How To Get A $10,000 Personal Loans Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Richard Drury/Getty Images July 08, 2022 Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. You can find a $10,000 personal loan through a traditional bank, credit union or online lender. Depending on where you apply, it’s possible to receive a quick decision and get funded in one to two business days. Some lenders also offer same-day funding to borrowers who need fast cash. Still, there are other factors to keep in mind before applying. Consider the reason(s) for seeking a personal loan, how you plan to use it and if you’d be better off borrowing a smaller amount. It’s equally important to understand eligibility criteria and shop around to get a feel for borrowing costs and ensure you get the best deal. How to determine if you need a $10 000 loan
The first question you should ask yourself is why you need a $10,000 loan. Before you answer, think about how you plan to use the funds if you haven’t already done so and note the cost of each expense. The total you come up with will give you an idea of how much you need. If it’s slightly below $10,000, taking out a loan for this amount could be ideal, mainly if costs are higher than projected. However, a figure well below $10,000 signals that you may need to lower the amount you apply for. Weigh the risks and benefits
Next, decide if the benefits you’ll receive outweigh the cost of borrowing. It’s a personal decision, but using the funds to consolidate debt, cover a medical emergency, pay for your wedding or upgrade your home to increase its value are all more compelling reasons than funding a leisurely trip with friends or going on a shopping spree. Look at your spending
When deciding if you need a $10,000 loan, also evaluate your spending habits. If you’re not looking to cover a short-term need and could save up by being more disciplined or cutting back, it could be best to pass on a personal loan. Or, if money’s already tight, a loan payment would stretch your budget too thin, and you risk devastating your finances and credit rating by borrowing more than you can comfortably afford to pay back on time. Requirements to receive a personal loan
Lenders focus on two key factors when evaluating personal loan applicants – their debt-to-income (DTI) ratio and creditworthiness. Not only is it important that the borrower earns enough to comfortably afford the monthly loan payments, but can they prove it? That’s where the DTI ratio and credit score come in. The DTI ratio, or the percentage of gross monthly income used on monthly minimum debt payments, sheds light on the borrower’s current debt load in relation to how much they earn. The credit score demonstrates how they’ve handled credit in the past. Ideally, you want an acceptable DTI and good or excellent credit score to qualify for a personal loan with competitive terms. A lower credit score isn’t necessarily a deal-breaker, though. However, you can expect the cost of borrowing to be substantially higher since your chances of defaulting on the loan payments are higher from the lender’s perspective. The was between 10.3 percent and 12.5 percent for borrowers with excellent credit as of July 1, 2022. These figures are significantly higher for borrowers with bad credit scores, with average interest rates ranging from 28.5 percent to 32 percent. But if you can find a relative or friend with an excellent credit rating and verifiable source of income to co-sign the loan with you, it’s possible to secure a lower interest rate. Keep in mind that this individual will share equal responsibility for the loan, which means they’ll be on the hook for the loan if you fall behind on payments. Documents you need to apply for a personal loan
When you’re ready to apply, gather the following to expedite the application process: Proof of identity: two forms of identification, including your driver’s license, passport, state-issued identification card, birth certificate or certificate or citizenship Proof of address: two of the following items from this list – a lease agreement or mortgage statement, property tax receipt, proof of insurance (i.e., auto, home or renters statement), utility bill, bank statement or voter registration card Proof of income: recent pay stubs, W-2, 1099, income tax return or bank statements Contact information for your employer: name and contact information for your immediate supervisor Personal loan lenders that offer $10 000 loans
A quick online search will display several banks, credit unions and online lenders that offer $10,000 personal loans. Below are some top options that feature a streamlined application process, rapid funding times and competitive rates. Lender APR range Loan amount range Minimum credit score requirement 6.99% – 21.49% (with autopay) $5,000 – $100,000 Not Disclosed 7.99% – 35.99% $2,000 – $50,000 600 5.99% – 24.99% $5,000 – $40,000 600 7.74% – 17.99% $600 – $50,000 Not specified LightStream
LightStream is a top online lender with some of the industry’s lowest rates and fastest funding times. There are no loan origination fees, and you can choose from an assortment of loan amounts and terms to best suit your needs, regardless of how you intend to use the funds. Plus, you’ll get an even better deal on financing if you enroll in autopay. Some loans are funded the same day, or you can defer the funding time to align with when you plan to use the loan proceeds. Best Egg
Best Egg’s personal loans are accessible to consumers with credit scores as low as 600. Rapid approvals and next-day funding are also available. But what really sets this lender apart from many others is its willingness to make direct payments to lenders and creditors on your behalf to facilitate the debt consolidation process. Happy Money
Happy Money is a financial wellness company that prides itself on providing an exceptional customer experience. Beyond its flexible eligibility criteria and low starting interest rates, borrowers also get access to a suite of educational resources, tools and assessments to improve their financial health. This lender should only be considered if you’re looking to consolidate high-interest debt since that’s what the loan products are intended for. PenFed
PenFed Credit Union is a top choice for personal loans if you want the opportunity to do business with a credit union committed to helping you improve your financial health. They offer customer service 7 days a week, and you’re free to visit a branch and receive in-person support if you live in an area with a banking center. You’ll need to apply for membership before inquiring about a personal loan. Costs of a $10 000 personal loan in the long term
Borrowing costs depend on the interest rate you receive and the loan term. If you choose a shorter loan term, you’ll pay less interest, assuming the lender doesn’t charge prepayment penalties. The downside is the monthly loan payments could stretch your budget too thin. You can also opt for an extended loan term to avoid financial challenges down the road. But be mindful that you could get stuck with a higher interest rate. Here’s an example of how interest rates and loan terms impact borrowing costs on a $10,000 personal loan: $10,000 personal loan with a 3-year term and 11 percent interest rate: You’ll pay $327 per month and $1,785.94 in interest, or a total of $11,785.94, over the life of the loan. $10,000 personal loan with a 5-year term and 13 percent interest rate: Your monthly payment will drop to $228, but you’ll pay a total of $13,651.84 over five years. Bottom line
Whether you want to cover a financial emergency, consolidate your debt, renovate a portion of your home or cover another expense, a $10,000 personal loan could be a viable option. But you should research lenders and understand the cost of borrowing before applying. In some instances, the borrowing costs could outweigh the benefits. You could be better off saving up or focusing on other goals, instead. SHARE: Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Related Articles