Want $10,000 in your account by the end of the week? This is what you need to do.
Whether you needs funds to remodel your kitchen or make a large purchase, a $10,000 loan could help you make that next big financial move in your life. There are many lenders you can consider. It’s important to know your credit score before applying for a personal loan. Most lenders expect applicants to have good to excellent credit (680+) in order to be approved for a $10,000 loan. Jump ahead to find out who might approve you.
How to take out a $10,000 loan today
If you’re looking for a $10,000 loan, there are lenders who offer a one-day turnaround time. This means that if you apply for a loan and it’s processed by a certain time, you can have the approved loan amount in your account on 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.
Compare 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, unsecured, short term, long term or business loans. The first step to taking out a loan is understanding your options.
If you have bad credit
There are lenders who 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 criteria. 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.
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 on the loan. Because of this, these loans come with lending criteria that are more flexible than if the loan was unsecured, and sometimes 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 $5,000,000. Business loans may be available to both established businesses and startups.
Where can I get a $10,000 loan?
- Online direct lenders. Online direct lenders are typically faster than other options like banks or credit unions. You typically don’t need to submit as many documents and can filling out the application only takes around one day.
- 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, though 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, 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.
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||Up to 7 days|
|$10,000||1-3 business days|
|$50,000||1 business day|
How to find a competitive $10,000 loan
When considering what loan to apply for, it’s important to compare features of the loan to make sure you’ll receive a competitive offer. Here are some things to look at:
- Compare fees. What fees will you be charged with this loan? Remember to consider the ongoing fees as well as any charges you will have to pay at the onset.
- Consider 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.
- Find repayments that work for you. How can you repay your loan? Are you able to repay the loan early without penalty? These are things you’ll need to check before you apply.
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 is required.
- Consider a joint application or guarantor. This can help get your application across the line.
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: