No matter what the state of your credit history, and no matter what you need the money for, you can apply and receive approval for a $10,000 loan. There are lenders who offer loans for people with an adverse credit history, as well as traditional lenders, such as banks, who offer $10,000 loans for personal and business purposes.
How to take out a $10,000 loan today
If you need a $10,000 loan, there are lenders who offer a same-day or one-day turnaround time. This means, if you apply for a loan and the loan provider processes it by a specific time, you can receive 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, as well as how to compare and apply. You can also compare bad credit loans up to $5,000 here.
Compare personal loans
We’re working hard to compile a range of personal loans that allow you to borrow up to $10,000. It could be worthwhile comparing the loans below.
Harmoney Unsecured Personal Loan
- Borrow from $2,000
- 100% online
100% confidential application
Harmoney Unsecured Personal Loan
Apply today to get approved within minutes for up to $50,000.
- Max. loan amount: $50,000
- Loan term: 36 to 60 months
- Turnaround time: 99% of approved online applications funded in 24 hours
- Fees: Establishment fee of $200 for loans from $2,000-$5,000 and $450 for loans from $5,000-$50,000
- No early repayment fees
- Personalised interest rates based on your circumstances
What are your loan options if you want to borrow $10,000?
Whether you have good credit or not, there are options available if you need to borrow a large amount of money. Loans up to $10,000 are available from traditional and nontraditional lenders alike and can come in a variety of forms, for example, 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 brands who offer loans up to $10,000 for people with bad credit. There are usually specific requirements you need to meet and the loan provider may require you to secure the loan with an asset. Some lenders may allow you to submit a joint application if you don’t meet the criteria, so discover the options you have to boost your chance of receiving approval. The interest rate on these loans is usually set on an individual basis.
If you have good credit
You are likely to have more options available if you’re looking to borrow $10,000 and have good credit. You can usually apply with a traditional lender such as a bank, and enjoy lower rates and fees than if it were a bad credit loan. You may also find 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 the loan
Securing the loan with an asset may open up more options to you. Secured loans are less risky for lenders, as they are guaranteed to recoup their losses should you default on the loan. Because of this, these loans come with more flexible lending criteria than if the loan was unsecured. Typical assets used to secure a loan include a vehicle or equity in a property, but some lenders allow for other things such as jewellery.
If it’s for a business
A $10,000 loan taken out for business purposes is very different to 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 $500,000. These loans are typically available to established businesses and startups.
If you have a few loan options, here’s how to compare them
When considering what loan to apply for, it’s necessary to compare the features of the loan to make sure you apply for a competitive option. Here are some things to look at:
- Fees. What fees does the loan provider charge? Remember to consider the ongoing fees, as well as any charges you have to pay at the onset.
- Turnaround time. The time it takes to receive loan approval and for it to arrive into your bank account differs between lenders. Make sure the lender you apply with can get your loan amount to you when you need it.
- Repayments. How can you repay your loan? Are you able to repay the loan early without penalty? These are things you need to check before you apply.
Tips on receiving approval
- Review the eligibility criteria. Do this before you apply, to make sure you are eligible. Look for criteria like minimum income, employment requirements, etc.
- Submit all necessary documents. Check what documents are needed and make sure you can send everything that is required. Even if you have a bad credit history, showing that you are in a good financial situation now can help your application.
- Consider a joint application or guarantor. This may help get your application across the line.