is a soft pull, this rate check will not affect your credit score. Upgrade is a financial technology company, not a bank; Cross River Bank and Blue Ridge Bank provide its personal loans.

Wells Fargo offers personal loans from $3,000 to $100,000. For loans between $3,000 and $4,999, a loan term of 12 to 36 months is available. For loans between $5,000 and $100,000, you can get a loan term of 12 to 84 months. With thousands of branches across the U.S., Wells Fargo is our choice for in-person service.

Pros and Cons of Wells Fargo

Pros of Wells Fargo

• Discount of up to 0.50% on the interest rate for qualifying Wells Fargo customers
• Same-day funding available
• No origination fee and no prepayment penalty

Cons of Wells Fargo

• Must already be a Wells Fargo customer
• Potential late fees
• No co-signer option

Wells Fargo Eligibility Requirements

You must be an existing customer to obtain a personal loan from Wells Fargo. The application asks for personal contact information, employment and income information and personal loan details. After applying, you may need to submit additional documentation, such as your recent W-2s, utility bills, driver’s license or Social Security number.

Obtaining a personal loan may be easier than you think. Once you’ve met the eligibility requirements, including building an adequate credit score, it’s time to compare rates and start the application process.

Applying for a $15,000 Personal Loan

If you’re interested in obtaining a $15,000 personal loan, here are a few steps to follow:

1. Ensure that you meet the minimum requirements set out by the lenders.
2. If you have a low credit score, work to increase your score before applying.
3. Because the rates and terms vary between lenders, pinpoint a few to compare.
4. Once ready, round up all your necessary information and documentation and complete the application.
5. If you haven’t heard anything about the status of your application after a few days, send a follow-up email or call the lender.

Many lenders will approve you the same day you apply, allowing quick access to your funds. Some lenders offer same-day funding, while others may take longer. If you have a high credit score, you may be able to prequalify. This option allows you to see a loan’s rate before applying, making it easier to compare lenders. Lenders typically require proof of income, as demonstrated by W2s or pay stubs, as well as credit history and additional personal information.

Once the application process is complete, your lender will automatically deposit your funds into your preferred bank account. Once disbursed, you can use the funds to pay for home improvement projects, debt consolidation, a wedding, family planning or most anything else.

If you meet the credit score qualifications, you can get a fair credit loan.

Requirements for a $15,000 Personal Loan

In order to be eligible for a $15,000 personal loan, you must ensure you meet the lender’s minimum requirements. Many lenders have a minimum income level and credit score they will work with, as individuals who are more financially savvy tend to stay caught up on their loans. 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. Even if you get approved with a lower credit score, a higher score can lead to better interest rates and loan terms.

While the best personal loans can be a good option for those who need them, they aren’t always the best solution. Several other types of funding, such as a home equity line of credit, a home equity loan and peer-to-peer lending, are also options. These may have lower rates or better terms, so exploring all alternatives is best. Learn more about each of these types of lending below.

Home Equity Line of Credit

A home equity line of credit, also known as a HELOC, is a type of second mortgage. You can apply for a HELOC and use the approved amount of equity in your home for home improvements, to fund a large purchase or to consolidate debt with a loan. HELOCs are lines of credit, meaning the funds are there, but you won’t have to pay them back unless you tap into them, making it an excellent option for those who want flexibility in how much and when they use borrowed funds. On the downside, HELOCS often have variable interest rates that can change over time and failing to repay your loan means a lender can foreclose on your home. If you are interested in a HELOC, you should contact your lender to determine your options.

Home Equity Loans

A home equity loan is similar to a HELOC in that it is also a type of second mortgage. This time, however, the lender gives out the funds as a lump sum. This means you will have to pay the entire amount back, typically with a fixed interest rate. If interested in this option, you should contact your mortgage lender to assess your options. Like with a HELOC, a lender can foreclose on your home if you don’t repay this loan.

Peer-to-Peer Lending

Peer-to-peer (P2P) lending is an online service where interested investors loan money to individuals who need it. While this type of lending could come with higher interest rates, it also may be more accessible if you have poor credit.

Taking out a personal loan is a huge decision. While it can provide many financial options, you must weigh the pros against the cons. If you can pay the loan back and the rates are in your favor, a personal loan can be a solid way to pay for home improvements or other big expenses. Before applying for a personal loan, do everything possible to increase your credit score and make yourself an attractive borrower. This will help ensure the best rates and terms.

While anyone can apply to see rates and compare competitors, before you take on a personal loan, be sure that you can financially afford the repayments and that you’ve thought about the loan’s purpose. When in doubt, speak with a trusted financial adviser who can answer questions and help guide you as you make your decision. Finally, prior to signing on the dotted line, be sure you fully understand the loan, its terms and its fees so you aren’t blindsided after taking it out.