You need a credit score of 580 or higher to get approved for a $10,000 personal loan in most cases. You will also need a steady income, be at least 18 years old, be a U.S. citizen or a permanent resident, and have a valid bank account.
Credit Score Required by Lenders That Offer $10,000 Personal Loans
Lender | Loan Range | Credit Score Required |
SoFi | $5,000 - $100,000 | 680 |
American Express | $3,500 - $40,000 | 660 |
Discover | $2,500 - $40,000 | 660 |
Universal Credit | $1,000 - $50,000 | 580 |
Upgrade | $1,000 - $50,000 | 580 |
Prosper | $2,000 - $50,000 | 640 |
Upstart | $1,000 - $50,000 | 300 |
OneMain Financial | $1,500 - $20,000 | No minimum credit score required |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
You should keep in mind that your chances of approval do get better the higher your score is above the minimum requirement. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 02/13/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
To get approved for a $10,000 personal loan, you'll typically need a credit score of 620 or higher — though keep in mind that some lenders are willing to work with borrowers who have scores lower than this.
Is it hard to get a 10k personal loan? ›
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. Make sure to check your credit score, research your options, check if you prequalify and create a payment plan before jumping into the application process.
What's the average payment on a $10000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% |
---|
Two-Year Repayment | $452.27/month, $854.55 in interest over time |
Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Jan 17, 2024
Can I borrow 10k with bad credit? ›
Money problems or debt in your past may have left you with a poor credit rating. £10,000 loans with bad credit are available, but there will be a smaller pool of lenders willing to lend to you. You will likely have to pay higher interest rates too.
How big of a personal loan can I get with a 720 credit score? ›
Personal loan averages by credit score
Credit score range | Average APR | Average loan amount |
---|
720+ | 14.34% | $19,657.52 |
680-719 | 21.19% | $16,032.83 |
660-679 | 32.30% | $12,392.46 |
640-659 | 44.50% | $10,010.65 |
4 more rows
How much is the monthly payment on a 10000 dollar loan? ›
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Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|
$10,000 | 3 | $313.32 |
$10,000 | 5 | $207.54 |
$15,000 | 3 | $463.09 |
$15,000 | 5 | $313.13 |
13 more rows
What is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How much is a $10,000 loan over 5 years? ›
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 qualify for a $10,000 loan? ›
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
How much income do I need for a 20k loan? ›
Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.
The typical minimum credit score needed to qualify for a personal loan is from 560 to 660, according to lenders surveyed by NerdWallet, but credit score requirements for personal loans vary across lenders and some may require a higher score.
What credit score do you need for a $20 K loan? ›
Check Your Credit Score.
However, when applying for a larger amount of $20,000 and up, you may need a higher score. A score of around 670 or more will increase your chances of being approved for a larger loan amount at the lowest rates available.
What is the lowest credit score you can get a loan with? ›
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
How rare is a 720 credit score? ›
Who Has a 720 Credit Score?
Credit Score | Tier | Percentage of Americans |
---|
720 – 850 | Excellent | 38.12% |
660 – 719 | Good | 17.33% |
620 – 659 | Fair/Limited | 13.47% |
300 – 619 | Bad | 31.08% |
What is a good APR on a personal loan? ›
How do you know if the interest rate you're offered is good for you? A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit)
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.22%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
Is $10000 considered a small loan? ›
Key takeaways:
And small loans generally range from $1,000 to $10,000 and can generally be obtained with lower interest rates than credit cards. Borrowers should shop around for lenders that offer loans in the size they need and understand the fees associated with taking out a loan.
Can anyone get a 10k loan? ›
$10,000 loans may be available to borrowers with different kinds of credit histories, but each lender will have its own requirements for approval. It's worth keeping in mind that the best loan terms usually go only to people with excellent credit.
How to borrow 10k fast? ›
Traditional banks, credit unions and online lenders are all likely to offer personal loans of $10,000. In fact, most personal loan lenders offer loans up to $50,000. You can typically apply online, even with traditional banks, which can make the process quick and convenient.
Who is the easiest to get a personal loan from? ›
Easiest-to-get personal loans compared 2024
Title | APR | Min. credit score |
---|
BadCreditLoans.com | 5.99% to 35.99% | Undisclosed |
Upstart | 5.2% to 35.99% | 300 |
Avant | 9.95% to 35.99% | 580 |
LendingClub | 8.98% to 35.99% | 600 |
6 more rowsMay 7, 2024