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How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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Yes, you should be able to borrow £10,000 as long as you meet the lender’s eligibility criteria. Many lenders and providers offer loans for £10,000, including for those with bad or limited credit history. You can compare loans above, or find out how to get the cheapest loan below.
It’s currently possible to borrow £10,000 with rates as low as 5.9% APR, or even slightly less, but these market-leading rates are reserved for borrowers with excellent credit. Those table-topping rates may also only be available on loans of specific durations (after all, at 5.9% over a year, there’s not much profit in it for the lender).
Because lenders tend to adjust their interest rates to each applicant (aka “risk-based pricing”), there are strict rules around the rates that they advertise. The Financial Conduct Authority (FCA) states that a lender’s representative APR must be the APR (annual percentage rate) that at least 51% of its customers actually receive. The other 49% will usually be offered a higher rate.
The annual percentage rate is a summary of the annual cost of borrowing, but as we’ve explained, you’ll want to make sure that the APRs you’re comparing are the APRs that you’d actually be offered. For the majority of us, we’ll need to provide a little information about ourselves in order to see accurate, personalised rates from willing lenders.
This will depend on the length of your loan, and the interest rate you receive. For example, a £10,000 loan that has a fixed rate of 10% p.a. over 5 years, your monthly payment will be £212.47. In comparison, with a £10k loan offering a fixed rate of 5% p.a. and a 1 year term, you’ll pay £856.07 each month. You can calculate the cost of a £10,000 loan here.
Borrowing over a longer term can bring your monthly repayments down to more affordable levels but it also pushes up the overall cost of the loan, making it important that you secure a competitive rate.
Whether you’re buying a car, consolidating debt or planning your wedding, here are some examples of £10,000 loans at varying rates and loan terms.
| 5.0% p.a. interest | 10.0% p.a. interest | 25.0% p.a. interest | |
|---|---|---|---|
| 1-year term | £856.07 | £879.16 | £950.44 |
| 2-year term | £438.71 | £461.45 | £533.72 |
| 3-year term | £299.71 | £322.67 | £397.60 |
| 4-year term | £230.29 | £253.63 | £331.57 |
| 5-year term | £188.71 | £212.47 | £293.51 |
The example loans below use approximate figures based on a flat interest rate:
| 5.0% p.a. interest | 10.0% p.a. interest | 25.0% p.a. interest | |
|---|---|---|---|
| 1-year term | £10,272.90 | £10,549.91 | £11,405.30 |
| 2-year term | £10,529.13 | £11,074.78 | £12,809.16 |
| 3-year term | £10,789.52 | £11,616.19 | £14,313.54 |
| 4-year term | £11,054.06 | £12,174.04 | £15,915.42 |
| 5-year term | £11,322.74 | £12,748.23 | £17,610.79 |
If you’re looking at borrowing £10,000 and you’re in the minority of people who know they have excellent credit and, crucially, the loan you’re interested in would be comfortably affordable, then you might opt to go straight to a traditional lender such as a bank, supermarket or building society and enjoy those super competitive rates.For everybody else, you’ll want to be upfront about your credit history so that you don’t waste your own time and to avoid disappointment. It’s not possible to borrow £10,000 without a credit check (at least not from a legitimate lender)
£10,000 is a lot of money, so most – but not all – lenders will look for a good-to-excellent credit score before they’ll approve you. There are now plenty of specialist lenders who lend to less than perfect credit histories, and offer loans of £10,000, but as you might expect, they charge much higher interest rates. Your objective should be to identify the very best rates available to you.
The most sensible approach is a loan matching service. That’s a fancy way of saying a broker that runs “soft search” credit checks with a number of lenders to see which would approve you. You’ll need to fill in a short online form, but it’s a lot faster than going to multiple lenders individually.
A secured loan is when you put forward an asset as security for the lender. Typically, it’s the equity in your home. The lenders can see this as less of a risk because if the worst comes to the worst and you default on the loan, they’ll be able to sell the asset to recoup their losses.
£10,000 is about the smallest amount available through a homeowner loan, and it’s important to bear in mind that substantial fees are typically involved with secured lending. Nonetheless, if you have bad credit but equity in your home, opting for a secured loan could well be the cheapest option, but should only be entered into after extremely careful thought, because ultimately you’re putting your home on the line.
An unsecured loan is money you borrow without putting any property up against the loan as collateral. Many lenders offer unsecured loans of up to £25,000.
Crucially, even if you take out an unsecured loan, your assets may still be at risk if you fail to make payments. Your lender can refer the case to debt collecting agencies, who have the authority to seize property from you to offset the debt.
Find out more about secured loans
If you’re looking to borrow £10,000 and your credit rating is preventing you from getting a traditional personal loan, then a guarantor loan could be worth considering.
A £10,000 guarantor loan will realistically be an expensive option however – with rates exceeding 35% annually. As such it’s not a decision to be taken lightly. Nonetheless, in certain situations, applying with a guarantor could be the difference that allows you to get approved for a £10,000 loan, or it could help you access lower (but still high) rates.
£10,000 is towards the upper limit of what you can borrow with a guarantor loan. That means that your guarantor will need to have an excellent credit score. It’ll also help if they own their own home. Most importantly, they’ll have to be willing and able to make payments on your loan if you can’t.Compare guarantor loans
A £10,000 loan taken out for business purposes is different from one taken out for personal use. Lenders often stipulate that their personal loans are not to be used for business purposes. Businesses also have access to a range of different finance products that might not be available to consumers. There are a variety of business loans available, and some are even government backed – which can mean better rates for borrowers.
Compare £10,000 business loans
Most lenders will consider applications from self employed individuals. Lenders realise that this is an expanding market which needs to be served, and as a result, more lenders are offering loans to self-employed applicants. Whatever stage you’re at, if you know your options and how best to go about applying, you’ll have a better chance of having your loan approved.
Compare loans for the self-employed
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