How to get a $15,000 personal loan instantly

Understanding personal loan eligibility

Every lender has different eligibility requirements for a personal loan, but most lenders look at the following areas:

Credit score

Your credit score is one of the biggest factors lenders consider when you apply for a personal loan. A good credit score ranges from 670 to 739, while a very good score ranges from 740 to 799. Exceptional credit is rated at 800 and above.

Lenders tend to favor higher credit scores, but there are some lenders that specialize in bad credit loans, such as LendingPoint and Rocket Loans.

Income

Lenders also want to know that you can afford to make your monthly payments and repay your loan. Because of this, you are required to submit income details. This includes not only your regular paycheck but also other sources of income, such as Social Security, alimony or child support.

Credit history

Lenders will also look at your credit history to see how you have treated other loans in the past. They want to see that you have made regular, timely payments toward your other debts, like your credit cards and auto loans.

Debt-to-income ratio

Lenders use your debt-to-income (DTI) ratio to better understand how much of your monthly income is dedicated to debt. Loan companies will look at your total monthly payments to determine if there is room left in the budget for a new loan payment.

Most lenders agree that a debt-to-income ratio below 36% improves your chances of getting approved.

» LEARN: How to get approved for a personal loan

How to get a personal loan if you have bad credit

You still may be able to get a $15,000 personal loan instantly, even if you have bad credit.  Some lenders, such as Avant and Upstart, specialize in personal loans for bad credit. These lenders require low minimum credit scores; for example, while Best Egg requires a 700 credit score for most personal loans, Upgrade approves loans for credit scores below 600.

You can strengthen your loan application by offering collateral to back your loan, such as your car, home or other financial assets. This can greatly increase your chances of being approved because the collateral turns your personal loan into a secured loan. If you fail to repay, the lender can recover their loss by seizing your collateral.

If you have someone you trust who’s willing to apply with you, a joint loan can make it easier to get approval. A cosigner or co-borrower can make a loan more appealing to the lender because there is twice the income. Just make sure you’re confident about your ability to repay — if you can’t, the lender can go after the other person for the full balance.

Tips to get an instant $15,000 personal loan

• Don’t forget about online lenders. Because they don’t have the overhead of traditional banks and credit unions, online lenders could have more competitive interest rates, fewer fees and same- or next-day funding.
• Apply for a solo loan. Getting a cosigner on your application can increase your chances of approval, but it can sometimes add a little waiting time for application processing.
• Review your application. If you make a mistake on your application, it could delay approval — and funding. Instead, take the time to look over your application before hitting that Submit button.
• Consider when you apply. If you’re applying with a lender offering same-day funding, apply as early in the day as possible.
• Choose direct deposit. Most lenders offer direct deposit during the application process, and it's the fastest way to get your funds. Paper checks can take much longer.

Comparing lenders for the best loan terms

When comparing lenders, there are a few factors to consider so you can find the best loan terms.

• Requirements: Look to see what kind of loan requirements may apply with each lender, such as a minimum credit score or income. This will help you rule out any loans you can’t qualify for.
• Interest rates: The interest rates on personal loans can vary significantly, depending on the amount, term and how strong your credit is. Remember that the lower the annual percentage rate, the lower your monthly payment will be.
• Terms: Consider the term of your loan. This dictates the length of repayment, which significantly impacts how much you pay each month.
• Fees: Most personal loans carry fees, such as origination fees or prepayment penalties. Be sure to review your lender’s fee schedule so you know how it may impact your repayment.
• Funds availability: Make sure that the lender offers instant loans and direct deposit so you can access your $15,000 without delay.

Best personal loans for $15,000

Our list of best personal loan companies can be a great place to start your search for a lender. All the companies on our list offer loans in the $15,000 range, although Achieve was our top pick for larger loans.

How to apply for a $15,000 personal loan

Applying for a $15,000 personal loan is a straightforward process that includes just a few steps:

1. Check your credit score

Before you apply for a loan, check your credit score so you know where you stand. This will save you time by helping you avoid lenders and loans you’re unlikely to qualify for.

Federal law allows you one complimentary credit report each year from Equifax, Experian and TransUnion. To get your free copy, visit AnnualCreditReport.com.

2. Calculate your payment

Before you take out your loan, confirm that $15,000 is the amount you need to borrow. Some personal loans carry additional fees, such as origination fees that can run as high as 10% of your total loan value. Be sure to account for these fees when determining how much you want to ask for.

A loan calculator can help you estimate your potential monthly payment and make sure it fits your budget.

3. Prequalify

Once you know your credit score and how much you need to borrow, it’s time to begin the loan prequalification process. Most personal loan lenders offer a prequalification tool that allows you to check what loan rates and terms you qualify for. This is a soft credit check, not a hard inquiry, so it doesn’t affect your credit score.

To prequalify, you’ll need to provide some basic details, such as your address, income and Social Security number. You can then use this information to compare lenders.

It’s a good idea to prequalify with three to four lenders so you can find the most competitive rates and terms.

4. Apply

Once you determine which lender you want to use, you can formally apply. You’ll have to provide further details and may need to provide specific documentation, such as your bank statements, W-2s or pay stubs. You may also need to upload a copy of your driver’s license or another government-issued identification.

You’ll also be required to specify the amount of the loan, and most lenders will also ask how you plan to use the funds. You may also be asked what kind of term you prefer.

Most lenders allow you to complete the process online or by phone, but you typically have the option of applying in person if your lender offers brick-and-mortar branches, such as Wells Fargo or Bank of America.

5. Receive approval and funds

Approval for an instant personal loan can happen in minutes, the same day or take up to two business days, depending on the lender and your application. Some lenders offer instant approval, meaning you’ll get a decision right away, while others may need more time to verify your information.

“Instant” loans aren’t truly instant — funding usually takes one to two business days.

Funding doesn’t always happen immediately after approval. Many lenders offer same-day or next-day deposits, but it could take longer — especially if you apply late in the day, over the weekend or during a holiday. Your lender will usually send the funds via direct deposit, but it’s a good idea to check the timeline before you apply.

Once you’re approved, carefully review your loan terms. After you sign the agreement, the lender will begin the funding process, and if you’ve set up direct deposit, send the money directly to your bank account.

Managing and repaying your personal loan

Once you receive your funding, the repayment clock begins. These are some tips to help you manage your money, making the repayment of your personal loan easier:

• Create a budget. Include your loan payment in your monthly budget alongside housing, utilities, food and other essentials so you don’t fall behind.
• Automate your payments. Setting up autopay ensures you never miss a due date. Some lenders even offer a small rate discount for using it.
• Pay more than the minimum. If your budget allows, making extra payments can help you pay off your loan faster, reducing the total interest.
• Check for prepayment penalties. Some lenders charge a fee for paying off your loan early, so make sure there’s no penalty before making extra payments.
• Refinance if rates drop. If interest rates fall or your credit improves, you might qualify for a better loan. Refinancing your personal loan could save you money over time.