Our guide to £15,000 unsecured loans
If you are looking to borrow £15,000, then you may consider taking out an unsecured personal loan. With this type of loan, you do not need to provide an asset as a security, but rather just pass the lender’s credit checks, and meet its eligibility criteria.
Am I eligible for a £15,000 loan?
While the specific criteria for a £15,000 loan may differ from lender to lender, in general you will need to:
- be over 18 years old
- be a UK resident
- have a regular income
- have a good credit rating
What else a lender expects from you will vary. For example, you may need to have a current account with your chosen lender or meet a specific income threshold.
You will also need to pass any credit checks the lender carries out.
What can I use my loan for?
From buying a car, to making home improvements, to debt consolidation, there are a wide range of uses for your £15,000 loan.
However, there could be certain things that your lender may stipulate the loan cannot be used for, including:
- buying stocks or investments
- purchasing land or property
- making rent or mortgage payments
- paying household bills
- repaying County Court Judgments (CCJs)
- business purposes
You should always check with your lender ahead of time what you can and cannot use your loan for as these can vary from one lender to another.
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Can I borrow a £15,000 loan over 5 years?
It is possible to borrow £15,000 over a five-year period. Some lenders may have minimum and maximum term lengths depending on how much you want to borrow. For example, some lenders may allow you to borrow over 10 years.
Can I get a £15,000 loan with bad credit?
It is possible to get an unsecured personal loan worth £15,000 if you have bad credit. However, you may be more limited when it comes to your choice in lenders and could end up paying a higher interest rate. Instead of an unsecured loan, you could consider applying for a secured loan, if you have an asset of value such as your home that you can use as a security.