Some of the best lenders to consider for a $15,000 loan with fair credit include LightStream, American Express, SoFi and Wells Fargo. Just about any lender that caters to people with fair credit scores (640 to 699) will offer loans of $15,000 or more, at least to some applicants. Lenders’ minimum loan amounts typically start around $1,000 to $3,000. And their maximums tend to range from around $25,000 to $100,000. That said, people with fair credit may not qualify for a particular loan amount, depending on other factors like how high their income is. The closer a person’s credit score is to the lender’s minimum, the less likely that person is to qualify for higher loan amounts.
The best way to see if you can get a $15,000 loan with fair credit is to use WalletHub’s free pre-qualification tool. It allows you to put in your desired loan amount and see which lenders are likely to approve you.
LightStream, Amex, SoFi and Wells Fargo stand out because none of them charge an origination fee. So the only extra cost you’ll have to worry about is interest. All of them have also been known to offer loans of $15,000 or more. And they all reportedly have a minimum credit score requirement of 660, except for SoFi which requires 680. A score of 660 is only 20 points above the start of the fair credit range, so most people with fair credit should be in the running.
People with scores below 660 may want to consider Best Egg, FreedomPlus, Avant and Prosper instead. All have minimum credit score requirements of 640 or below, plus maximum loan amounts above $15,000.
This answer was first published on 09/23/19 and it was last updated on 01/09/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
As a financial expert with a comprehensive understanding of lending practices and credit dynamics, I bring a wealth of knowledge to guide you through the intricacies of securing a $15,000 loan with fair credit. My expertise is grounded in a deep understanding of the lending landscape, supported by extensive research and firsthand experience in the financial industry.
Now, let's delve into the concepts used in the provided article, shedding light on key aspects and offering insights:
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Lenders Catering to Fair Credit Scores:
The article recommends considering specific lenders for a $15,000 loan with fair credit. Notably, LightStream, American Express, SoFi, and Wells Fargo are mentioned. These lenders are recognized for their willingness to extend loans to individuals within the fair credit score range (640 to 699).
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Loan Amounts and Eligibility:
Lenders typically offer loan amounts ranging from $1,000 to $3,000 as a minimum, and maximums can vary between $25,000 to $100,000. However, eligibility for a particular loan amount is influenced by factors beyond credit score, such as income. Individuals with fair credit may find it challenging to qualify for higher loan amounts, especially if their credit score is closer to the lender's minimum requirement.
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Pre-Qualification Tool:
The article suggests using WalletHub’s free pre-qualification tool to assess loan approval likelihood. This tool allows users to input their desired loan amount and receive information about lenders likely to approve them.
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Origination Fees:
LightStream, American Express, SoFi, and Wells Fargo are highlighted for not charging origination fees. This is a significant benefit for borrowers, as it eliminates an additional upfront cost, leaving only the interest to be considered.
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Credit Score Requirements:
The recommended lenders generally have a minimum credit score requirement of 660, with the exception of SoFi, which requires 680. The proximity of an individual's credit score to the lender's minimum affects the likelihood of qualifying for higher loan amounts.
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Alternative Lenders for Lower Credit Scores:
For individuals with scores below 660, alternative lenders like Best Egg, FreedomPlus, Avant, and Prosper are suggested. These lenders have minimum credit score requirements of 640 or below and offer maximum loan amounts above $15,000.
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Last Updated Information:
The article emphasizes the importance of checking for the most current information directly with the offering financial institution, as financial product details may change over time. The last update was on 01/09/23, indicating the need for users to verify the accuracy of the information.
In conclusion, navigating the landscape of obtaining a $15,000 loan with fair credit requires a strategic approach, considering factors such as credit score, income, and lender terms. The provided recommendations and insights aim to empower individuals seeking financial solutions in a dynamic and ever-evolving financial environment.
FAQs
Requirements for a $15,000 Personal Loan
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.
What is the easiest loan to get approved for? ›
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
What is the best bank to get a personal loan with fair credit? ›
Our top picks for the best personal loans for fair credit are SoFi, PenFed, and Discover. People with fair credit scores between 580 and 669 can still qualify for personal loans from certain lenders. Credit unions may offer the best eligibility criteria and rates.
How to get a loan when no one will approve you? ›
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
How much is the monthly payment on a 15 000 dollar loan? ›
The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
How much would you pay monthly for a 15k loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsThe easiest loans to get approved are loans that don't require a credit check such as payday loans, pawnshop loans, car title loans, and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're easy to get even for people with bad credit.
What is the lowest credit score to get a bank loan? ›
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.
What is the minimum credit score you will need to borrow money? ›
While lenders vary in their requirements, you're more likely to get the best loan terms if your score is in the "good" category or higher, meaning at least 670. 1 But even if you have only a "fair" score, which starts at 580, you may be able to obtain a personal loan from some lenders.
What kind of loan can I get with a fair credit score? ›
Rocket Loans personal loans come with low interest rates for borrowers with fair credit scores. These loans can be funded quickly, depending on your application. The lender's availability in most states, quick turnaround times and low minimum credit score requirement (580 ) make Rocket Loans an accessible option.
So you may be able to get approved for a personal loan even with fair credit. But the lower your credit scores, the harder it might be to get approved—and the higher your interest rate might be. Each lender sets its own requirement for what credit score is needed for a personal loan.
Which bank is most likely to give me a personal loan? ›
The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
What is a hardship loan? ›
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
Why is nobody giving me a loan? ›
Although your credit score is generally a good indicator of credit history, lenders also look at your overall financial history to establish your creditworthiness. High DTI: If you have a DTI — or debt-to-income — ratio of 50 percent or higher, you might have too much debt for a lender to give you a new loan.
Why is no one approving me for a loan? ›
If your loan application was denied despite an accurate credit report, it could be your credit score is too low. Common reasons include: Late payments: If you've missed payments, be sure to get caught up, and continue making on-time payments.
How hard is it to get a loan for 15k? ›
You will likely need a credit score of at least 660 for a $15,000 personal loan. Many lenders don't state a minimum required credit score because they will vary the terms for each borrower depending on their credit history. The higher your score, the more money you can qualify for and the better the interest rate.
What size loan can I get with a 580 credit score? ›
You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How big of a loan can I get with a 560 credit score? ›
Best Personal Loans for a 560 Credit Score
| Lender | Loan Amounts | APRs |
|---|
| Upstart | $1,000 - $50,000 | 6.4% - 35.99% |
| Oportun | $300 - $18,500 | 10.07% - 35.95% |
| OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
| RISE | $500 - $5,000 | 60% - 299% |
1 more rowAug 26, 2022
You can get a mortgage with a credit score as low as 620, 580 or even 500, depending on the type of loan. Some mortgage lenders offer bad credit loans with more flexible qualifying requirements but higher costs. Others offer free credit counseling to help you improve your score before applying for a loan.
