You won’t need to put down a valuable asset as security but you may need a good credit score
When you’re pre-approved, the loan amount, duration and interest rate are all confirmed
When you know what you’ll be able to borrow and how much it will cost, you can choose a loan that’s right for you
This helps protect your credit score as you're less likely to be rejected when you apply
If you’ve struggled with borrowing in the past and have a low credit score, your choice of £15,000 loans may be limited. But this doesn’t mean an instant ‘no’ to a loan.
If you have little to no credit history, or have struggled with bad credit in the past, you may qualify for a bad credit loan. But interest rates are high and you may not be able to borrow as much as £15,000.
A guarantor loan where someone else, usually a family member, agrees to be liable for the debt if you can’t pay, is another option, but again, you may not be able to borrow large sums.
The best way to boost your chance of a loan is to improve your credit score.
Representative 29.9% APR
We’ll need to know a bit about you and your finances. For secured loans, register yourself as a homeowner in the search
We’ll show you loans you’re eligible for from leading providers across the market
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted
APR stands for annual percentage rate, and it basically means the interest rate at which you’ll pay back the £15,000. It includes the main interest rate of the loan, but also takes any other fees and charges into account so you get a better picture of the loan’s total cost.
When you see a representative APR advertised on a loan, it means this rate must be offered to at least 51% of applicants – you won’t be guaranteed to get this rate yourself, as this will be based on your personal circumstances.
A soft search is how we find out where you stand in terms of getting a loan without affecting your credit report, so you can find a loan you’ll be eligible for without damaging your chances of being successful when you apply.
If you miss a repayment on your loan, you risk having to pay a late fee – but you may also lose any low- or zero-interest incentives you have. Your interest rate could even go up for future repayments.
A repayment holiday is when you agree with your lender that you don’t need to make your repayments for a set period of time – which can be useful if you’ve had a change in circumstances. For example, you might benefit from a payment holiday during times of unemployment, maternity or other surprise expenditures.
You will normally be able to pay all of part of your loan off early, but it may involve an early repayment charge.
Once you’ve been approved for your loan, depending on your lender, you could receive the money into your bank account quickly – usually within two weeks. If you’ve applied for the loan via phone or post it may take longer for you to receive the funds.
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