£15,000 Loans

Who can get a £15,000 loan?

My Community Finance works with credit unions to help you gain access to affordable loans. 

To borrow £15,000 from a credit union, you’ll need to become a member. The criteria for membership varies - the credit unions My Community Finance work with, accept almost all fields of employment, as well as membership of organisations like the Co-Op and National Trust. When you apply for a loan with us, we’ll match you with a credit union that suits your circumstances.  

Credit unions are not-for-profit organisations, meaning all profits are returned back to the members in the form of a dividend on savings or re-invested back into the union. 

To be eligible for a £15,000 loan with one of our partner credit unions, you’ll also need to be:

• Aged between 21 and 65
• Live in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man)
• Be employed and earn at least £18,000 per annum

Can I get a £15,000 personal loan?

The credit unions we work with offer unsecured personal loans between £1,500 and £25,000. An unsecured loan means it is not backed by an asset such as a property that you own.

If you meet the eligibility criteria for a loan from one of our credit unions, you could get a £15,000 personal loan.

Your ability to borrow £15,000 will depend on several factors, such as your credit history, affordability and whether or not you meet the eligibility criteria. 

To be eligible for a loan from one of our partner credit unions, typically you'll need to:

• Be between the ages of 21 and 65
• Live in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man)
• Be employed and earn at least £18,000 a year

Whether or not you'll be able to borrow £15,000 depends on your circumstances, such as your credit history and ability to afford the repayments. 

How much does a £15,000 loan cost per month?

The monthly cost of your £15,000 loan will depend on your loan term and interest rate. 

Our loan calculator can help you get an idea of how much your monthly repayments could be on a £15,000 loan, but it’s important to remember that this is only a representative example. 

The interest rate (APR) used in the loan calculator is a guide to how much interest a typical borrower will be charged, but the APR on your loan quote may differ, and the actual monthly cost of your loan may be higher or lower than the example provided. 

When you apply for a loan with one of our credit unions, you’ll receive a personalised rate based on your individual circumstances. 

What can I use a £15,000 loan for?

£15,000 loans could be used to consolidate your debts into one manageable monthly repayment and help to save money by paying lower interest rates on your debt.  

A loan from one of our credit unions could also be used to fund home improvements such as a new kitchen or bathroom. or spread the cost of large purchases like a car or dream holiday. 

You may also borrow from our credit unions to help fund life events like a wedding or funeral. 

How do I apply for a £15,000 loan?

Our online form makes it simple to apply for a £15,000 loan with one of our credit unions. Here’s a guide to the loan application process:

• First you need to decide over what time period you want to pay your £15,000 loan back. The credit unions we work with offer loan terms from 12-60 months.
• You’ll then request a personalised quote. We’ll perform a soft credit check which won’t affect your credit score, and only you’ll be able to see a record of it on your credit report.
• If you pass the eligibility criteria set by our partner credit unions, we will let you know the APR you will be offered on your £15,000 loan - your personalised quote is valid for 30 days. 
• We will then send you a loan agreement on behalf of the relevant credit union for you to review to ensure the £15,000 loan is the right product for you. Once you have read the terms of the loan, and are happy with them, you can go on to sign your loan agreement.
• After this we will go onto complete the final stage of checks through a hard credit search, which other lenders or any organisation with access to your credit report will be able to see. 
• The credit union will aim to make a final decision about your personal loan within two working days. If successful, you should receive your £15,000 within approximately four working days of your application.

Can I get a £15,000 loan with bad credit?

There are three main credit reference agencies in the UK - Equifax, Experian and TransUnion. They each have their own scoring methods, but regardless of this, you’ll fall into one of four categories:

• Bad 
• Fair
• Good
• Excellent

Credit union loans are designed for people with ‘fair’ and better than fair credit scores.

You can check your credit score for free using websites like Experian, Clearscore and Credit Karma.

If you have a bad credit score, and you suspect you won’t be accepted for a loan, there are things you can do to attempt to improve your credit score. 

Here are some of the ways you can do this:

• Make sure you pay your bills and credit repayments on time and in full
• Register to vote as this helps lenders verify your address
• Try not to make more than two new credit applications within a six-month period, otherwise it may appear to lenders that you are in financial difficulty
• Ensure all of the information on your credit report is accurate, if you spot a mistake alert the credit reference agency 
• Avoid withdrawing cash on a credit card
• Try to keep your credit card utilisation below 25% of your credit limit

How long will it take to pay back a £15k loan?

When you apply for a £15,000 loan, you can decide how long you want to borrow for; this is known as the loan term. Our partner credit unions offer loans over 12-60 months. 

Having a longer loan term will mean your monthly payments are lower and you may be able to borrow more. However, it will also make the overall cost of your loan more expensive, so it’s important to think carefully about what’s right for you. 

How soon will I get my £15,000 loan?

In most cases, the credit unions we work with will aim to get your money to you within approximately four working days. They aim to get you a decision on your £15,000 loan application within two working days and for you to receive the money within another working day. In some circumstances, this process may take longer. 

Can I repay my £15,000 loan early?

When you borrow £15,000 from one of our credit unions, you can pay back your loan in full before the end of your loan term, however there may be an additional charge for this. However, you can repay your loan fully without incurring any fees if you do this within 14 days of the day you received the loan agreement.