With a £15,000 loan you can restructure your debts, buy a new car or make significant home improvements. Find out what loans you’re eligible for with Asda Money without impacting your credit score.
A £15,000 loan gives you the money you need now and lets you spread out the cost of paying it back. Many people borrow £15,000 to pay towards home improvements, for a wedding or to buy a new car. It also means you can consolidate multiple debts into one easy to manage monthly payment. You can apply for a £15,000 personal loan with Asda Money.
We work with a trusted panel of UK lenders that will offer you a range of loans that they believe fit with your circumstances. Your eligibility for a loan is checked without affecting your credit score, and you’ll get an online decision in minutes.
Borrowing £15,000 is a significant amount and a big financial commitment. The monthly repayment on a £15,000 loan can be substantial.
How does a £15,000 loan work with Asda Money?
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.
When can a £15,000 loan help?
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.
Types of Loans
- Unsecured personal loans (we offer access to these at Asda Money)
- Usually a small, fixed rate loan for personal use
- For amounts between £1,000 and £25,000
- The amount you can borrow and the rate you see is based on things like your personal circumstances and credit score
- Secured personal loans also known as homeowner loans (we don’t offer access to this type of loan)
- Typically sums over £15,000 and repaid over longer periods of 5-25 years
- What you can borrow and the interest rate depends on your credit history, your assets and personal circumstances
- When you borrow with a secured loan, you will need to secure it with an asset which is usually your home. It can be repossessed if you can’t keep up with your payments.
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.
Frequently asked questions
- What is the monthly repayment on a £15,000 loan?
Your monthly repayments depend on the value of the loan, the interest rate and the length of the loan. If you choose a loan with a longer term, you will pay less each month. But when interest is calculated, it will cost you more over the long term.
- Can I get a £15,000 loan without a guarantor?
Yes, you might get a £15,000 loan without a guarantor. Our panel of lenders will only provide you with unsecured £15,000 loans.
- Can I get a £15,000 loan without a credit check?
No, when you check your eligibility for a £15,000 loan with one of the lenders from our panel, you will be subjected to a credit check.
- Can I pay back my £15,000 loan early?
Yes, you can pay back your £15,000 early. The early repayment terms will depend on your loan agreement, but you’ll sometimes be charged an early repayment fee and you should always read the terms and conditions before completing your loan.
About our trusted provider, Aro
Asda Personal Loans is in partnership with Aro which is a trading style of Freedom Finance Limited, who are a leading credit broker, to offer our customers a different solution to borrowing money and finding a loan. They were awarded Best Consumer Credit Broker in the 2020 Consumer Credit Awards – voted for by customers.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With an eligibility check, a panel of carefully selected 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.
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro which is a trading style of Freedom Finance Limited (company number 06297533) of Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Aro acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Please note: If you take out a loan we will receive commission. This will be a fixed amount or a percentage of the amount you borrow depending on which lender you choose.
Terms and conditions apply. UK residents, aged 18 and over. If you take out a loan or credit card, Aro receive payment from the lender. Aro receive different amounts from different lenders and the payment received will be either a fixed amount or a percentage of the amount you borrow. We will not charge you a fee for our services. If you take out a loan, ASDA Money receive commission from Aro and it will be either a fixed amount or a percentage of the amount you borrow, depending on which lender you choose.