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If you’re wondering how to get a $10,000 loan, it’s a good idea to research the options that could be available to you from different lenders. A low-interest 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 you need, the monthly payment you can afford, and the interest rate you can qualify for.
Here’s what else you should know about getting a $10,000 loan:
- Where to get a $10,000 loan
- Personal loan requirements
- What to consider when comparing loans
- Getting a $10,000 loan with bad credit
- 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, 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 above by filling out one form only (instead of a form for each). Just remember that prequalification is not an offer of credit, and your final rate may differ. Formally applying for a loan will also trigger a hard credit inquiry that could temporarily ding your credit score.
Banks and credit unions
Banks and credit unions also offer personal loans, along with checking, savings, and other secured and unsecured loans. They may also offer funds 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. For instance, you can get short-term flex loans from Wells Fargo if you’re already a customer.
Learn More: Low-Income Personal Loans: How and Where To Get One
Personal loan requirements
Lenders require certain information and documents to verify your identity, income, and ability to repay the loan. In general, this is what you can expect to provide:
- Basic identifying information: Most applications will require that you provide your full name, date of birth, and Social Security number.
- Employer and income verification: Lenders want to be sure of your ability to pay back the loan in full. One way they determine this is to verify your income and employer information. Providing pay stubs and W-2s are common ways that lenders verify employment. However, if you are self-employed, other documents may be required, such as banking statements and/or 1099s.
- Minimum credit score: Some lenders require a minimum credit score to approve your personal loan application, while others are more flexible.
- Debt-to-income ratio (DTI): In general, it’s good to keep your debt-to-income ratio below 35%. If your DTI is higher than that, consider paying off your debts before applying for a personal loan.
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.
Getting a $10,000 loan with bad credit
Having bad credit does not automatically disqualify you from getting a $10,000 personal loan.
However, borrowers with poor credit can often expect higher APRs. A cosigner with good credit or securing the loan with collateral can help you get approved with more favorable rates.
Here’s what you need to do to apply for a $10,000 personal loan with bad credit:
- Check your credit score: Check your FICO credit score so you can be realistic about your loan options. Eliminate any lenders that have a minimum credit score requirement higher than yours. (Check out lender minimums in the table above, though some lenders have different minimums on their website than they accept through marketplaces.)
- Consider a cosigner: If your credit score is poor, a cosigner with a good score can help you get approved for a loan. Just note that only a handful of lenders offer personal loans with a cosigner, including OneMain Financial, BHG Money, PenFed, Navy Federal, and Achieve. Also, note that the cosigner is equally responsible for loan repayment — even late payments could hurt their credit (and yours).
- Consider a secured loan: Some lenders let you secure a personal loan with collateral like your car or the fixtures in your home. Going this route could help you get approved or lower your rate. Two lenders that offer secured loans include OneMain Financial and Upgrade. Just know that if you can’t repay the loan, the lender can seize your collateral.
- Get prequalified: Getting prequalified with multiple lenders for bad credit can help you compare rates without a hard credit check. Just note that once you formally apply for a loan, you will undergo a hard inquiry, which can drop your score by a few points for up to a year.
- Choose a lender and apply: Choose a lender that is right for your situation with favorable terms and apply.
Getting a $10,000 loan with no credit
It may be possible to get a $10,000 personal loan with no credit. But like loans for bad credit, lenders often charge higher fees and interest rates for no-credit loans as well, and that’s if you can qualify. But a cosigner with good credit can help you get approved and even lower your rate.
If you don’t need the loan immediately, you could establish credit first by getting a credit-builder loan, or by becoming an authorized user on a good friend’s or family member’s credit card.
Cost to repay a $10k loan
It is important to consider the long-term costs of a loan before taking one out. 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 the long-term cost — is to select a loan with the biggest monthly payment and the shortest repayment term (as well as the lowest APR) you can afford. By doing so, you’ll pay less interest over the life of the loan, thereby reducing your overall costs.
Tip: Use our personal loan calculator to get an idea of what your monthly payment and total cost (including total interest) will be.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Keep reading: Personal Loans With 550 Credit Score: Can I Get One?
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 144 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 12%. 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 October 9, 2023, none of the personal loan lenders on our platform require a down payment nor do they charge any prepayment penalties.