Find a $10,000 personal loan
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If you’re planning to take out a $10,000 loan to consolidate debt, fund a major purchase or advance another financial goal, it’s important to weigh your options.
Traditional personal loans tend to have lower rates than credit cards, so they can be an attractive option. But you’ll want to consider your personal finances and what terms you’re likely to qualify for, as well as how payments will fit into your monthly budget.
We’ll review lenders you may want to consider and guide you through the process of applying for a loan.
Monthly payments for a $10,000 personal loan
| Loan duration | Average monthly payments ($10,000 loan) | |||
|---|---|---|---|---|
| Poor credit | Average credit | Good credit | Excellent credit | |
| 1–12 months | $1,005.17 | $931.05 | $928.92 | $870.64 |
| 13–24 months | $501.40 | $487.07 | $468.83 | $454.04 |
| 25–36 months | $368.55 | $353.13 | $331.53 | $313.20 |
| 37–48 months | $298.91 | $283.05 | $267.14 | $251.90 |
- The best $10,000 personal loans
- How to get a $10,000 loan
- FAQs about $10,000 loans
The best $10,000 personal loans
Discover
Discover’s loans come with no origination fees, and there are a wide variety of loan terms to choose from. If you want to consolidate debt with a personal loan, Discover will pay your creditors directly. But take note: You won’t be able to apply with a co-signer.
USAA
You can get an autopay discount on your interest rate, and you won’t pay application or prepayment penalty fees. But only USAA members can apply, and membership is limited to veterans, service members and military family members.
Santander
With Santander, there are no origination fees, closing fees or prepayment penalties, and if you’re approved, you could receive same-day funding. But Santander personal loans aren’t available to borrowers in all 50 states.
Prosper
Prosper’s rates can be high compared to competitors, but it allows co-borrowers on applications and doesn’t list a minimum income requirement. You’ll have to pay an origination fee on the loan and face other fees for late payments, insufficient funds and check processing.
Upgrade
Upgrade offers some flexible loan terms and amounts, and you’ll have the option to prequalify. The lender doesn’t charge prepayment penalties (which is good if you pay your loan off early), but it does charge an origination fee that will add to your costs.
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How to get a $10,000 loan
Applying for a $10,000 loan can take some work, but it’s worth the effort if you can save money by consolidating debt at a lower rate or finance a necessary purchase.
Start by collecting basic information about your finances, such as …
- W2s
- Recent paystubs
- Identification/Social Security number/driver’s license
- Desired loan amount
- Monthly expenses, such as housing costs and debt
- Information about any collateral you want to use
From there, it’s a good idea to apply for prequalification. This lets you preview your potential rate without a hard credit inquiry. It will also give you a good idea of which lender may be the best fit for you.
Once you decide to move forward and officially apply though, the lender will likely perform a hard credit inquiry that can have a temporary effect on your credit scores.
If you apply for a personal loan, you may be able to access money within a few days.
FAQs about $10,000 loans
How hard is it to get a $10,000 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. If a lender advertises rates starting in the single digits, try to find out their full range of available rates and fees to get a better sense of their offerings.
Can you get a $10,000 loan with no credit?
$10,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don’t have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind. It’s a good idea to apply to prequalify with various lenders so you can shop around and compare potential offers without a hard credit inquiry that can temporarily hurt your credit scores.
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