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Whether you’re consolidating credit card debt, renovating your bathroom, or needing to cover another major expense, a personal loan could be a good choice. If you decide to take out a loan — say, a $10,000 personal loan — you should carefully review your lender options to find a loan that best suits your needs.
Here’s what you should know before getting a $10,000 personal loan.
Where to Get a $10,000 Personal Loan?
Here are some types of lenders that offer $10,000 personal loans:
An online lender is one of the most convenient options when it comes to getting a personal loan. These types of lenders offer both large and small personal loans and often offer competitive interest rates to borrowers who qualify.
Online loan funding time is typically a week or less – although some lenders will fund loans the same or next business day after approval. This could make online lenders one of the best options if you need one quick personal loan.
Before taking out a personal loan, you should consider as many lenders as possible to find the right loan for you. In just two minutes, you can compare your pre-qualified rates from Credible partner lenders in the table below.
banks and credit unions
You can also get a $10,000 personal loan through a traditional bank or credit union. This could be a good option if you prefer to apply for a loan in person – although depending on the lender you may also have the option to apply online.
While online lenders are convenient, banks and credit unions sometimes offer their own benefits. For example, if you already have an account with them, you may qualify for a discount. Also, keep in mind that because credit unions are nonprofit organizations, they sometimes offer better interest rates and terms than banks or online lenders.
If you are ready to get a $10,000 personal loan, follow these three steps:
- Check your credit. Lenders will review your loan to determine your creditworthiness, interest rates, and terms. Before you apply, check your credit rating so you know where you stand. You can use a website like AnnualCreditReport.com to check your credit reports for free. If you find any errors, report them to the appropriate credit bureaus to potentially improve your score.
- Compare lenders and choose a loan option. Compare as many lenders as possible to find a loan that suits your needs. Consider not only the installments, but also the repayment terms and any fees charged by the lender. After doing your research, choose the loan option that you like the most.
- Fill out the application and get your money. Once you have decided on a lender, you will need to complete a full application and submit any required documentation such as payslips or tax returns. If you are approved, the lender will have you underwrite the loan so the funds can be released to you. The time it takes to fund a personal loan is typically around a week — although some lenders fund loans much faster.
Before taking out a personal loan, remember to consider as many lenders as possible. This way you can find a loan that suits you. Credible makes this easy – you can compare your pre-qualified interest rates from multiple lenders offering $10,000 personal loans in two minutes.
What credit rating do you need for a $10,000 personal loan?
Your credit rating is an important factor when it comes to qualifying for a personal loan. This also affects the interest rates you may receive: Generally speaking, borrowers with good credit – usually with a score of 670 or higher – qualify for lower interest rates compared to borrowers with bad credit.
To approve a $10,000 personal loan, you typically need a credit score of 620 or higher—but keep in mind that some lenders are willing to work with borrowers who have lower ratings. If you have bad credit and you can wait for a personal loan, it might be a good idea to work on it Build your credit so you can qualify for better rates in the future.
How Much Are You Paying Monthly On A $10,000 Personal Loan?
How much you pay on a $10,000 loan depends on the interest rate you qualify for and your repayment period.
For example, borrowers with credit scores between 720 and 779 qualified Interest rates on personal loans averaged 12.48% APR when they took out a three-year loan through Credible in February 2021. For a $10,000 loan at this rate, borrowers would have a total repayment cost of $12,039.
In comparison, borrowers with scores from 640 to 679 were offered an average of 24.97% APR, while borrowers with scores from 600 to 639 were offered 30.95% APR. Borrowers receiving these interest rates on a three-year loan would pay $14,307 and $15,193, respectively, for the same $10,000 loan.
As you can see, your credit score has a big impact on how much you pay for a $10,000 loan. Before you take out a loan, it’s important to consider the total cost so you can prepare for additional costs – you can use Credible’s personal loan calculator to estimate how much you’ll pay for a loan.
When you’re ready to take out a personal loan, take the time to compare as many lenders as possible to find the right loan for you. With Credible, you can easily do this – after filling out a single form, you can see your pre-qualified rates from any of Credible’s verified partner lenders.
Frequently asked questions about personal loans
Here are some answers to some common personal loan questions:
Can you get a personal loan if the credit bureau is bad?
Yes, there are several lenders that offer $10,000 personal loans to borrowers with bad credit. However, keep this in mind Bad credit personal loans usually come with higher interest rates than good credit loans.
If you are struggling to get approved, you can also apply with a co-signer. Not all lenders allow co-signers on personal loans, but some do. Even if you don’t need a co-signer to qualify, one could net you a lower interest rate than you would earn on your own.
How Fast Can You Get a Personal Loan?
How quickly you can get a personal loan depends on the type of lender you use. Here are the typical funding times to expect:
- Online Lenders: Less than five business days
- Banks and credit unions: One to seven business days
Online lenders are usually the quickest option – many offer approval decisions within minutes, which can help reduce loan funding time. Some online lenders even offer next day or same day loans if you are approved.
What can a personal loan be used for?
You can use a personal loan for almost any personal expense (although some lenders might have some restrictions). For example, you could get a personal loan to cover debt consolidation, medical bills, home renovations, and more.
Keep in mind that you may not be able to use a personal loan to pay for business ventures or post-secondary school costs. Read the terms first so you know how to use your credit.
When you’re ready to buy a personal loan, remember to compare as many lenders as you can to find the right loan for you. Credible makes this easy – you can compare your pre-qualified interest rates from multiple lenders in two minutes.