How long it takes to pay off your $15,000 loan depends on the loan terms and whether you make any early payments. The loan term will depend on the lender and can be between 12 and 84 months or longer. An online personal loan calculator can help you calculate what your payments and timeline may look like.
The minimum credit score for most borrowers is 670, although some lenders will work with bad-credit borrowers. Additionally, some lenders require higher scores if you aren’t already an existing bank or credit union customer.
While $15,000 is a typical amount to take out, some lenders will give out personal loans of up to $100,000 or more.
The easiest loans to get approved for are loans that don’t require high credit scores or credit checks. These could be unsecured or secured loans for those with bad credit, payday loans, paycheck advance loans or even securities-based or 401(k) loans. These types of loans, however, can come with incredibly high interest rates and may lead to a recurring cycle of debt.
