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What our Nerds say about £15,000 unsecured loans

From buying a car or paying for a wedding to making home improvements, a £15,000 loan can cover a range of scenarios.

One of the benefits of a £15,000 unsecured personal loan is that you will not need to provide an asset as a security. Instead, you will just need to meet your chosen lender’s eligibility requirements, affordability criteria and pass its credit checks.

Connor Campbell Lead Writer at NerdWallet

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
  • gambling
  • 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.

» COMPARE: Business loans

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.

How much will a £15,000 loan cost?

How much your £15,000 loan will cost overall depends on the interest rate the lender gives you, the length of your loan term, and any fees the lender charges.

The higher your interest rate and the longer you take to pay off your loan, the more expensive your loan will be.

What happens if I cannot make my repayments?

If you miss too many repayments, typically two to three, you will default on your loan. This means the lender may:

  • start chasing you for the loan through reminder letters and telephone calls
  • add further interest and charges on to your loan
  • take court action, such as a County Court Judgement (CCJ).
  • pass your debt to a debt collection agency

If you fear you are going to fall behind with your repayments, you should contact the lender as soon as possible to see what help is available.

You can also contact debt charities, such as StepChange, National Debtline and PayPlan, for advice and assistance.

What does APR mean?

APR stands for annual percentage rate, and can be used to estimate how much a loan will cost you. It is expressed as a percentage, and includes both your interest rate, and any fees the lender charges. The lower the APR, the cheaper it should be to borrow – however, this may not always be the case.

Lenders will typically advertise a representative APR. To be classed as representative, at least 51% of customers will get this rate, or lower when taking out a loan.

While representative APR can be a quickway to compare lenders, you should be aware that you are not guaranteed to secure that advertised APR. Instead, you will receive a personal APR that may be higher or lower than the representative figure.

£15,000 loan example

If you take out a £15,000 over 24 months, at an annual percentage rate of 7.9%, you would pay:

  • £675.87 a month, for 12 months
  • £16,220.88 in total

However, if you take out a £15,000 over five years (i.e. 60 months), at an annual percentage rate of 7.9%, you would pay:

  • £301.48 a month, for 60 months
  • £18,088.80 in total

You can see, therefore, how a longer term can result in your loan costing more overall.

How to apply for a £15,000 loan

While the specific process may change from lender to lender, the general steps when applying for a £15,000 loan are as follows:

  1. You decide how long you want to repay the loan.
  2. You apply to your chosen lender, including providing them with the requested details. This may include your occupation, income and address.
  3. If you are successful, and decide to proceed, you will need to fill out and sign any other forms and documents your lender requires.
  4. If you pass the lender’s checks, you will be made a loan offer. You can then either accept or reject this offer.

How long does it take to get a £15k loan?

The length of time it takes to get your £15,000 loan will depend on your chosen lender, if you apply online or in person, how quickly you sign and submit your documents, and whether the lender requires more information from you. This means it can take hours, days or weeks to receive your funds.

Alternatives to £15,000 unsecured loans

There are a number of alternatives to a £15,000 unsecured personal loan that you may want to consider.

Guarantor loans

If you have someone in your life that you trust, and they trust you financially, then you may be able to get a guarantor loan.

A guarantor loans sees a guarantor back the loan application, and agree to pay the loan if the person taking it out is unable to repay the full amount.

Guarantor loans can help people with bad credit access funds, as the presence of a guarantor makes it less risky for the lender.

» COMPARE: Guarantor loans

Secured loans

With a secured loan, you will need to provide an asset as a security in order to borrow. While often this will be property, the asset could also be your car, jewellery, or something else of value.

Interest rates on secured loans tend to be lower than on unsecured loans, as the lender has something to recover if you cannot repay the full amount. However, that is the main risk attached to secured loans – you may lose the asset you have used as security if you fail to make your repayments.

» COMPARE: Secured loans

Bad credit loans

It is possible to get a bad credit loan if you have a less than stellar credit history or no real credit history at all.

Bad credit loans typically come with higher interest rates and greater restrictions than other forms of personal loans. You may also find that bad credit loans offer smaller borrowing limits.

» COMPARE: Bad credit loans

FAQs for £15,000 Loans

Do I need a guarantor to get a £15,000 loan?

You do not need a guarantor in order to get a £15,000 loan. However, if you have a bad credit history, a guarantor may help you get a loan at a more competitive interest rate.

Can I get a £15,000 loan for a one-off purchase?

As long as what you are buying doesn’t fall under your lender’s list of restricted uses, you can get a £15,000 loan for a one-off purchase, such as a car or holiday.

What is a soft search credit check?

Some lenders may carry out a soft search credit check when initially assessing your application, in order to provide you with a loan quote. This involves the lender looking at specific information on your credit report, rather than at the entire credit file. The important thing to know about a soft credit check is that it will not affect your credit rating and will not appear on your credit report.

However, if you choose to proceed once you have received your quote, lenders will likely carry out a hard credit check. This is when a lender carries out a full appraisal of your credit history. Crucially, a hard credit check will appear on your credit report and may lower your credit score every time one is carried out.

About the author

Connor Campbell
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more

Some examples

Here are some examples from UK loan providers that you can compare using the Monevo eligibility service:

    Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      14.7% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.7% (fixed). Based on a loan of £10,000 over 60 months at an interest of 14.7% p.a. (fixed). Monthly repayments of £231.62. Total amount payable £13,896.65. Maximum APR: 29.9%.
    More info
    • Broker
    Post Office Money Personal Loan logo

    Post Office Money Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.9%. Based on a loan of £4,000 over 36 months at an interest rate of 14.9% p.a. (fixed). Monthly repayments of £136.65. Total amount payable £4,919.47. Maximum APR: 29.9%.
    More info
    Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £30,000
    • Min / Max Terms
      1 to 8 years
    Representative Example: Representative APR 14.9%. Based on a loan of £10,000 over 60 months at an interest of 13.97% p.a. (fixed). Monthly repayments of £232.53. Total amount repayable before £13,951.80. Maximum APR: 39.9%.
    More info
    • Peer To Peer
    Zopa Personal Loan logo

    Zopa Personal Loan

    • Representative APR
      19.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 19.9%. Based on a loan of £10,000 over 60 months at an interest of 19.9% p.a. (fixed). Monthly repayments of £255.50. Total amount payable £15,329.80. Maximum APR: 34.9%.
    More info
    My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      23.0% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 23.0% (fixed). Based on a loan of £4,500 over 48 months at an interest of 23.0% p.a. (fixed). Monthly repayments of £139.66. Total amount payable £6,703.57. Maximum APR: 23.0%.
    More info
    • Only available to homeowners
    Oplo Personal Loan logo

    Oplo Personal Loan

    • Representative APR
      30.8% APR
    • Available Amounts
      £2,000 to £15,000
    • Min / Max Terms
      2 to 6 years
    Representative Example: Representative APR 30.8%. Based on a loan of £6,915 repayable over 47 months at an interest rate of 13.92% pa (fixed). 46 monthly payments of £240.33 and a final payment of £240.33. Total amount payable £11,295.71. This includes an acceptance fee of £395. Maximum APR: 30.8%.
    More info
    Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 99.9% (fixed). Based on a loan of £3,000 over 24 months at an interest of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR: 299.8%.
    More info

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Our comparison service features a selection of providers from whom we receive commission.

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