How To Get a $10,000 Loan
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.
Getting a $10,000 loan in six steps
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.
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.
| Lender | APR range | Loan amounts | Repayment terms | Minimum credit score required |
|---|---|---|---|---|
 | 8.99% - 35.99% | $5,000 - $50,000 | 24 to 60 months | 620 |
 | 8.99% - 35.99% | $2,000 - $50,000 | 36 to 60 months | 600 |
 | 7.99% - 24.99% | $2,500 - $40,000 | 36 to 84 months | 720 |
 | 6.99% - 35.99% | $2,000 - $50,000 | 24 to 60 months | 560 |
 | 6.40% - 35.99% | $1,000 - $50,000 | 36 and 60 months | 300 |
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 6.99% 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 6.40%, 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.
Getting a $10,000 loan with bad credit
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 range | Average APR |
|---|---|
| 720+ | 18.35% |
| 680-719 | 28.97% |
| 660-679 | 40.19% |
| 640-659 | 54.39% |
| 620-639 | 72.55% |
| 580-619 | 116.99% |
| 560-579 | 159.57% |
| Less than 560 | 185.17% |
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 term | Monthly repayment | Total 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.