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Where to Find $10,000 Loans, And What They’ll Cost You

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A $10,000 personal loan can be a useful financial tool, whether you want to consolidate high-interest debt, cover an emergency expense or pay for a home improvement project. Of course, there are cases where you may want to borrow more or less than that amount.

But if you’re searching for $10,000 loans, you can learn about a few lenders that offer them, and how to shop for the best deal for your financial situation.

How to get a $10,000 loan

There’s more than one way to borrow money. So, the first step in finding the best loan for your situation is to consider your available choices.

Below are three common options for borrowers who want a $10,000 loan.

3 loan types to consider
What it is Pros Cons
Personal loan

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A type of unsecured installment loan with a fixed interest rate and repayment period. Terms typically last 12 to 60 months.
  • Can use the funds for a variety of purposes.
  • Wide variety of repayment terms.
  • No collateral required.
  • Need to borrow at least $1,000 or more with most lenders.
  • Likely a poor option for those with bad credit.
Secured personal loan

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A type of secured installment loan that requires collateral but that has terms similar to a traditional personal loan.
  • May still qualify even with damaged credit.
  • May qualify for a larger loan amount.
  • Interest rates are often lower than on an unsecured personal loan.
  • Fall behind on payments and you risk losing your property.
  • Your credit is still weighed.
  • Rates may still be high, depending on the lender.
Home equity loan

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Another type of secured financing. The equity in your home serves as collateral and influences the maximum amount you can borrow.
  • Interest rates may be lower than other loan options.
  • Interest you pay may be tax deductible.
  • Loan funding can take weeks.
  • May pay closing costs on top of interest.
  • Loan amounts may be limited to up to 85% of your home equity.

These lenders offer $10,000 personal loans

In many cases, an unsecured personal loan may be your best option if you have strong credit or a creditworthy cosigner and are looking to consolidate debt (though a balance transfer credit card may be another viable option).

Personal loans are also a solid option for handling a major expense, like a wedding, or if you need to access emergency funds fast. That’s because you won’t need to put up collateral to qualify.

Granted, a home equity loan can make better sense for home renovations if you’d qualify for a tax deduction — but even then, if you’re risk-averse, an unsecured personal loan may make more sense.


LightStream Achieve Best Egg
APR 7.99% – 25.49% *with autopay 7.99% – 29.99% 8.99% – 35.99%
Loan amount $5,000 – $100,000 $5,000 – $50,000 $2,000 – $50,000
Term lengths 24 to 144 months 24 to 60 months 36 to 60 months
Origination fee No origination fee 1.99% - 5.99% 0.99% - 8.99%

See personal loan offers

Follow these steps to apply for a personal loan

  1. Determine how much money you want to borrow: You may need to list your desired loan amount on your loan application. As a general rule, it’s a good idea to minimize the amount of debt you take on.
  2. Check your credit: It’s smart to know the condition of your credit before applying for a personal loan. You can request a free copy of each of your credit reports from the major credit bureaus every 12 months on You can also dispute errors on your credit report.
  3. Research lenders: Different personal loan lenders have different credit requirements. Once you know where your credit stands, you can narrow down your search.
  4. Compare loan offers: Most lenders allow you to see potential rates you’d qualify for with a soft credit check, which doesn’t affect your credit. Compare your favorite lenders by considering factors such as:  APR, available terms and borrowing limits and their fee structures.
  5. Formally apply: Once you’ve found a personal loan offer you like, you can fill out a formal loan application. This will result in a hard inquiry of your credit report.
  6. Submit additional materials: A lender may require additional documents to process your loan application. For example, you may need to provide copies of your driver’s license, bank statements or tax returns.
  7. Receive loan funds: Once your application is approved, you can expect loan funding within a few business days. Some lenders release loan funds the same day your application is approved. Funds are most often disbursed to your bank account.

Monthly payments on a $10,000 loan

The monthly payments on a $10,000 personal loan can vary widely from one borrower to the next and among different lenders, as well. Your lender will consider a number of factors to determine your eligibility for a loan, and the cost at which they’d offer you. Your credit and income will be heavily weighed.

Major factors that influence your monthly payment include:

The amount you borrow and for how long are two factors you have a lot of control over. Check out the table below to see cost differences for the same loan with a 36- and 60-month repayment term.

How much a $10K personal loan costs with a 10.73% APR*
Term 36 months 60 months
Monthly payment $326 $216
Total interest paid $1,740 $2,965
Total amount repaid $11,740 $12,965
* Average annual percentage rate extended to personal loan customers with credit scores of 720+ in Q1 2021, according to our study on personal loan statistics.

Getting a $10,000 loan with bad credit

You may have seen advertisements guaranteeing approval for bad credit loans. However, promises like these should be a giant red flag. The truth is, it’s difficult to find big loans for bad credit.

That’s not to say that qualifying for a personal loan with bad credit is impossible, but you should approach the process with realistic expectations. A $10,000 loan would be much harder to qualify for than, say, a $1,000 loan with bad credit. That’s because the larger the loan amount, the greater the risk to the lender.

So what credit score is needed for a $10K loan?
  • Above 700 is needed to access lower, single-digit APRs
  • At least 600 can get you access to loans with reputable financial institutions
  • High 500s is acceptable with some lenders that charge two- and three-digit APRs

Bottom line:
Even if you can gain $10,000 loan approval without a good credit score, you’ll face higher APRs than your peers with better scores.

Beware payday and title loans

When emergencies arise, borrowers with credit challenges often feel forced to turn to predatory lenders that feature high fees and lower loan amounts. Payday loans and title loans both tend to fit into this category.

Payday loan amounts are generally on the smaller side ($500 or less), while some title loans may reach as high as $10,000. If you’re researching how to get a $10,000 loan with bad credit, a title loan may offer you a potential solution.

Before you apply for this type of financing, though, consider the following: Payday and title loans may be easier to qualify for when you have credit challenges, but they can set you up for worse financial problems in the future. The APR on these loans can reach as high as 300% (title loans) to nearly 400% (payday loans).

Quick tips to improve your odds of loan approval

If you’re worried that bad credit will keep you from qualifying for the loan you want, there are a few tips that could help, now and in the future.

  • Get a cosigner: The most immediate solution that might help you borrow money with bad credit is asking a loved one with good credit to cosign for you. Yet personal loan co-signers take on considerable risk, as they’re just as responsible for the debt as the primary borrower (that’s you). If you pay late, it could damage your loved one’s credit rating as well as your own.
  • Consider an alternative: If you can get by with a smaller loan amount, a payday alternative loan (PAL) from a local credit union could be a better fit. With a PAL, you might qualify to borrow up to $2,000 and the maximum interest rate is capped at 28%.
  • Work on your credit first, and try again later: The first thing most lenders consider when you apply for a loan is the condition of your credit. Working hard to improve your credit now might help you qualify for more financing options with better rates and terms down the road.

Still, even if you have excellent credit, it can pay off to do your research before you commit to a loan. On a $10,000 personal loan, a lower interest rate has the potential to save you hundreds and sometimes thousands of dollars over the life of your loan.

10,000 dollar loans: FAQs

Can I get a $10K loan if I’m unemployed?

It will be harder to qualify for a five-figure loan if you’re unemployed because lenders consider your debt-to-income (DTI) ratio as part of their underwriting criteria. If you don’t have consistent cash-flow, that would hurt your loan application. It’s not impossible to get funding without employment, however, particularly if your DTI is in otherwise great shape, or if you latch on with a cosigner or co-borrower.

What can a personal loan be used for?

A personal loan is just that, personal, and it can be used for a variety of expenses specific to your situation. You might borrow a personal loan to pay for home improvements, debt consolidation for credit card debt or tide you over until your next influx of cash.

What is a good interest rate on a $10,000 personal loan?

Borrowers with good credit (or a cosigner) should shoot for a single-digit interest rate while understanding that many borrowers have to settle for an APR above 10.00%. Still, personal loans are attractive because they can beat the rates you’re paying for other debt types, such as credit cards.

How fast can you get a personal loan?

Many top-rated lenders advertise the ability to get next- or even same-day funding, but that’s after you’ve likely completed a days-long application process and received a formal stamp of approval. If you need a personal loan on a quick timetable, seek out emergency loans from vetted financial institutions.

How long will it take to pay off a $10,000 personal loan?

Most personal loan lenders offer repayment terms of two to five years, though it’s possible to find loans with even shorter or longer term options. It’s also commonplace for lenders to waive prepayment penalties, meaning that you won’t be punished monetarily for paying off your debt before it’s due. It’s critical to only borrow what you can realistically afford to repay on the prescribed timeline. Then you won’t run into trouble and see your repayment stretch longer than it should.

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