Find a lender that offers $10,000 loans as soon as tomorrow.
How to take out a $10,000 loan today
If you’re looking for a $10,000 loan, there are lenders that offer one-day turnaround. This means that if you apply for a loan and it’s processed by a certain time, usually before the end of the business day, you may be able to have the approved loan amount in your account that same day.
Applicants with bad credit can access these loans through non-traditional lenders, while those in better credit standing may be able to apply with their own bank for quick approval. You can find out more about some of these options below.
Lenders to consider for a $10,000 personal loan
|Personal Loan||Max Loan Amount||Turnaround Time|
|Prosper||$40,000||1-3 business days|
|$40,000||As few as 3 days|
|$10,000||1-3 business days|
|$50,000||1 business day|
Compare more lenders for a $10,000 personal loan
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
What are my options if I want to borrow $10,000?
Bad credit or good credit, there are options available to you if you need to borrow a large amount of money.
Loans up to $10,000 are available from both traditional and nontraditional lenders and can come in a variety of forms: Secured or unsecured, short-term or long-term, for personal or business use. The first step to taking out a loan is understanding your options.
If you have…
If you have bad credit
There are lenders that offer loans up to $10,000 for people with bad credit. There are usually certain requirements you’ll need to meet, and you may be required to secure the loan with an asset. Some lenders may also allow you to submit a joint application if you don’t meet the eligibility criteria on your own. Remember to find out about all the options available to help your chances of being approved. The interest rate on these loans is usually set on an individual basis but may be higher than similar loans for borrowers with good credit.
If you have good credit
You’ll most probably have more options available to you if you’re looking at borrowing $10,000 and you have good credit. Traditional lenders, such as a bank, will likely be an option, and you’ll enjoy lower rates and fees than if it were a bad credit loan. You may also find that your current bank offers same-day funding to existing customers. Depending on your income and other financial circumstances, you may be eligible for a secured or unsecured loan.
If you’re willing to secure your loan
Securing your loan with an asset may open up more loan options to you. Secured loans are less risky for lenders as they will be guaranteed to recoup their losses should you default. Because of this, these loans come with lending criteria that are more flexible than unsecured loans, and sometimes they even carry better APRs. Typical assets used to secure a loan include a vehicle or equity in a property, but some lenders also allow for other things, such as jewelry.
If it’s for a business
A $10,000 personal loan taken out for business purposes is different from one taken out for personal use. Business loans usually come with higher maximum loan amounts, with some lenders able to approve loans of up to $5 million. Business loans may be available to both established businesses and startups, although small businesses may not have access to larger loan amounts.
Where can I get a $10,000 loan?
- Online direct lenders. Online direct lenders are typically faster than more traditional options like a bank or credit union. You typically don’t need to submit as many documents, and filling out the application only takes a few minutes if you’re looking for preapproval.
- Peer-to-peer (P2P) platforms. Rather than funding your loan directly, peer-to-peer platforms get your loan from investors. The application process is similar to an online direct lender, but it can take as long as a week to get your money.
- Online marketplaces. These connection services let you apply to prequalify with multiple lenders at once. It’s an easy way to make a quick, accurate comparison, although you might end up fielding calls from lenders after you’ve already taken out a loan.
- Banks. Banks are generally only an option for borrowers with good to excellent credit. They can have competitive rates but tend to require extra documentation, and the application process is more involved. It can also take longer to get your funds. Local banks, however, tend to have a higher approval rate than online lenders.
- Credit unions. Your local credit union might be easier to qualify for a $10,000 loan, and they often have competitive rates since they’re non-profit financial institutions. However, most credit unions require that you be a member for a few months before letting you apply.
How to find a competitive $10,000 loan
When considering what loan to apply for, it’s important to compare features of each loan to make sure you’ll receive a competitive offer. Here are some things to look at:
- Fees. What fees will you be charged with this loan? Remember to consider ongoing fees as well as any charges you will have to pay at the onset, including origination fees.
- Turnaround time. The time it takes to get your loan approved and for it to arrive into your bank account will differ between lenders. Make sure the lender you apply with can get your loan amount to you when you need it.
- Repayment schedule. How can you repay your loan? Are you able to repay the loan early without penalty? When are your repayments due? Can you change the schedule when you need it?
Tips to get approved with bad credit
- Review the eligibility criteria. Do this before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
- Submit all necessary documents. Check what documents are needed and make sure you are able to send everything that the lender requires.
- Consider a joint application or guarantor. This can help if you don’t have the best credit or if you don’t meet the income requirements.
More personal loan types
To compare all your options for a personal loan, check our complete guide on personal loans. We discuss the different types of personal loans available, how much they usually cost and where you can apply.
There are also quick links to several loans by term and amount below: