Looking to borrow £15,000? Our guide will help you decide on the type of loan that might suit you and explain how to get a cheaper rate. You’ll also find tips for managing loan repayments and protecting your credit score.
Looking to borrow £15,000? Our guide will help you decide on the type of loan that might suit you and explain how to get a cheaper rate. You’ll also find tips for managing loan repayments and protecting your credit score.
You’ll make monthly payments to repay the £15k loan plus interest. Interest is the cost of borrowing. It’s calculated as a percentage of the amount you owe, called the interest rate. There are two main types of interest rate — fixed and variable. Your payments stay the same with a fixed rate but can go up or down with a variable rate.
It's a personal choice, as there are pros and cons to each. You’ll take on more risk with a secured loan as they’re tied to an ‘asset’ — this is something valuable like your property or vehicle. If you don’t keep up with the loan repayments, the lender can sell your home or car as a last resort to get their money back. Personal loans don’t come with this risk as they aren’t tied to anything, which is why they’re also called unsecured loans.
You may find it easier to get approved for a £15k secured loan — and at a lower rate or longer term. This is because using your asset as security may lower the risk of lending to you for the lender. If you choose a £15,000 personal loan instead, you may need to pay a higher interest rate and repay the loan faster.
Pretty much anything you like although your lender may have a few rules such as not using your loan to gamble. Some people borrow £15k to spread a large expense like for a car, wedding or home improvements. It’s wise to spend your loan only on something you really need, or something that leaves you better off.
Already borrowing? A £15,000 consolidation loan may help you simplify or lower your monthly payments. Debt consolidation isn’t right for everyone though — there’s lots to consider, including the overall cost of interest.
You’ll need to work out the monthly payments on a £15,000 loan before you apply to make sure you can afford it. The amount depends on things like:
Here are a few examples of monthly repayments on a £15,000 loan.
| Loan A | Loan B | Loan C | |
|---|---|---|---|
| Amount | £15,000 | £15,000 | £15,000 |
| APR | 10% | 20% | 10% |
| Loan term | 5 years | 5 years | 15 years |
| Monthly payment | £315.53 | £383.94 | £157.26 |
Loan A has smaller monthly payments than loan B because it has a lower APR. Loan A and C have the same APR, but loan C has smaller monthly payments — this is because A is a £15,000 loan over 5 years while C is over 15 years. These are only examples and your loan offers may be different.
Smaller payments may be easier on your monthly budget, but they don’t always mean your loan is cheaper overall. A longer loan term lowers your payments but increases the overall cost — here are some examples to show how this works.
| Loan A | Loan B | Loan C | |
|---|---|---|---|
| Amount | £15,000 | £15,000 | £15,000 |
| APR | 10% | 20% | 10% |
| Loan term | 5 years | 5 years | 15 years |
| Monthly payment | £315.53 | £383.94 | £157.26 |
| Total to repay | £18,932.02 | £23,036.29 | £28,306.54 |
| Overall cost | £3,932.02 | £8,036.29 | £13,306.54 |
Loan C has the highest overall cost despite having the smallest monthly payments. This is because you’re paying interest for 15 years — 10 years more than the other two loans. These are just examples and you should do your own calculations before applying.
It’s worth comparing £15k loans to find your cheapest option. Comparing loans with Experian is free and won’t affect your credit score. We also show your chances of getting approved for select £15,000 personal loans based on your unique data. Look for the pre-approval label — this means you should get approved at the rate shown if you apply.
Just remember we’re a credit broker and not a lender†
Want to see cheaper offers? Try:
No, all lenders in the UK have to do a credit check before giving you a loan. But the good news is there are ways to increase your chances of approval. Choose a loan you can comfortably afford and check your eligibility before you apply. Improving your score helps too — for a quick lift, try registering to vote or sharing information about your everyday payments with Experian Boost.
It’s possible to borrow £15,000 with bad credit, although you won’t have as many options and may need to pay a higher interest rate. A bad credit loan may be easier to get as they’re designed for people with low credit scores. Another option is a guarantor loan — this is where someone (such as a parent or partner) agrees to make the payments if you can’t. This can lower risk for the lender, making them more likely to approve you. Your guarantor may need a good credit score and should understand the risks.
Each lender has their own criteria, meaning some may refuse you credit while others may accept you. Unfortunately, lenders won’t tell you what they’re looking for. But Experian helps you skip the guesswork. See your chances of approval when you search personal loans with us.
Many lenders let you apply for a loan online or over the phone. This can take minutes if you have all the necessary information to hand. Once approved, some lenders may pay the loan into your bank account the same day, while others may take up to around two weeks. It’s often faster with an online direct lender or your existing bank. Guarantor loans can take longer as there are two or more people involved in the application.
If you’re a homeowner you could consider a further advance mortgage which lets you borrow against your property with your existing mortgage provider. Remortgaging is another option — you may be able to free up cash from your home equity, which is the value you own in your home.
You could consider a credit card, although getting a credit limit as high as £15,000 is harder. If you have a good credit score you may be able to get a purchase card or balance transfer card with a 0% promotional rate. Try to pay off the balance before this period ends and you’re put on the lender’s standard variable rate, which is usually high. Cards often have fees for things like set-up and transfers.
Late payments lower your credit score and may lead to fines, defaults and even legal action. But there are options if you think you’re going to miss a payment. One option is to talk to your lender — they may agree to a payment holiday or a new payment schedule for example. If you’re really struggling with your finances it may help to talk to a debt charity like StepChange.
A hard search is recorded on your report when you apply for a loan and your score will dip to reflect this. Also, getting approved for a £15k loan may lower your score as some lenders may see you as more of a risk. But your score should improve over time if you make the loan repayments in full each month.
Yes, you can compare loans with Experian. You can see what loans are available from different lenders and what your chances of approval are.
When you apply your information will be checked by lenders, and once approved then you’re all good to go.
Searching is free, takes less than two minutes and won’t affect your score. Look out for the pre-approved label — this means you should get accepted at the rate you see if you apply.
We're a credit broker not a lender†