The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504. But if you take out a $15,000 loan for seven years with an APR of 4%, your monthly payment will be $205.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $15,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $15,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $1,354 | $1,246 |
| 24 months | 15% | $727 | $2,455 |
| 36 months | 15% | $520 | $3,719 |
| 48 months | 15% | $417 | $5,038 |
| 60 months | 15% | $357 | $6,411 |
| 72 months | 15% | $317 | $7,837 |
| 84 months | 15% | $289 | $9,314 |
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/31/21 and it was last updated on 09/10/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
What is the monthly payment on a $15,000 personal loan? The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
How much is the monthly payment on a $15,000 personal loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
| $20,000 | 5 | $415.07 |
13 more rowsRequirements for a $15,000 Personal Loan
In many cases, you'll need a good credit score of 670 or above to apply. While some lenders lean more heavily on credit scores, others take into account occupation, education and income. A lower DTI ratio is also more favorable to lenders.
What is the monthly payment on a $10k loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% |
|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Jan 17, 2024
Example Monthly Payments on a $6,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $542 |
| 24 months | 15% | $291 |
| 36 months | 15% | $208 |
| 48 months | 15% | $167 |
3 more rowsAug 31, 2021
It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
What credit score do you need for a personal loan? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
How much would you pay back on a $15,000 loan? ›
Representative example
| Loan amount £15,000 | Monthly repayments £289.54 | Length of agreement 60 months |
| Total amount repayable £17,372.40 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
1 more rowFortunately, getting approved for one and receiving the funds is typically a quick process. You could get money the same day you apply for a personal loan or within two five business days — depending on the lender and how long it takes to approve your application.
What is the best place to get a personal loan? ›
Summary: Best Personal Loans Of May 2024
| Company | Forbes Advisor Rating | Loan amounts |
|---|
| SoFi® | 5.0 | $5,000 to $100,000 |
| Upgrade | 4.8 | $1,000 to $50,000 |
| LightStream | 4.6 | $5,000 to $100,000 |
| PenFed | 4.1 | $600 to $50,000 |
Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.
How much will a $10,000 loan cost per month? ›
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
What is a good interest rate on a personal loan? ›
Average online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 12.37%. |
| Good | 690-719. | 14.87%. |
| Fair | 630-689. | 18.40%. |
| Bad | 300-629. | 21.93%. |
May 14, 2024
Representative example of repayment terms for an unsecured personal loan: For $15,000 borrowed over 36 months at 13.99% Annual Percentage Rate (APR), the monthly payment is $513.
Which bank is best for a personal loan? ›
Top performing personal loans in India
| Sr.No. | Personal Loan Plans | Interest Rates |
|---|
| 1 | HDFC Bank Personal Loan | 10.50% p.a. onwards |
| 2 | ICICI Bank Personal Loan | 10.50% p.a. onwards |
| 3 | Bajaj Finserv Personal Loan | 13.00% p.a. onwards |
| 4 | Fullerton India Personal Loan | 11.99% p.a. onwards |
6 more rowsMar 1, 2024
What is the monthly payment on a $5,000 personal loan? The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.
How much is a $20000 loan over 5 years? ›
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
How much is a $10,000 loan over 5 years? ›
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
