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There are lenders that offer $10,000 personal loans — even if you have bad credit. Learn more about your options and calculate how much a loan might cost you.
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Where to get a $10,000 loan
There are a variety of lenders that offer $10,000 loans — so it pays to compare options. Borrowers with bad credit can access these loans through nontraditional lenders, while those with good or excellent credit may be able to apply with their own bank for quick approval.
- Online lenders. Online lenders like Rocket Loans and Upstart are safe, quick ways to borrow a personal loan. 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 prequalify with multiple lenders. 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.
- Credit unions. It might be easier to qualify for a $10,000 loan through your local credit union. 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 much does a $10,000 loan cost?
The cost of your loan will depend on the loan term and the APR — which is your interest rate and loan fees. Here is an example of how much a $10,000 personal loan might cost with a 9.41% APR.
| Loan term | Monthly repayment | Total interest |
|---|---|---|
2 years | $459 | $1,010 |
5 years | $210 | $2,575 |
7 years | $163 | $3,690 |
Why we chose an APR of 9.41%
Rather than picking a random APR for our example, we used data from a 2019 Experian study that found the average personal loan APR was 9.41%. While this number will depend on the amount you borrow, your credit score and your current finances, this national average highlights what rate you might receive when you apply.
You can use our calculator to estimate your monthly repayment based off your expected loan term and interest rate.
$10,000 loan repayment calculator
See how much you'll pay
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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 bad credit
There are lenders that offer loans up to $10,000 for people with bad credit. You'll usually need to meet certain requirements, 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 probably have more options available to you if you're looking at borrowing $10,000 and you have a good credit score of 670 or higher. 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.
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:
- Interest rate. Your interest rate will impact the total cost of your loan. The lower your interest, the less you'll pay overall. In general, lenders will charge either a variable or fixed rate — and the best rates go to borrowers with excellent credit.
- Fees. Common fees include origination fees and prepayment fees. You should also consider any ongoing fees as well. For the most part, these are all worked into the total cost of your loan — the one exception being that sometimes origination fees are taken out of the amount disbursed to you.
- Repayment term. While a longer repayment term will lower your monthly payment, it does mean you will pay more in interest. Try to find a sweet spot between month-to-month affordability and overall cost.
- 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.
Our top 6 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.
- Back it with collateral. Putting up collateral like a CD or valuables offsets the risk to the lender and can help you qualify.
- Pay off debt. Having a high debt load and bad credit can make it hard to get approved anywhere, even with a bad credit lender. If you can, take steps to pay down other loans or credit card debt before you apply.
- Take advantage of good relationships. If you have a positive relationship with your bank or a lender you worked with in the past, they may be willing to overlook your credit score.
Browse more loan options
If $10,000 doesn't meet your needs, consider another loan amount — but keep in mind that loans under $5,000 may have higher rates.
Bottom line
To compare your borrowing options, read our guide on personal loans. We discuss the different types of personal loans available, how much they usually cost and where you can apply.
Frequently asked questions
Answers to common questions about $10,000 loans.
Can I get a $10,000 loan if I am unemployed?
It depends. Most lenders want you to have a steady source of income, but that doesn't necessarily mean you need to be employed. If the lender doesn't specify, contact it and ask if your income qualifies.
What's the average interest rate on a personal loan?
It depends on your credit score. For good to excellent credit, the average rate can range from around 10% to 12%. For poor credit, the average rate can range from 28% to 32%, though it can be as high as 36%.
Are my details secure?
Most lenders use either 128-bit or 256-bit SSL encryption to ensure your details are safe and secure. If your lender doesn't have this in place and doesn't have a secured page, visit a different lender that does.
What happens after I send my application?
Usually, you'll receive notification of the decision. If you've been approved, the lender will send along next steps.
How do I apply for a bad credit unsecured loan?
You can apply by finding a lender that doesn't require collateral but accepts a lower credit score. Many lenders have fully online applications. If you want to go with a bank or credit union, be prepared to submit your documents in-person.
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Okay he went down production I got behind on payments my credit score dropped now it says debt consolidation bad credit which nobody will give you they keep passing you on to other creditors other one maybe this person can help you maybe this person help which in fact they cannot so why do they call it debt consolidation when you’re in debt bad credit accepted but yet no one wants to help you
Hi James,
Thank you for reaching out to Finder.
Each creditor have different categories that they check in order to qualify you to get a loan. You may need to check with them first before applying to ensure that it does not show up on your report. Hope this helps!
Cheers,
Reggie
How can I borrow money?
Hi Diana,
Thanks for getting in touch with Finder. I hope all is well with you.
To borrow money, you would need to first assess your needs and preference. From there, start comparing your options by using the table above. Compare based on various factors such as credit score, loan amount, and APR. You can then click on the “Go to site” green button of your chosen provider to learn more.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
My daugther is getting married and I need a$ 4000.00 loan my credit isn’t that good but I need some help with it
Hi James,
Thank you for reaching out to Finder.
You may be interested in checking the Finder articles we have below:
Installment loans for bad credit
Bad credit cash loans
Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I am 41 years old with a full time job but I have a credit score of 518 and I am wanting to buy my dream 3.67 ac of land for $10.000 , and I really would love to find bank that I could borrow it from, can u please help me
Hi Jeff,
Thank you for reaching out to finder.
Our guide in purchasing land through a personal loan might be able to help. You may also check on the different lenders available in your state to determine what is suitable for you. Hope this helps!
Cheers,
Reggie
Currently unemployed, have no income coming in. However, I have a business account with a little under $9,000.00 in it. I don’t want to touch the biz account for personal finances.
Can I get a personal loan secured against my business bank account? My credit is good and fair, if that matters.
Thanks,
CD
Hi CD,
Thanks for reaching out.
You may check on the list of lenders offering a loan to applicants with alternate income.
There are different loan options for people who are unemployed. Also, there are lenders that may use a car or a boat outright or some equity in a property as security for the loan. It would be best to check the lender’s website or call their customer service line before applying to confirm the lender accepts applications from individuals who are unemployed and for options of using an asset as a security.
Cheers,
Joanne