Find a $16,000 personal loan
Image: 16000How (and where) to get a $16,000 personal loan
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Taking out an $16,000 loan can be a smart move if it helps you achieve a financial goal.
But you’ll want to make sure you understand what type of personal loan is best for your situation and how those monthly payments will fit into your budget.
We’ll walk you through our recommendations for lenders to consider and how to apply for a loan.
Average monthly payments for a $16,000 unsecured loan by loan duration and credit score range
| Loan duration | Poor credit | Average credit | Good credit | Excellent credit |
|---|---|---|---|---|
| 1–12 months | $1,445.40 | $1,435.00 | $1,467.45 | $1,406.85 |
| 13–24 months | $784.95 | $770.35 | $750.67 | $745.73 |
| 25–36 months | $560.97 | $551.29 | $528.97 | $509.97 |
| 37–48 months | $480.03 | $459.91 | 432.76 | $411.15 |
The best $16,000 personal loans
PNC Bank
A PNC Bank personal loan might be worthwhile if you need a personal loan and have good credit or can apply with a co-applicant with a solid credit history. But it’s not available in every state, and you’ll need to borrow a larger sum of money to lock in the lowest rate.
Navy Federal Credit Union
A Navy Federal Credit Union personal loan might make sense if you’re part of the military community. NFCU offers unsecured and secured personal loans, but you must become a member first.
U.S. Bank
U.S. Bank offers unsecured personal loans, and you’ll typically find out whether your loan is approved quickly. U.S. Bank doesn’t charge any origination fees or prepayment penalties. To find the best options, you may want to become a U.S. bank customer before applying for a personal loan.
Avant
Avant offers personal loans specially designed for borrowers with fair credit. But the highest rates with the lender can be costly. Adding to the cost, Avant may charge you an administration fee when you take out your loan, and the lender also charges late and “dishonored” payment fees.
Kashable
Kashable is worth exploring if you need to borrow money and your state and employer are eligible (you can check through the site). But Kashable says that only those that are part of the premium plan may have APRs as low as 0%.
How to get a $16,000 loan
Applying for a $16,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.
Start by collecting basic information about your finances, such as …
- W2s
- Recent paystubs
- Identification/Social Security number/driver’s license
- Desired loan amount
- Monthly expenses, such as housing costs and debt
- Information about any collateral you want to use
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
FAQs about $16,000 loans
$16,000 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It’s worth keeping in mind that the best loan terms usually go only to people with excellent credit. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
$16,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.