Finty

Compare $15,000 personal loans

Set your amount and term to see the repayment and total cost of 195 $15,000 personal loans side by side, so you know what you'd pay before you apply.

Every loan here lends $15,000, with repayments worked out for that amount. Change the term to see how it affects your repayments and the total cost.

Written byDavid Boyd

What will it cost you?

Enter how much you want to borrow and for how long, and we'll show your monthly repayment and total cost on every loan below, at each one's lowest published rate.

192 loans

Showing 20 of 192

Repayments use each loan's lowest published rate and include any monthly fee. The total adds the establishment fee. The rate you are offered depends on your circumstances. Comparison rates are for the lender's own example loan, usually $30,000 over 5 years.

WARNING: A comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

$15,000 personal loans at a glance

Worked out from the 195 loans from 89 lenders we compare on this page.

Typical comparison rate

10.06%

Half the loans start between 8.24% and 12.14%.

Typical setup fee

$195

8 of 159 loans charge no setup fee.

No monthly fee

15 of 65

loans that state a monthly fee set it at $0.

Fixed or variable

82 fixed98 variable
How starting comparison rates are spreadNumber of loans in each band. The most common is 7–9%.

The short version

  • Most lenders lend $15,000, so compare the total cost, not just the rate.
  • A shorter term means higher repayments but less interest.
  • On a larger loan, a lower rate saves more, and security can help you get one.

What a $15,000 loan costs

Your repayments depend on the rate you're offered and how long you take to repay. These examples leave out fees, which add to the cost:

  • At 8% a year: $470 a month over 3 years, $304 a month over 5 years, $234 a month over 7 years.
  • At 12% a year: $498 a month over 3 years, $334 a month over 5 years, $265 a month over 7 years.
  • At 18% a year: $542 a month over 3 years, $381 a month over 5 years, $315 a month over 7 years.

Choosing the term

A longer term lowers each repayment but means paying interest for longer, so the loan costs more in total. Pick the shortest term whose repayments you can comfortably afford, and check whether you can pay extra or pay off early without a fee.

Fees matter more on smaller loans

Look at the comparison rate as well as the interest rate. The comparison rate adds the lender's standard fees to the interest rate for an example loan, so it shows the cost of two loans on the same footing.

Pros

  • Pay a $15,000 cost now and spread it out in set repayments.
  • Usually cheaper than a credit card for the same amount.
  • A set end date, so the debt is gone by the end of the term.

Cons

  • Interest and fees add to what you pay.
  • A new application adds an enquiry to your credit report.
  • Fees weigh more on a smaller loan, so a low rate with a big fee can still cost more.

Alternatives

  • Redraw or offset on your home loan. If you have extra repayments in your home loan, using them can be cheaper than a new loan, as home loan rates are usually lower.
  • A secured personal loan, if you're buying a car or have one to offer as security.
  • Saving first. If the cost can wait a few months, saving for it costs nothing in interest, and a high interest savings account pays you instead.

What you'll need to apply

Most lenders ask for the same things, and having them ready speeds up approval.

  • Proof of identity, such as a driver's licence, passport or Medicare card.
  • Proof of income, usually your last two payslips, or tax returns and financial statements if you're self-employed.
  • Details of what you spend each month and what you already owe, including credit card limits.
  • Your address history and, for a secured loan, details of the asset you're offering as security.

Questions people ask

Can I get a $15,000 loan with no fees?

Some lenders charge no establishment or monthly fee. Use the fee filters in the comparison to find them, but compare the rate too, since a fee-free loan can still cost more overall.

Should I apply to several lenders at once?

No. Each application is recorded on your credit report, and several in a short time can make lenders more cautious. Compare first, check your credit score, then apply for the one loan that suits you best.

What rate will I get?

Most lenders set your rate from your credit history, income and the loan itself, so the advertised rate is the lowest you could get, not the rate everyone gets. A rate quote with a soft check shows your own rate before you apply.

Can I pay it off early?

Usually, yes. Variable rate loans rarely charge for it. Fixed rate loans may charge an early repayment or break fee, so check the contract if you might pay it off sooner.