Unsecured Installment Loans for $15,000Getting installment loans for $15000 from banks require you to have an excellent credit score above 720. Not many people are eligible, while direct lenders with easy credit requirements do not provide large unsecured loans above $3000. If you qualify for a long term loan from bank, there are various advantages for you. Firstly, you do not need to pledge any assets to secure the loan, so you do not have to risk losing your home or car in case of default. However, banks will still require you to provide a personal guarantee for paying back the borrowed funds, so do not think you can get away. If you have great credit, make full use of it via long term signature loans at low APR. Make monthly payments on time and you can continue to maintain a good borrowing/payment history.
I Need A 15000 Unsecured Loan With Bad CreditIf you have bad credit, try to find lenders that give $15000 loan with co-signer. Your loan co-signer must have very good credit history with no late payments or defaults. What happens is that your co-signer vouches for you so that the lender trust that the monthly pay back will be on time, and that the co-signer will be responsible even if you have financial difficulties. In this case, the legitimate loan lenders gets to reduce their lending risks, so lower interest rates become possible with such an option.
Secured $15,000 Installment LoanIf you cannot find a loan co-signer, you can still get a $15000 installment loan if you pledge some collateral. In fact, this can be the cheapest way to borrow money for long term regardless of the type of credit score you have currently. The collateral will be evaluated by the bank for its current market price and you can get a 70% loan maximum, depending on what is your collateral. For example, homes and cars can be used although vehicles depreciate very fast and may affect the maximum amount you can borrow. The reason why you can borrow $15000 with bad credit against your home equity etc, is that if you cannot continue paying back, the bank can take possession of the collateral to cover back their money. Thus, you do risk losing your loan collateral in order to enjoy lower APR and borrowing costs. That said, it is still easy to get $15000 long term loans with poor credit compared to finding a co-signer.
You may need to top up with additional payments if the valuation of your collateral drops. This can cause a financial strain for example if the housing market crashes and you have a 80% loan against your home. Many people lose their homes previously because of this, that is why this can also be a high risk way to borrow $15000 for people with unknown credit. For smaller cash amounts, consider a guaranteed legit cash advance with no need for collateral.