$15,000 Personal Loans

Name: $15,000 Personal Loans
Creator: Savvy
Published: 2021-10-22T14:15:14+10:30

Home > Personal Loans > $15,000 Personal Loans

It won't affect your credit score.

Written by , updated on July 4th, 2024

The features of $15,000 personal loans

Access competitive interest rates

You can compare a wide range of competitive low-interest loans tailored to your specific borrowing profile.

1 - 7 year flexible long terms

Shape the cost of your repayments by deciding on the term over which you’ll repay your loan, from as little as one year all the way up to seven.

Pay monthly, fortnightly or weekly

On top of this, you’ll get to choose the frequency of the contributions you make, which can be done to fit around your own pay cycle to make your loan more comfortable.

Consolidate debts

Personal loans can be used for just about anything you like but taking one out to cover your outstanding debts and repay them at your pace can help you save money.

No security required

Personal loans are unsecured, meaning that you won’t have to put up any valuable assets to serve as collateral for the loan.

Your credit score is safe

Getting a quote from our lenders won't affect your credit score.

Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Why compare personal loans through Savvy?

100% free

There's no need to worry about forking out to compare offers. Our service is free, so you can come back whenever you like.

Paperless applications

You won't need to worry about sifting through documents and visiting the post office, as they can all be submitted online.

Reputable lending partners

We've partnered with personal loan companies you can trust to ensure your comparison is a high-quality one.

How to save on your $15,000 personal loan

Improve your credit rating

Choose a shorter loan term

Make extra repayments

Compare loans with low or no fees

Supplement with your savings

Improve your credit rating

Choose a shorter loan term

Make extra repayments

Compare loans with low or no fees

Supplement with your savings

Frequently asked questions about $15,000 personal loans

How quickly can I be approved for my personal loan?

From the point that you submit your initial application, you can receive an instant outcome in just 60 seconds confirming whether you were successful or not.

After this, the rest of your application will take place with your lender and you can receive your $15,000 directly into your bank account in just 24 hours. The entire process is a very fast one, so you can be sure to have whatever expenses you need to pay for covered in no time.

Will my employment affect my application?

Yes – your employment status will have an impact on the amount you’re approved for, your loan term and your interest rate. This is because lenders look for stability of employment as a large part of the personal loan assessment process, as applicants who have this are considered the safest in terms of being able to comfortably repay the loan without any issues. Casual employees, for instance, don’t have the same job security as full-time workers, which will be reflected in the terms that they’re offered.

Am I able to choose between fixed and variable interest?

Yes – our panel of lenders offer a range of different products, including those with both fixed and variable interest rates. Fixed rates are the most commonly occurring when it comes to personal loans and are popular thanks to the stability that they bring and the fact that they’re offered at lower base rates. Variable interest, on the other hand, can be useful if you’re looking to take advantage of an interest rate in decline, potentially saving you a meaningful sum overall.

Am I better off going to my bank for a personal loan?

Probably not – the institution that you bank with is unlikely to be able to offer you the lowest rate on your personal loan, as these are generally reserved for more competitive online lenders like the ones counted amongst our panel. However, even if it did offer you the best loan, you should always compare as many as you can before submitting your application. By blindly trusting the first offer you see, you could be missing out on other great deals.

Should I apply for multiple loans at once to save time?

No – this is a big “do not” when it comes to applying for personal loans. Each time you apply for a personal loan, successful or not, it goes against your credit file. Because each lender will assess your credit file in the financing application process, they’ll be able to see where you’ve applied multiple times in quick succession and may be put off by this. If you’re racking up plenty of rejected applications in a short space of time, it can start to damage your credit rating after a while, so you should be careful with this.

Can I borrow $15,000 if I’m a single parent?

If you’re earning enough to support the payments, yes – single mothers and fathers are still able to access personal loans in the event that they need a helping hand financially. However, the amount you’re ultimately approved for will depend on your disposable income and its stability. If you also have bad credit, you won’t be approved for a $15,000 loan.