Show 
$14,000 personal loans are a great opportunity to cover unexpected costs or purchases if you do not have money instantly. They are easy to get and quick in funding. However, if you will not study in details where and how you can get such a loan, and what requirements you should satisfy, you might be rejected.
How $14,000 loans work?
$14,000 personal loans allow borrowers to get quick financing for any purpose. The funds received can be used for debt consolidation, making a home improvement project, making a down payment for a mortgage, or making large purchases.
The process of obtaining a $14,000 personal loan is simple and similar for almost all lenders. First, the borrower applies for a personal loan. This should be done in person if the borrower takes a loan from banks or credit unions. Next, they receive credit approval from the lender. When a borrower accepts a loan offer, they receive a loan agreement that specifies the interest rate and loan term.
The borrower must pay the loan in equal monthly payments. The exact amount of monthly payment is indicated in the loan agreement. The borrower can check whether the amount is stated correctly using the personal loan calculator. Most $14,000 personal loans have repayment terms from 2 to 7 years.
How to get a $14,000 loan?
$14,000 is a large amount of money that can be useful to achieve your financial goals. Before you start an application money, ensure you know the requirements, the funding time of the requested loan amount, and the cost of the loan.
The funding time
A $14,000 personal loan is a pretty fast way to get funds, but this method takes time. The average funding time for such a loan is from 1 to 5 business days. Funding time also depends on the time for which the borrower receives credit approval. Online lenders allow the borrower to get approval in just a few minutes. Banks and credit unions can send approval as quickly or on the next business day. Often online lenders offer same-day funding.
Qualifying for a $14,000 loan
The basic requirements for eligibility remain unchanged for any loan, including personal loans. Such requirements include:
The borrower must be of legal age, which is 18 years old in most states. To confirm your identity, prepare your passport, state-issued ID, or valid driver's license for uploading.
The borrower must be a citizen or permanent resident of the United States and have an ITIN or SSN.
The borrower must have a stable source of income, preferably employment, but self-employment and other sources of income are also considered. Most lenders require the provision of bank statements, tax returns, pay stubs, or W-2s to confirm the availability of income.
It is not enough for a borrower to have a source of income. The borrower must have a level of income that allows them to afford personal loan payments easily. Lenders assess the borrower's solvency by calculating their debt-to-income (DTI) ratio. This ratio is calculated as the sum of monthly payments for all loans of the borrower divided by their monthly income. Your debt-to-income ratio should be at most 45-50% to qualify for $14,000 personal loans.
Credit score requirements
The requirement borrowers have the most difficulties with is the minimum credit score. Before applying for a $14,000 personal loan, find which credit score range you belong to. On the FICO scale, fair credit is an indicator from 580 to 669 score, good credit is a score from 670 to 739, and excellent credit is any score above 739. These are the main points you should know about the credit report requirements of personal loan lenders:
If your credit history refers you to the fair credit range, then it will be challenging for you to find a suitable lender, but it is possible. Some online lenders may be suitable for you.
If you have a good credit score, you can take a $14,000 personal loan from any lender and even from a bank. However, remember that banks have a requirement to have an active bank account.
If your credit score is below 580, look for bad credit loan credit options, and there may be very few of them.
The borrower's credit score directly affects the interest rate and loan term they will receive. Your interest rate is determined by your credit score. The borrower with the minimum credit score needed for qualifying will be offered only the longest repayment terms. Before applying for a $14,000 personal loan, carefully study the lender's requirements and compare them with your credit score. Sometimes, you may need to improve your credit report.
How to get a $14,000 loan with bad credit?
If your credit is bad, you can take advantage of several additional ways to get a $14,000 personal loan. You should pay attention to these methods if you need to borrow money right now and you need more time to improve your credit score.
- Apply for secured loans. When a lender issues an unsecured loan to a borrower, a high credit score acts as a guarantee. With a secured loan, the borrower guarantees a responsible attitude to a personal loan with the help of a security deposit, which is a certain amount of money. Since the security deposit acts as collateral, the lender may not return it if you stop paying off the loan. This option may not be suitable for you as it requires the availability of cash reserves.
- Add a co-signer to the loan application. If your friend or a family member has a good credit history, then you can add them to the loan application as a co-applicant. Almost any credit union, bank, or online lender provides borrowers with such an opportunity. A co-borrower with a high credit score can help you not only be qualified for a loan but also get a lower interest rate and a more flexible loan term.
The cost of a $14,000 personal loan
The correct calculation of the future monthly payment amount will help you be sure you can afford to take a $14,000 personal loan. A personal loan calculator will help you calculate the loan payment amount. A loan payment calculator is available for use on many websites, including the websites of lenders. To calculate the amount of the future monthly payment, enter the personal loan calculator loan amount of $ 14,000 and the loan term and interest rate that are indicated in your loan agreement. For example, if you take financing with a loan balance of $ 14,000 for 3 years with an interest rate of 11%, then the total amount of your monthly payment will be $458.
For $14,000 personal unsecured loans, the annual percentage rate (APR) is from 5% to 36%, and loan terms from 2 to 7 years are standard. Extra payments with some personal loan lenders include not only interest charges but also additional fees. These fees include:
Prepayment penalties can be charged if the borrower makes an early payoff on loan. Most personal loans do not have such a fee.
Origination fees. This is a one-time payment for providing a loan. If the lender has such a fee, its amount will be from 1% to 5% of the loan balance.
Use loan calculators effectively and carefully familiarize yourself with the loan agreement, as the absence of hidden fees will help you save money.
