How To Get a $10,000 Loan | LendingTree (2024)

Many banks, credit unions and online lenders offer $10,000 loans, but not all lenders are created equal. This can especially be true if you have bad credit or if this is your first time borrowing money.

Before signing on the dotted line, learn how to get a $10,000 loan and improve your chances of finding the best deal for your unique situation.

How To Get a $10,000 Loan | LendingTree (1)

Knowing how to get a $10,000 loan is the first step toward securing the lowest APRs you’re eligible for.

1. Check your credit score

Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn’t mean that it’s impossible, but you may need to stick to bad credit loans (which typically have higher APRs).

Check your credit score before shopping around to get a better idea of what lenders you should target and whether the loan offers you receive are competitive.

2. Evaluate your budget

Taking out a personal loan is a big decision, and it’s essential to make sure you can pay back what you borrow. Just one missed payment can drop your credit score by as much as 180 points, likely affecting your ability to take out another loan in the future.

You may also want to consider whether you need a loan at all. Maybe you could make the extra cash you need by selling unwanted items or saving up for your large purchase.

3. Prequalify with more than one lender

Prequalifying for a personal loan allows you to see what rates and terms you might qualify for without taking a hard credit hit.

During the process, the lender will ask for basic information. This usually includes your name, Social Security number (so they can perform a soft credit check), annual income, employment information, the amount you’d like to borrow and for what reason.

With just a few clicks, you can check your eligibility for up to five lenders on LendingTree’s personal loan marketplace. Your information will remain secure and it won’t affect your credit. See how much you could borrow today!

See Personalized Offers

While prequalifying, you should also consider the reason behind your loan. For instance, if your main goal is to consolidate your credit cards, then specifically apply for debt consolidation loans. Applying for loans that align with your needs could net you certain benefits, such as an APR discount for allowing your lender to pay your creditors directly.

4. Compare offers

After you’ve prequalified for a handful of lenders, it’s time to compare offers. When stacking up one lender against another, pay special attention to:

APRs: An APR measures the total cost of your loan, such as the interest and fees you have to pay on top of the principal. The lower the APR, the better.

Funding timelines: How long it takes to get your money is very important, especially if you need an emergency loan. If you’re taking out a $10,000 loan for an urgent expense, prioritize lenders that offer same- or next-day loans.

Fees: Some lenders charge an origination fee, which is an upfront fee that the lender will deduct from your loan before disbursing it.

Repayment terms: Your repayment term is the length of time you have to pay back your loan. A longer repayment term will give you a lower monthly payment, but you’ll pay more interest over the life of your loan. Two-to-five year terms are fairly standard, but you may find loans with terms of seven years and beyond.

Customer service: Check your potential lender’s website and take note of their business hours and the contact methods it offers. If you prefer to handle your business online, you may want to go with a lender that offers live chat or a highly-rated mobile app.

5. Formally apply

Prequalification doesn’t guarantee that the lender will give you a loan. For that, you need to formally apply. The process is similar to prequalification, but you’ll need to provide some documentation. Application guidelines vary from lender to lender, but be prepared to give them copies of your:

  • Driver’s license or other government-issued ID
  • Pay stubs
  • Tax forms, such as W-2s

After you apply, you’ll need to wait while the lender reviews your application. Some may get back to you in a few minutes, while others can take days or weeks. The lender will send you a contract to sign if it approves you and will then disburse your funds. Some lenders will directly deposit your loan into your checking account, while others may offer to send the funds to your creditors (in the case of debt consolidation loans).

6. Repay what you borrowed

Your first loan payment will be due about 30 days after you’ve received the funds. Be sure to make on-time payments. If you can’t afford to pay, contact your lender immediately — it may have options to postpone or temporarily lower your payment.

Where to find a $10,000 loan

Your current bank or credit union could be a great place to find a $10,000 personal loan, especially if you have excellent credit. This could also be a good option if you prefer the in-person experience that a bank or credit union can provide.

On the other hand, you can apply from the convenience of your own home if you’re working with an online lender. Online personal loan lenders also tend to have less strict eligibility requirements, which could be ideal if you have fair credit.

The personal loan lenders and lending platforms below are some of our favorites.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LenderAPR rangeLoan amountsRepayment termsMinimum credit score required
8.99% - 35.99%$5,000 - $50,00024 to 60 months620
8.99% - 35.99%$2,000 - $50,00036 to 60 months600
7.99% - 24.99%$2,500 - $40,00036 to 84 months720
8.99% - 35.99%$2,000 - $50,00024 to 60 months560
7.80% - 35.99%$1,000 - $50,00036 and 60 months300

Achieve

If the purpose behind your $10,000 is debt consolidation, then Achieve might be the lender for you. It offers multiple APR discounts, including one for allowing the company to pay your creditors directly.

However, if you need same-day funds, then Achieve may not be the best option. While the lender may provide same-day approval decisions, you might need to wait up to 72 hours for your funds.

Best Egg

Best Egg may be worth pursuing if you’re looking for a company known for excellent service. It also offers online chat, a pay-by-text option, a customer service phone line and an online account portal for loan management.

Best Egg may approve borrowers with credit scores as low as 600, but it’s important to note that you must make at least $100,000 a year and have a score of at least 700 to get this lender’s lowest APRs.

Discover

Personal loans from Discover come with valuable repayment assistance options that could come in handy. You may be able to postpone your payment, temporarily lower your monthly payment or extend your loan term if you have a financial hardship. It also offers an extended loan term of 84 months.

However, borrowers working to improve their credit score might need to look elsewhere, as Discover requires a minimum credit score of 720.

Prosper

Excellent-credit borrowers may want to check out Prosper, thanks to its competitive 8.99% minimum APR. But this might not preclude those with fair credit from prequalifying, as its minimum credit score is 560.

Prosper is unique in that it’s a peer-to-peer lender, which means that individual investors fund its loans. Funding timeline is something to keep in mind under this model, though. While it’s possible to get a Prosper loan in one or two business days, investors have up to 14 days to fund your loan.

Upstart

Upstart is a lending platform that could be ideal for a wide range of credit scores. If you have excellent credit, you may get an APR as low as 7.80%, one of the lowest around. Upstart also has a minimum credit score requirement of just 300, and might approve you if you’re building credit from scratch.

One of Upstart’s downsides is its loan terms. Rather than having a range to choose from, borrowers have two options: 36 and 60 months. Even so, if other lenders have turned you down (or you qualify for its minimum APR), you may want to add Upstart to your list.

You’ll probably find that the average interest rate on a $10,000 loan with bad credit is high, but there are some strategies you could employ to get a more affordable loan.

Add a cosigner

Adding a cosigner to your loan can help you unlock lower APRs, but if you fail to pay your loan, your cosigner is then responsible. Late payments also affect your cosigner’s credit score as well as your own.

All that is to say, make sure that you can hold up your end of the agreement before considering a personal loan with a cosigner. Otherwise, your relationship may be damaged.

Get a secured loan

A secured loan is a type of personal loan that requires collateral. Because the lender can repossess your collateral if you default, lenders may be more willing to offer loans to bad-credit borrowers. You might also find that APRs are lower on a secured loan compared to a traditional personal loan.

Secured loans can be risky, though. If you don’t want to lose your car, home or other collateral, it’s essential to make sure you can afford a secured loan before you sign your contract.

Improve your debt-to-income ratio

Your credit score consists of several metrics, including your debt-to-income (DTI) ratio. Your debt-to-income ratio measures how much debt you have, compared to how much income you bring in.

A DTI ratio above 43% could indicate to lenders that you don’t have much wiggle room in your budget, making it more likely that you’ll have a hard time keeping up with your loan payments. As a result, it may deny your loan application or charge higher APRs. If your ratio is close to or above 43%, you may want to pay off some of your current debt before taking on more.

Long-term costs associated with a $10,000 loan

Although your credit score has a significant impact on how much you’ll pay for a $10,000 loan long term, so do current market conditions.

Since market conditions fluctuate — and have been especially volatile in recent years — your APR will likely differ from the figures shown in the table below. Still, this data might give you an idea of how much interest you’ll be charged on a $10,000 loan.

Credit score rangeAverage APR
720+18.35%
680-71928.97%
660-67940.19%
640-65954.39%
620-63972.55%
580-619116.99%
560-579159.57%
Less than 560185.17%

Source: LendingTree user data for closed personal loans in the second quarter of 2023.

To further drill this down, consider this hypothetical scenario: You have a 660 credit score, and the best APR you’ve qualified for is 40%. If you were to take out a $10,000 loan, you could expect to pay the following in interest, depending on the term length you choose:

Loan termMonthly repaymentTotal interest paid over life of the loan
12 months$1,024.71$2,296.58
24 months$611.88$4,685.06
36 months$481.10$7,319.65
48 months$420.47$10,182.47
60 months$387.52$13,250.99
72 months$368.06$16,499.96

As you can see, choosing a term length is a balance between affordable monthly payments and the total cost of your loan. For more personalized information, use our personal loan calculator to see how much a $10,000 loan may cost you per month, including interest.

How To Get a $10,000 Loan | LendingTree (2024)

FAQs

How can I get approved for a 10k loan? ›

The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.

How can I borrow 10k with bad credit? ›

Guarantor loans may be offered by some lenders if you have bad credit. Guarantor loans work by asking a friend or family member to guarantee that they will pay back the loan if you can't afford to do so.

How to get a loan when no one will approve you? ›

Use Collateral To Secure The Loan

If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.

What credit score do you need to borrow $10,000? ›

To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.

Why am I getting denied for every loan? ›

Credit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.

What makes it easier to get a loan? ›

Taking steps to improve your credit before borrowing may help you qualify for better interest rates. Consider reducing your credit utilization, disputing errors on your credit report and making debt payments on time ahead of borrowing to strengthen your credit before putting in a loan application.

What determines loan approval amount? ›

Lenders base your preapproval amount on the risk they take to loan you money. In other words, you can get preapproved for a higher amount if your financial history shows that you have a higher likelihood of making payments consistently and on-time.

How hard is it to get a $10,000 dollar loan? ›

Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).

How much would I pay a month for a $10,000 loan? ›

The monthly payment on a $10,000 loan ranges from $137 to $1,005, depending on the APR and how long the loan lasts. For example, if you take out a $10,000 loan for one year with an APR of 36%, your monthly payment will be $1,005.

How much will a $10,000 loan cost per month? ›

Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.

How to borrow 10k fast? ›

Online lenders are one of the best places to get a $10,000 personal loan. They can offer competitive rates, fast funding, and an easy approval process.

How much is a monthly payment for a $10,000 loan? ›

The monthly payment on a $10,000 loan ranges from $137 to $1,005, depending on the APR and how long the loan lasts. For example, if you take out a $10,000 loan for one year with an APR of 36%, your monthly payment will be $1,005.

How much would a $10,000 loan cost me per month? ›

Example 1: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected.

What is the easiest loan to get approved for? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

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