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

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this web site ( such as the orderliness ). LendingTree does not include all lenders, savings products, or loanword options available in the marketplace. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this locate ( such as the ordering ). LendingTree does not include all lenders, savings products, or loanword options available in the market. editorial note : The content of this article is based on the writer ’ south opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. A $ 10,000 personal loanword can be a utilitarian fiscal cock, 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 measure.

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 cover for your fiscal 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 lend for your position 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 rating card may be another viable option ) .
personal loans are besides a solid choice for handling a major expense, like a marry, or if you need to access hand brake funds fast. That ’ mho because you won ’ t need to put up collateral to qualify .
Granted, a home equity loanword can make better sense for home plate renovations if you ’ d qualify for a tax discount — but even then, if you ’ rhenium risk-averse, an unguaranteed personal lend may make more sense .

LightStream FreedomPlus Best Egg
APR 3.99% – 19.99% (with AutoPay) 7.99% – 29.99% 5.99% – 35.99%
Loan amount $5,000 – $100,000 $7,500 – $50,000 $2,000 – $50,000
Term lengths 24 to 144 months 24 to 60 months 36 or 60 months
Origination fee No origination fee 1.99% – 4.99% 0.99% – 5.99%
Lightstream Reviews FreedomPlus Reviews Best Egg Reviews

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 AnnualCreditReport.com. 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 loanword can vary widely from one borrower to the next and among different lenders, equally well. Your lender will consider a numeral of factors to determine your eligibility for a loanword, and the cost at which they ’ five hundred offer you. Your recognition and income will be heavily weighed .
Major factors that influence your monthly payment include:

  • Interest rate or APR; the latter accounts for rate and lender fees
  • Loan amount
  • Repayment term

The measure you borrow and for how long are two factors you have a lot of dominance over. Check out the board 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 blessing for bad citation 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 work with realistic expectations. A $ 10,000 loan would be much harder to qualify for than, say, a $ 1,000 loan with bad credit. That ’ sulfur 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:
tied if you can gain $ 10,000 lend 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 frequently feel forced to turn to predatory lenders that feature high fees and lower lend amounts. payday loans and claim loans both tend to fit into this class .
Payday lend amounts are broadly on the smaller side ( $ 500 or less ), while some deed loans may reach arsenic high as $ 10,000. If you ’ re researching how to get a $ 10,000 loan with bad credit, a title loanword may offer you a potential solution .
Before you apply for this type of finance, though, consider the surveil : Payday and claim loans may be easier to qualify for when you have citation challenges, but they can set you up for worse fiscal 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 lend 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.

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

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 loanword if you ’ re unemployed because lenders consider your debt-to-income ( DTI ) ratio as separate of their cover criteria. If you don ’ t have reproducible cash-flow, that would hurt your loanword application. It ’ s not impossible to get fund without use, however, particularly if your DTI is in differently great shape, or if you latch on with a cosigner or co-borrower .

What can a personal loan be used for?

A personal loanword is precisely that, personal, and it can be used for a variety show of expenses specific to your situation. You might borrow a personal loan to pay for home improvements, consolidate credit wag debt or merely tide you over until your future inflow 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 concern rate while understanding that many borrowers have to settle for an APR above 10.00 %. even, personal loans are attractive because they can beat the rates you ’ re paying for early 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 financing, but that ’ s after you ’ ve probably completed a days-long lotion process and received a formal stamp of approval. If you need a personal lend on a promptly timetable, seek out emergency loans from vetted fiscal institutions .

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

Most personal loanword 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 besides commonplace for lenders to waive prepayment penalties, meaning that you won ’ triiodothyronine be punished monetarily for paying off your debt before it ’ s due. It ’ randomness critical to only borrow what you can realistically afford to repay on the prescribed timeline. then you won ’ metric ton melt into trouble and see your refund unfold longer than it should .

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