£15,000 loans

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Scraping together a large amount of money can be very difficult, but the right loan could help you access a lump sum.

This can be useful if you need to make home improvements or buy a new car.

Find out everything you need to know about taking out a £15,000 loan.

How much will a £15,000 loan cost?

The total cost of a £15,000 loan will vary depending on the lender and the applicant.

To calculate the interest rate that you’ll be charged, your lender will analyse the information you provide them with, including:

  • Income – A higher annual salary could mean that you’re charged less interest as you’re seen as less of a risk
  • Credit score – The better your credit score, the more likely you are to be able to access the best interest rates available
  • Loan term – A longer loan term will result in smaller monthly payments, but you’ll be charged more interest in the long run

You’ll also want to look at any admin fees, as well as early repayment charges (ERCs) to get the full picture of how much the loan will cost you overall.

Find out the total cost of a £15,000 loan by using our calculator

£15000 loans

Can I get a £15,000 loan with bad credit or no credit?

Yes, it’s possible, but your options will be limited:

Bad credit loans

You’re more likely to be accepted for a secured loan over an unsecured loan if you have poor credit, as the lender uses your house as collateral. However, this means that your home can be repossessed if you fail to repay. Also, you’ll be subject to high interest rates and admin fees. You should carefully think before taking out this loan and if you can make the repayments on time. 

Guarantor loans

A close relative or friend guarantees that they’ll repay the loan if you fail to do so. Your guarantor will also be required to pass the application process and they’ll need to have a good credit score. They also tend to have high interest rates and the guarantor risks having their home repossessed if you default on the loan and they can’t repay it

Am I eligible for a £15,000 loan?

Lenders will have basic set of criteria that you need to fulfil before you’ll be considered for a loan – generally you must be:

  • aged 18 or over
  • a UK resident
  • employed
  • a homeowner (if it’s a loan secured against your house)

On top of this, you’ll need to pass a hard credit check, which will assess your credit report to see how well you have dealt with paying credit back previously.

The lender will also want to know your annual income as part of an affordability check, to make sure that you would comfortably be able to make your monthly repayments.

What’s the difference between a secured and unsecured loan?

There’s one very big difference between a secured and unsecured loan:

Unsecured loan – An agreement is made between you and the loan provider that they’ll lend you the £15,000 and you’ll make set monthly repayments, with interest added (as stipulated in the terms and conditions), until the loan term has ended.

Secured loan – Works in the same way as an unsecured loan, except it uses an asset as security. Normally this is your home, but it could also be your car. If you fall behind on your payments, the asset could be sold to pay off the debt. So, you could lose your home or vehicle.

A secured loan lowers the risk to the lender, which means that they’re usually more willing to offer a larger sum of money and have a longer term than an unsecured loan.

Things to consider when applying for a £15,000 loan

Taking out a loan is a big financial commitment, that’s why it’s so important to get all the information you need before applying.

  • Fixed rate vs variable rate – This refers to how much interest you pay. If you choose a loan that has a fixed rate the amount of interest you pay won’t change over the loan term, but the interest on a variable rate loan will go up or down in line with the Bank of England’s base rate
  • Loan term – How long do you need to repay the loan? Remember that the shorter the loan term, the cheaper the loan will be overall, but you need to make sure the monthly payments are still affordable
  • Total amount repayable – This will differ between lenders depending on the loan term and the interest rate. Choose the cheapest option that works for you
  • Early repayment charge (ERC) – Check whether there’s any ERCs, this could affect whether it’s worth paying back the loan early if you came into some money, for instance if you got a promotion
  • Low advertised rates – It’s worth remembering that the interest rate on a loan only needs to be offered to 51% of accepted applicants for the lender to be able to use it for advertising. The remaining 49% of applicants will usually have a higher interest rate

How to apply for a £15,000 loan

To apply for a loan, you should first compare your options before making a formal application and risking your credit score. To do this, you’ll need to:

  1. Let us know what type of loan you’re looking for, how much you want to borrow and your desired loan term

  2. Enter a few personal details including your name, address and income

  3. Our smart search will then perform a soft check on your credit file to assess which loans you’re more likely to be accepted for, without affecting your credit score

  4. If you find one that’s right for you then you can continue to make a formal application

Frequently asked questions

Getting accepted for a loan can take anywhere from a couple of hours to a few days, it will depend on the lender and whether you’re an existing customer – for instance you may have a current account with them.

Once you’re accepted, it could be less than an hour until the money is in your account or up to a week.

For more complex products, like guarantor and secured loans, the application process is likely to take weeks (usually up to six, depending on the lender), but once you have been approved, the money should be with you relatively quickly.

Yes, loans can be used for pretty much anything. They’re commonly taken out for:

  • Making home improvements without having to remortgage
  • Purchasing a car or vehicle
  • Funding your own business
  • Paying for a wedding
  • Paying for a funeral
  • Private school fees
  • Holidays

You should carefully consider whether taking a loan out for a purchase is worth it or whether saving up first would be a better option for you.

A loan can also be used for debt consolidation. So, if you have multiple debts with high interest rates (credit cards and overdrafts, for instance), you can pay them off and then simply make your monthly repayments on the debt consolidation loan until it has been repaid in full.

APR stands for annual percentage rate. It shows you the cost of borrowing over a year, including the interest rate and any fees.

Remember that the advertised APR for each loan isn’t necessarily the APR you’ll receive. That will depend on your personal information and credit score.

Yes. You’ll be required to have a credit check during the loan application process. It will affect not only whether you’ll be accepted for a loan, but also the interest rate you’re offered. If you have a lower credit score, you’re more likely to be charged higher interest.

The lender will get in touch to see what is happening when you miss repayments on your loan.

If it’s a persistent problem, you may be required to pay back the loan in full or you could be served with a default notice. This can result in your debt being passed to a collection agency and legal action may be taken against you.

If the loan is secured against your home, it could be repossessed to pay off the loan. In the case of guarantor loans, the guarantor will be expected to pay off the loan, and their home could be repossessed.

Get ahead of the problem when you’re struggling to make your payments and contact the lender. They may be able to help you with your repayment plan and give suggestions to ease the pressure.

A repayment holiday is when you stop making your repayments for a set period that’s agreed with the lender.

Your loan term will be extended if you take a repayment holiday and you’ll still be charged interest during this time. So, you’ll end up paying more overall.

Always speak to your lender to find out how they can help before you start to default on your payments.

For free debt advice, you can speak to an adviser at StepChange or the National Debtline, who can help you come up with a plan.

No, you don’t need a guarantor for this amount. However, to qualify for an unsecured £15,000 loan, you’ll need to have an excellent credit score.

A secured or guarantor loan may be the right option if your credit score doesn’t fall into the excellent category.

You can take out an unsecured £15,000 loan if you’re self-employed but you’ll need to supply the lender with enough evidence of income to assure them that you can make the repayments consistently and in full. You’ll also need to have a good credit score.

Yes, tenants can apply for £15,000 loans, but of course only unsecured options will be available as they’re not homeowners. This means the tenant will require a qualifying income and excellent credit score to even be offered a loan.

Generally, an unsecured loan can have a term of between one and seven years.

A secured loan can have a much longer term of up to around 30 years in some cases. It’s worth noting that the longer the term, the more you’ll end up paying overall.

You can pay off the loan early, but there may be early repayment charges (ERCs). Make sure you do some calculations to figure out whether it’s worth it.

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