We work with a panel of carefully selected and trusted lenders. When you make your initial eligibility check, we then search our panel of lenders to find the right loan that fits your borrowing requirements and financial history.

You then get to compare all the available £15,000 loans and choose the one you believe fits you and your financial circumstances. The loan application is then done with the lender.

Often people take out a £15,000 personal loan to:

• Pay for their wedding: The average cost of a wedding in the UK is around £20,000. A £15,000 loan would be a big help.
• Make home improvements: With £15,000 you can pay for a new kitchen, bathroom or a significant refurb. It would also go towards paying for a home extension.
• Buy a car: A loan for £15,000 would certainly help with getting a new car.
• Consolidate debt: It’s easier to take out one loan to consolidate your existing debts. Extending the term can also reduce the amount of your monthly repayments.
• Go on holiday: You could book the holiday of a lifetime for the family with a £15,000 loan.

How much will a £15,000 loan cost?

The cost of a £15,000 loan depends on a number of factors.

When you see the available loan offers from our panel of lenders, each will have an interest rate or APR. This is decided by each lender in line with your financial history and credit rating. The higher the interest rate, the bigger the amount you must pay over the course of your loan.

A longer loan will also affect the overall cost. Taking out a £15,000 loan over 5 years to consolidate debt for example will result in lower monthly repayments, but you will end up paying more in interest over the long term.

£15,000 loans with bad credit

If you have a low credit score and have struggled with borrowing in the past, you may still be able to borrow £15,000. But your choice of lenders will be limited with a smaller pool willing to lend to you.

This may be in the form of a £15,000 bad credit loan, which will have higher interest rates. Some lenders may not be willing to lend you the full £15,000 either.

There is also the option to borrow £15,000 through a guarantor loan, where a friend or family member agrees to pay for the debt if you can’t pay it back. Again, you might not be able to borrow the full amount.

Will a £15,000 loan affect my credit score?

Submitting an initial eligibility check for a £15,000 loan with Asda Money doesn’t affect your credit score. This is because we perform a soft search to provide you with the available loan offers from a panel of lenders. You can view all your potential loans with only a soft search registered on your credit file which doesn’t affect your ability to gain credit.

If you choose a specific loan and want to apply with that lender, this could result in a hard credit search which does show up on your credit file.

Alternatives to a £15,000 loan

If you’re not eligible to borrow £15,000 or the monthly payments are too high for your financial situation, you may consider a loan for a lower amount whether £10,000 or £5,000.

To borrow smaller sums, a credit card is another option to consider.

Asda is in partnership with Aro which is a trading name of Aro Finance Limited. Both Asda Money and Aro are credit brokers, not lenders. We offer our customers a different solution to borrowing money and finding a loan.

We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.

With one simple eligibility check, our panel of lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.