How to Get a $10,000 Loan
You can get a $10,000 loan from an online lender, bank or credit union. Some online lenders can fund you within a day. That said, for an easier time qualifying, you’ll want at least a fair (or better) credit score when you apply.
Leave time to shop around, and consider other funding options to make sure you’re getting the best deal possible.
- You can get a $10,000 loan from an online lender or, sometimes, from your current bank or credit union.
- Your credit score and the term length you choose will determine how much you’ll pay.
- It’s possible to get a $10,000 loan with bad credit, but you’ll pay more interest than people with fair or good credit.
- You could get your money as soon as the same day, but some lenders take up to five business days.
Can I get a $10,000 loan?
Yes, most personal loan lenders offer $10,000 loans. Key loan approval factors include:
- Credit score: Generally, you’ll unlock lower rates and higher loan amounts with good credit (a FICO Score of 670-739) or better. That said, the credit score required for a personal loan depends on the lender.
- Income: Lenders want to see that you make a steady income. The lender will likely consider how much money you make along with your debt-to-income ratio (DTI).
- Length of credit history: This factor influences your credit score. Lenders may be specifically interested in whether you have a long track record of making payments on time.
- Employment: Lenders look for borrowers with consistent income, so having a full-time job could help your approval odds. However, it’s possible to get a loan if you’re self-employed, retired or work part-time.
Even if one lender denies your loan application, another may approve you. Multiple lenders may be interested in working with you, but offer different interest rates. Personal loan prequalification can give you a sense of the rates available to you before you officially apply.
What credit score do I need for a $10,000 loan?
You may secure a loan even if you have a poor credit score, but you’ll be charged a much higher annual percentage rate (APR). With a higher credit score, you’re more likely to qualify for a competitive interest rate, which could save you thousands of dollars over the life of your loan.
| Credit tier | Average APR |
|---|---|
| Excellent (800 and above) | 15.34% |
| Very good (740-799) | 17.46% |
| Good (670-739) | 22.70% |
| Fair (580-669) | 27.52% |
| Poor (under 580) | 30.51% |
How much will it cost?
Your $10,000 loan monthly payment will depend largely on your APR and how long you take to pay back your loan. The table below breaks down how much you might pay each month, based on your APR and terms.
Your exact payments will depend on the terms of your loan. Note that a longer term will give you lower monthly payments, but will cost more overall.
| Credit score | Est. APR* | 36-month payment | 60-month payment |
|---|---|---|---|
| 800+ | 16% | $351.57 | $243.18 |
| 740-799 | 18% | $361.52 | $253.93 |
| 670-739 | 23% | $387.10 | $281.90 |
| 580-669 | 28% | $413.64 | $311.36 |
| Under 580 | 30% | $424.52 | $323.53 |
Estimate your monthly payments
Ways to make your $10,000 loan cheaper
When you borrow $10,000 from a lender, you’ll pay back more than $10,000 due to interest and any applicable fees. To minimize costs, you should:
- Avoid rates of 36% or higher. Consumer advocates generally oppose rates above 35.99%. If your only loan offers charge an APR of 36% or higher, rethink taking out a loan.
- Apply with someone else. Some personal loans allow cosigners. This should be a person you trust who has good credit. Your cosigner can help you unlock a lower rate but will also be held responsible if you’re unable to pay your loan.
- Put up collateral. With a secured personal loan, you put up something valuable, such as a car or savings account, that you can lose if you don’t repay your loan. With this extra assurance, lenders are often willing to offer lower rates to consumers with lower credit scores.
- Play with your loan term. With a longer loan term, you will have a lower monthly payment, but will ultimately pay the lender more interest. If you’re able to handle a higher monthly payment, you’ll save money in the long term.
- Pay it off early. Paying off your full balance early means you won’t owe any more interest. Most lenders don’t charge personal loan prepayment penalties, but it’s still a good idea to read your loan terms carefully.
- Shop around. You can prequalify for loans with multiple lenders. Doing so requires only a soft credit check, which won’t affect your credit score. Marketplaces like LendingTree allow you to apply to multiple lenders all at once so you can compare offers and choose the lowest rate.
If you have a fair credit score (580-669), improving it to very good (740-799) could save you $1,804 on a personal loan, according to a LendingTree study. Making on-time payments, paying down your debts and other steps can boost your score.
How fast can I get a loan?
You could get your personal loan funds within hours or days. Factors that affect the timeline include your lender (online lenders are typically the fastest), how quickly you provide required documents and whether you prequalified before applying.
What affects how fast you get funded?
Choosing the right lender and completing your application carefully can affect your funding timeline.
- Your lender: Online lenders tend to be fast and can generally fund your loan within several hours or up to a few business days. Credit unions and banks may take one to five business days.
- Your application: Before submitting, review your application to make sure it’s complete and correct. Errors or gaps can cause delays.
- Verification requirements: When you apply, you’ll likely need to provide proof of address, income and identity. Having these documents ready to go can help you apply faster.
Typical timeline for a $10,000 personal loan
| Step | Typical timeline |
|---|---|
| Fill out an application | A few minutes |
| Approval decision | A few hours to several business days |
| Time to funding | A few hours to five business days |
Find a $10,000 loan through LendingTree
You’d shop around for flights. Why not your loan? LendingTree makes it easy. Instead of applying to just one lender and hoping for a good rate, see multiple lenders compete for your business — so you can choose the best offer.
Tell us what you need
Take two minutes to share a few details about yourself and how much you want to borrow. It’s free, simple and secure.
Shop your offers
LendingTree users receive 11 personal loan offers on average. Compare yours side by side to find the one that works best for you.
Get your money
Users save an average of $1,659 by choosing the offer with the lowest rate. Once you pick a lender and sign your paperwork, you could see money in your account in as little as 24 hours.
Should I even get a $10,000 loan?
A $10,000 loan can be helpful in certain situations, but borrowing money isn’t always the right choice, so you should explore all of your options.
A $10,000 loan may make sense if …
- You have high-interest debt, such as credit card balances, that you want to consolidate with a lower-interest personal loan.
- You can qualify for a competitive interest rate. Make sure to shop around in order to find the lender with the best offer.
- You have an essential expense that you wouldn’t otherwise be able to cover, such as travel for a family emergency. Depending on the expense, other options may be available. For instance, medical bills are often negotiable.
You may want to reconsider if …
- You’re looking to cover a nonessential purchase. Although you can use personal loan funds to buy home appliances, clothes and more, you may be better off saving or investigating lower-cost options
- You have a fair credit score. If you’re able to wait to apply until you’ve improved your score to good or very good, you’ll likely qualify for a lower interest rate.
- You wouldn’t be able to afford the monthly payments. Missing payments and defaulting on your loan will hurt your credit score and make it harder to borrow in the future.
Personal loan alternatives
A personal loan is one of many financing options on the market. Depending on your financial needs and circumstances, you may also consider:
| Best for | What it is | Pros | Cons | |
|---|---|---|---|---|
| Home equity loan/HELOC | Homeowners | A second mortgage/secured credit line that provides access to cash during a draw period of five to 10 years | Offers competitive interest rates Provides easy access to funds | May have high credit standards Collateralizes your home |
| Your current credit card | Convenience | Unsecured credit line that issues monthly statements and typically charges high interest on unpaid balances | Provides funds quickly May periodically offer a lower promotional APR or rewards | May charge a high APR May not have a high enough credit limit for your needs |
| 0% intro APR credit card | Saving on interest | Unsecured credit line that gives you a certain period to pay off eligible balances without interest | Gives you time to pay off debt without any interest May earn rewards on spending | May charge a high APR after the intro period Typically charges a fee for balance transfers Often requires good to excellent credit to qualify |
Get personal loan offers from up to 5 lenders in minutes