Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
If you’re wondering how to get a $10,000 loan, it’s a good idea to research the loan options that could be available to you from different lenders. A personal loan can help with emergency expenses or other big ticket expenses you might need some extra cash for.
When deciding on the best personal loan for your situation, you should consider how much need, the monthly payment you can afford, and the interest rate.
Here’s what else you should know about getting a $10,000 loan:
- Where to get a $10,000 loan
- What to consider when comparing loans
- Cost to repay a $10,000 personal loan
Where to get a $10,000 personal loan
Here are some lending institutions that offer personal loans and the limits on what they will lend:
Online lenders
You can look for a loan from online lenders anytime. Whether you’re looking for a $1,000 loan or a $100,000 loan, you ‘re usually able to find what you need online.
If you’re looking for a fair credit personal loan, and you have options. But remember that interest rates for borrowers with better credit can be significantly lower than those with poor credit.
Also, if you’ve been turned down by traditional lending institutions, you might have better luck getting approved by online lenders, who sometimes use alternative methods of evaluating borrower risk. For one, online lenders will typically want to see proof of income and length of employment.
Another perk of an online lender is that you could get your money sooner. The money might even be available to you within 24 hours or less of approval.
You can compare prequalified rates from all of Credible’s partner lenders in the table below by filling out just one form (instead of one form for each). Plus, although some lenders charge prepayment penalties for paying your loan off early, none of Credible’s partner lenders do.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $35,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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 View details | 3.49% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction available for AutoPay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 6.49% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 7.99% - 35.97% APR | $1,000 to $35,000 |
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 View details | 8.13% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. 6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Banks and credit unions
Banks and credit unions also offer personal loans, along with checking, savings and other secured and unsecured loans. A personal loan may also be available through a line of credit, which can be revolving.
The limits vary from institution to institution, but banks and credit unions are often willing to accommodate you. Wells Fargo, for example, says it will lend from $3,000 to $100,000. Most banks do not include a prepayment penalty, although there might be an origination fee.
The interest rates are usually fixed and are often some of the lowest available, with a specific payment over the life of the loan. Another plus is that your personal bank might offer loyalty or relationship discounts if you already have an account with them.
What to consider when comparing loans
If you’re considering multiple $10,000 personal loan options, here’s what you should research before making a decision:
1. Interest rates
The interest rate is the main thing to consider when borrowing money. This is how much you’ll pay in interest charges each year when you take out a loan, expressed as a percentage. Typically, the shorter the loan term, the lower the interest rate offered by most lenders.
You should also decide if a fixed or variable rate loan is best for your situation. Not all personal loan lenders offer both, but some do.
2. Fees
The next thing to look out for is fees. Origination fees, for one, are taken out of your loan proceeds before you even see them. To help you understand the impact of any additional fees and expenses over the life of your loan, lenders are required to factor them into another calculation called the annual percentage rate, or APR.
Also, comb the fine print and ask your lender about any prepayment penalties, which are charged at the end of your loan if you decide to pay it off early. Prepayment penalties aren’t factored into your actual APR because you might not have to pay them. Credible’s partner lenders, for example, don’t charge prepayment penalties.
3. Repayment term
Your repayment term is the amount of time you have to pay back the money you’ve borrowed. The cost to repay the loan depends not only on the loan amount you borrow and at what interest rate, but on how long you take to repay your loan.
Keep in mind: The longer your repayment term, the more interest you’ll pay over the life of your loan; the shorter your repayment term, the lower the interest rate offered by most lenders.
4. Monthly payment and total cost
Another consideration should be your monthly payment. You should make sure a personal loan will fit into your budget. If it seems that the monthly payment will eat up too much of your paycheck, you can look at loans with longer repayment terms.
If you stretch your payments out over seven years instead of five, you’ll make 84 payments instead of 60, so each payment will be smaller. Just remember that the longer the repayment term, the higher the interest rate and total repayment costs will be.
Cost to repay a $10k loan
The table below shows the relationship between your repayment term, interest rate, monthly payment, and total interest charges. The interest rates in the table are hypothetical and for illustration purposes only.
| Repayment term | Interest rate | Monthly payment | Total interest |
|---|---|---|---|
| 3 years | 7% | $309 | $1,116 |
| 4 years | 8% | $244 | $1,718 |
| 5 years | 9% | $208 | $2,455 |
| 7 years | 10% | $166 | $3,945 |
A good rule of thumb, if you’re seeking to minimize total repayment costs, is to select a loan with the biggest monthly payment and the shortest repayment term you can afford.
Tip: Use our personal loan calculator to get an idea of what your monthly payment and total cost (including total interest) will be.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
