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How to Get a $10,000 Loan
If you face big expenses, a $10,000 personal loan can help you handle them with ease. However, it’s always recommended to explore your options in order to get a loan with the best cost and affordable monthly payments.
Looking for the money to finance your major life project? The companies above have multiple online offers for any credit score. Compare options and choose the best rates.
Best $10,000 Personal Loans for Good & Bad Credit
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Origination fees up to 12%
- $15 late fee
- $15 NSF fee
- Quick access to loan funds
- No prepayment penalties
- Flexible monthly payments
- Soft credit check when prequalifying
- Flexible loan amounts
- Origination fees up to 12%
- High maximum annual percentage rate
- Co-signers aren’t allowed
- Hard credit checks for final approval
- Limited repayment loan terms
Poor credit borrowers who can’t qualify for traditional personal loans
- You need a credit score of at least 620
- Provide proof of income
- Specify your Social Security number
- Provide proof of identity
- Specify your employment status
- Origination fees from 1.99% to 6.99%
- Discounts on interest rates
- Debt consolidation loans with direct payments to creditors
- Soft credit check at the prequalification stage
- Opportunity to get joint loans
- Origination fee from 1.99% to 6.99%
- High minimum loan amount
- No mobile app for Android or iOS
Fair or good credit borrowers who want to cover their credit card debt
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama and some other states)
- Give a working email address
- Provide valid bank account details
- Confirm a sufficient monthly income to cover your loan payments
- Origination fees: 1.85% to 9.99%
- Late payment fees: $10
- Non-sufficient funds fees: $10 per payment returned
- No prepayment penalties
- Multiple rate discounts
- Next-day funding
- The due date may be changed
- Direct payments for debt consolidation
- APRs may be high
- Origination fees are charged
- Late fees may be applied
Fair-credit borrowers who need the money quickly
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Have fair credit (at least 640)
- Provide an active email address and phone number
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
- Low annual percentage rate
- No prepayment penalties
- Wide range of available loan amounts
- Same-day funding under some circumstances
- Accessible for fair credit borrowers
- High origination fee (up to 9%)
- Hard credit checks when you select your loan to move forward
- No cosigners are allowed for joint loans
- It is not available in all states
- Limited repayment options set at either 36 or 60 months
Fair credit borrowers who need to cover various personal needs
- At least 18 years also
- Permanent US resident
- Income confirmation
- Valid bank account or debit card
- Origination fees: 1% to 10%, or $25 to $500, depending on the state
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount
- Non-sufficient funds fees: $10 to $50 per payment returned
- Joint and secured loans are available
- Wide range of loan options for low credit
- Pre-qualifying doesn’t affect your credit score
- Convenient options for debt consolidation
- Relatively high interest rates
- Charges origination fees
- APRs are not disclosed when pre-qualify
- Not available in all states
Borrowers with credit issues who want to avoid predatory lenders.
- Be at least 18 years old
- Prove your US citizenship or permanent residence
- Provide your bank account information and social security number
- Show your monthly income by providing pay stubs, tax forms, or bank statements
- Provide an active email address and phone number
- Optional fees (up to 6%)
- Low interest rates
- Co-applicants are allowed
- No prepayment penalties
- Flexible loan amounts
- Interest rate discounts are available
- Multiple repayment options
- No origination fee
- Good credit is required for better loan terms
- Hard credit check if you continue your application
- Late fees might apply
- No co-signer option available
- No physical branches
Applicants with good to excellent credit scores who want to consolidate debt, make major purchases, or cover their long-term needs.
Where to Get a $10,000 Personal Loan?
All the lenders reviewed above can help you get a $10,000 personal loan. However, there are a few other options to consider. Personal loans can be obtained via your current bank or credit union or with the help of an online lender.
Banks and credit unions may offer beneficial $10,000 loan terms to customers in good standing. Therefore, you can turn to them if you have good credit and built strong relationships with your financial institution. However, it may take you some time to qualify and get the funds due to a lengthy loan processing. Additionally, if your credit score is less-than-perfect, you may be asked to apply for secured loans for bad credit or bring a co-signer.
Online lenders usually have more relaxed qualification requirements. Many of them look far beyond your credit history when determining your eligibility. Additionally, their application procedures are faster and more convenient. You can complete the entire process remotely via a website. Online loan providers usually deposit money faster, making their loans suitable when you’re pressed for time. Their interest rates may be a bit higher compared to traditional lenders, though.
Qualification Requirements for $10,000 Loans
$10,000 loans may come with different qualification requirements, depending on a particular loan provider and state. Therefore, it’s recommended to review the specific lender’s criteria before applying. Below are some common requirements most lenders usually apply:
How Much Do $10,000 Personal Loans Cost?
Lenders usually determine personal loan costs based on a borrower’s credit score, income, and debt-to-income ratio. $10,000 personal loans can come with APRs from 5.99% to 35.99%. According to CNN, the average interest rate for borrowers with excellent credit is between 13.19% and 17.44%, depending on the repayment term. Bad credit score borrowers can face interest rates as high as 26.93% to 31.64%.
Additionally, your loan cost depends on the repayment period you choose. A longer period comes with lower monthly payments but also involves paying more in total over the life of your loan. Here’s how your APR and repayment terms affect your $10,000 loan cost.
| APR | Repayment Period | Monthly Payment | Total Cost |
|---|---|---|---|
| 13.19% | 12 months | $894.06 | $10,728.77 |
| 17.44% | 24 months | $496.54 | $11,916.95 |
| 26.93% | 36 months | $407.88 | $14,683.56 |
| 31.64% | 60 months | $333.68 | $20,020.76 |
These calculations are for informational purposes only. You can use our loan calculator to find a suitable loan option with reasonable total cost and monthly payments based on the interest rate estimates.
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Is It Possible to Get a $10,000 Loan with Bad Credit?
The ability to get a $10,000 loan with bad credit is determined solely by the lender you work with. While some of them accept only borrowers with excellent, good, and fair credit, others may offer no credit check loans with guaranteed approval. However, bad credit applicants are more limited in options and can face high interest rates, additional requirements, and loan denials.
Tips on Qualifying for a $10,000 Loan with Bad Credit
Although it may be challenging to get a $10,000 loan with bad credit, it doesn’t mean that it’s impossible. Here are a few tips that will help you improve your chances.
Provide Collateral
Personal loan lenders are usually more tolerant toward your bad credit when they have a repayment guarantee other than just your signature. This way, adding a pledge to your application gives them peace of mind.
A secured loan can be backed by various valuable assets, such as your home, car, savings account balance, crypto holdings, and more. Although secured loans can help you get better loan terms, they also put your property at risk. Therefore, you should consider them cautiously.
Bring a Co-Signer
Co-signer options are not as common as secured loans, but you can still find a lender that accepts joint applications. With a co-signer, you can benefit from their good credit and strong income and get more favorable loan terms. Just keep in mind that a co-signer will be responsible for repaying your loan if you fail to make your monthly payment on time.
Lower Your DTI
Your DTI shows how much debt you carry compared to your income. If this ratio is higher than 35%, lenders may consider you to have a tough time struggling with your loan payments. Therefore, it’s better to pay off some of your current debts before getting a new loan.
How to Get a $10,000 Loan Online?
Understanding the application process will help you get prepared in advance, seep up the procedure, and avoid surprises down the road. Here are the sequential steps to take:
- Review your credit report. Make sure there are no inaccuracies and mistakes there, and review your credit score via all three major credit bureaus. This will help you understand whether you meet the minimum lender’s requirements.
- Shop around. Compare offers to get a reasonably-priced loan. Take a look at a lender APR range, loan amount, repayment terms, possible discounts, and any associated fees.
- Pre-qualify. This typically requires you to fill out a simple form online. In most cases, lenders perform a soft credit check when you pre-qualify, so it won’t affect your credit score. As a result, you will see potential loan terms a lender can offer you.
- Complete the application process. At this stage, you typically need to provide supporting documents to confirm the information provided in your application form.
- Get a loan approval decision. After a lender completes a hard credit check, you’ll get a loan decision via email. It usually takes just a few hours.
- Receive the funds. If approved, you will get the funds shortly after e-signing your loan agreement. Most lenders make direct deposits as soon as the next business day, but same day funding may be available, too.
Recommended $10,000 Loan Uses
People use loans for $10,000 to cover their long-term needs or big life projects or events. Here are a few smart ways you can use your loan funds:
- Debt consolidation
- Home renovation
- Medical expenses
- Wedding financing
- Vacation costs
- Moving expenses
How to Choose the Best $10,000 Personal Loan?
Borrowing money is always an important financial decision that requires planning and thorough consideration. Before you settle on one $10,000 personal loan, pay attention to the following factors:
- An interest rate and origination fee. These two parameters directly affect your loan cost, so you need to pay special attention to them;
- Prepayment penalties. If you plan to pay off your loan early, make sure you won’t be asked to pay extra fees for it;
- Loan payment amount. Make sure the amount you need to pay monthly suits your current financial situation;
- Repayment terms. If they are too short, your monthly payment can be very high, making your debt unmanageable. If you choose a too long repayment period, it will result in a higher total loan cost;
- Funding times. If you need the money on a specific date, ensure a lender can deliver the loan funds to you by the time;
- Credit score requirements. Knowing whether you meet a lender’s minimum credit score criterion will help you save time by not applying for a loan that you’re not eligible for.
Alternatives to $10,000 Personal Loans
If you need $10,000 but find a personal loan unsuitable, here are a few more ways you can get the needed amount:
Home Equity Loans and Lines of Credit
A home equity loan is a borrowing option that provides extra financing against the equity you own in your house. You can typically get up to 80% of what you own in one lump sum and repay the funds over 5 to 30 years in equal monthly installments. Interest rates are fixed and apply to the entire sum you owe.
Alternatively, you can consider a home equity line of credit (HELOC). This option allows you to access the money within a certain limit and pay interest only on what you actually use. If you pay off your balance within a draw period, you can use the money again. Once the draw period ends, you’re only allowed to repay your outstanding debt. HELOCs typically come with variable rates and offer repayment periods of 10 or 20 years.
Credit Cards
A credit card is a flexible option for projects with uncertain costs or urgent situations. You can use your card as needed within a set limit and pay interest on the amount you spend. Then, you can only make a minimum payment while being charged interest on an outstanding balance. If you pay off your balance in full within the billing cycle, which is typically 30 days, you won’t be charged any interest on what you’ve spent.
Peer-to-Peer Loans
Peer-to-peer platforms like Prosper and Funding Circle can connect borrowers with individual investors offering personal loans on favorable terms. They are often willing to work with bad credit borrowers for higher returns. As such loans bypass any financial institutions, they often come with a soft credit check only, allowing you to avoid credit score damages.
Cash-out Refinance
Cash-out refinance is a great option for homeowners who need extra cash for various personal needs. With its help, you can both refinance your mortgage and request a sum on top of what you owe. Then, you simply make payments on your new loan. This can be a great option for people who want to make home improvements to increase the value of their house.
401(k) Loans
If you save money for retirement, consider borrowing from your future self by requesting a 401(k) loan. The best part of it is that the interest rate is low (prime rate plus 1% or 2%) and goes back to your 401(k) account, increasing your savings. Just be aware of the potential tax consequences if you fail to repay this loan for some reason.
Why Choose Us
BadCredify makes it fast and simple to compare multiple loan offers from trusted lenders and find your perfect fit. Our smart comparison tools allow you to assess your personalized loan terms in a matter of minutes without affecting your credit score. We also make honest and unbiased lending site reviews and evaluate loan offers for each loan category to help you choose the best option.
Badcredify reviewed offers from over 40 lenders. Our team of experts carefully checked each lender by contacting customer service and double-checking the information received. We also pre-qualify via each website to analyze potential loan terms and compare them with the information provided on the website and by customer support.
Then, we compared offers from companies based on several key features, such as APRs, fees and penalties, repayment terms, funding times, eligibility requirements, and extra perks. Based on this data, we compile a list of the 6 best companies for $10,000 personal loans.
FAQ
Can I get a $10,000 loan with no credit?
This depends on the lender. Some of them may ask you to have at least two years of credit history, while others don’t set any restrictions and allow borrowers to get a $10,000 loan with no credit or bad credit. However, get ready to face higher interest rates and fees. Also, you may be asked to provide collateral or apply for a personal loan with a cosigner.
What is a minimum credit score requirement for a $10,000 Loan?
Traditional lenders typically ask for a credit score of at least 670 when it comes to a $10,000 loan. Online lenders are usually more lenient and may accept borrowers with scores of 620, 600, or 580. Some of them may not even set a required minimum. However, bad credit personal loans for $10,000 tend to be more expensive.
How can I get a loan immediately?
The time it takes to get personal loan cash varies depending on the lender and your bank. Approved borrowers often receive the funds on the next or same day. Some personal loan lenders may offer same-day payday loans or speedy money, but these choices may come with exorbitant interest rates or excessive costs.
How fast can I get a $10,000 personal Loan?
Common terms for getting a $10,000 personal loan are within three to five business days after verification. However, some lenders may offer next day funding.
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