How to Get a $10,000 Personal Loan

A $10,000 personal loan can help you reach many goals, whether you want to refinance high-interest credit card debt, or renovate your bathroom. Not all loans are created equal, though, so this guide will share exactly what to expect when you borrow $10,000, how to qualify for the loan, and the top lenders we recommend.

When you’re finished reading, you’ll better understand how to get a $10,000 personal loan, manage it, and pay it back responsibly. See the table below for the best-for designations and ratings of our top picks for personal loans.

What to expect when you borrow $10,000

Typically, personal loans have terms ranging from one year to five years, but some lenders offer long-term personal loans of up to 12 years. The longer your loan term, the lower your payment will be. However, the shorter your term, the less interest you will pay over the life of your loan. 

Choose a repayment term that balances paying down your loans and having room in your budget. If you are concerned about making your monthly payments or have limited cash flow, getting a lower monthly payment might be more important for you now. If you want to get out of debt as quickly as possible, a shorter term with higher monthly payments might be better.

Average personal loan interest rates

Borrowers with a high credit score qualify for more competitive interest rates than those with a low credit score. Here are the average personal loan interest rates by credit score (according to 2023 data):

• Excellent (720 – 850): 11.30%
• Good (690 – 719): 15.60%
• Fair (630 – 689): 22.30%
• Poor (300 – 629): 25.20%

As you can see, improving your credit score can significantly impact the interest you pay over time. In some cases, having an excellent credit score could save you thousands of dollars over the life of your loan.

Low interest rate 

To give you a sense of the monthly payments you would have with a $10,000 personal loan, here are three charts illustrating those payments and each loan’s total cost. The first chart shows a $10,000 loan if you secure a low interest rate of 6.94%.

Term length	Monthly payment	Total cost
12 months	$864.99	$10,379.89
36 months	$308.50	$11,105.88
60 months	$197.73	$11,863.74

Mid interest rate

This chart shows your payments at varying term lengths if you took out a $10,000 loan with a 15% interest rate.

Term length	Monthly payment	Total cost
12 months	$902.58	$10,831.00
36 months	$346.65	$12,479.52
60 months	$237.90	$14,273.96

High interest rate

If you have a low credit score or a thin credit history, getting approved for a $10,000 loan is still possible for some borrowers. However, your interest rate might be high. This chart shows what monthly payments would be at different terms for a $10,000 loan at a 30% interest rate.

Term length	Monthly payment	Total cost
12 months	$974.87	$11,698.46
36 months	$424.52	$15,282.57
60 months	$323.53	$19,412.04

Common fees

In addition to the interest costs shown in the charts above, some personal loans have additional fees, such as:

• Loan origination fee: You may pay a loan origination fee directly to the lender for underwriting and managing your loan. It can be from 1% to 10% of your loan.
• Application fee: Some lenders charge 1% – 8% to compensate for processing your application.
• Annual fee: Although uncommon, this is a fee lenders charge borrowers for being customers. It’s typically under $100.
• Late payment fee: Some lenders charge late fees if you don’t pay your loan on time. These can range from $10 – $100 or 5% of your monthly payment.

Before choosing a lender, make sure you understand the total cost of the loan, including fees, so you can accurately compare overall loan costs. Some of the lenders featured below, like SoFi and LightStream, do not charge origination fees, which can save you thousands of dollars over other lenders.

Am I eligible for a $10,000 personal loan?

Ultimately, your eligibility for a $10,000 loan depends on a few factors, including your creditworthiness, employment history, and debt-to-income ratio. It also depends on which lender you choose, as some lenders cater to consumers with high credit scores while others offer more flexible lending qualifications.

Lenders like Upgrade offer personal loans to consumers with credit scores as low as 560. Upstart specializes in loans for people with limited credit histories. So, you might be eligible for a $10,000 loan, even if you have a thin credit history or low credit score, by applying with a specific lender.

The cost of bad credit

Even if you get approved for a $10,000 loan, it’s important to know that if you have a low credit score, your interest rate will be higher than those with excellent credit. So, if you don’t need a loan immediately, it might be worthwhile to wait to apply until you can secure a lower interest rate or apply for a loan with a lower amount, like $5,000, to save on interest costs over time. 

How to improve your chances of approval

Here are some tips to improve your chances of getting approved for a personal loan or qualifying for a loan with a competitive interest rate.

Calculate your DTI

Your DTI is your debt-to-income ratio. To calculate your DTI, divide your debt payments by your monthly income before taxes and deductions. Then, convert that number to a percentage. 

For example, if you earn $4,000 per month and make $1,200 of debt payments each month between your student loan payments, auto loans, and other expenses, your DTI would be 30%.

Lenders typically like to see a DTI of less than 36%. So, if your DTI is above this amount, spend time paying down debt to improve your chances of being eligible for a $10,000 loan in the future.

Check your credit report

Another way to improve your chances of loan approval is to review your credit report for any mistakes or adverse accounts. According to joint research by Consumer Reports and WorkMoney, 44% of people have credit report errors.

Serious errors can prevent you from qualifying for a loan. You can get a free copy of your credit report from AnnualCreditReport.com to ensure yours is correct. When you pull your credit report, also review any adverse accounts. If you have them, call your creditor and settle those accounts, as negative reports can also prevent you from qualifying for a loan.

Apply with a cosigner or co-applicant

If you have someone willing to be a cosigner or co-applicant on a loan application with you, that can also improve your chances of securing a $10,000 loan, especially if your cosigner has a stable work history and good credit.

Where to get a $10,000 personal loan

Choosing a lender that offers excellent terms, competitive rates, transparent (or no) fees, and fast funding is important. While it’s important to do your own research when finding the best lender for you, the five companies below are a good place to start.

Credible

Best Marketplace

5.0 _/5

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About Credible’s $10,000 personal loan

Credible is ideal for comparing multiple lenders if you seek a $10,000 personal loan. Its marketplace shows prequalified offers without affecting your credit score, letting you quickly find competitive rates and terms. 

With no fees and fast funding options, Credible ensures you get the best deal for your specific needs. Read our full Credible review.

Rates (APR)	6.94% – 35.99%
Repayment terms	12 – 120 months

SoFi

Best for Good Credit

5.0 _/5

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About SoFi’s $10,000 personal loan

SoFi offers $10,000 personal loans with competitive rates, no fees, and borrower-friendly member benefits. Applicants with good to excellent credit will benefit most because SoFi prioritizes lower rates and flexible repayment terms. Same-day funding is available for approved borrowers. Read our full SoFi review.

Rates (APR)	8.99% – 29.99%
Repayment terms	24 – 84 months
Funding time	As soon as same day
Min. credit score	660

Upgrade

Best for Fair Credit

4.9 _/5

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About Upgrade’s $10,000 personal loan

Upgrade specializes in accessible personal loans for borrowers with fair credit. If you need $10,000, Upgrade offers fixed-rate loans with flexible repayment terms. Upgrade’s simple application process and quick funding make it an excellent choice for many. Read our full review of Upgrade.

Rates (APR)	9.99% – 35.99%
Repayment terms	24 – 84 months
Funding time	As soon as 1 day
Min. credit score	580

Upstart

Best for Little to No Credit

4.8 _/5

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About Upstart’s $10,000 personal loan

Upstart’s $10,000 personal loans cater to borrowers with limited credit histories. Its AI-based underwriting considers factors like education and employment, making it easier for those with non-traditional credit profiles to qualify. Funding is fast, often within one business day. Read our full review.

Rates (APR)	7.80% – 35.99%
Repayment terms	36 or 60 months
Funding time	As soon as 1 business day
Min. credit score	580

LightStream

Best for Excellent Credit

4.8 _/5

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About LightStream’s $10,000 personal loan

LightStream offers some of the lowest rates for $10,000 loans, but it requires excellent credit for approval. Its no-fee loans and rate-beat program make it a standout for qualified borrowers. Plus, same-day funding is available for applications submitted early in the day. Read our full review.

Rates (APR)	6.94% – 25.29%
Repayment terms	24 – 144 months
Funding time	As soon as same day
Min. credit score	660

How to manage a $10,000 loan

Managing a $10,000 loan requires careful planning and consistent effort. Here are the key steps to ensure you stay on top of your loan and potentially save money:

1. Automate your payments. Setting up automatic payments ensures you never miss a due date, which can help you avoid late fees and protect your credit score. Many lenders even offer discounts, such as 0.25% off your interest rate, for enrolling in auto-pay, making it a simple way to save money over time.
2. Pay extra whenever possible. Whenever your budget allows, make additional payments toward your loan. Even small amounts added to your monthly payment can reduce the principal faster, ultimately lowering the total interest you’ll pay and helping you pay off the loan sooner.
3. Create and maintain a detailed budget. A well-organized budget is essential for managing your finances effectively. Track your monthly income and expenses to ensure you can consistently make your loan payments. Identifying areas where you can cut back on spending can free up extra money to pay off your loan faster.
4. Regularly review your repayment plan. Take time to evaluate your repayment strategy to see if adjustments could benefit you. Interest rates may drop, or your credit score may improve, creating opportunities to refinance your loan at a better rate. Refinancing could reduce your monthly payments or help you pay off the loan more quickly.

By following these steps, you can stay on track with your $10,000 loan and potentially save money while achieving financial peace of mind.

Alternatives to a $10,000 personal loan

If a $10,000 personal loan isn’t the right fit for your situation, several alternatives can help you access the funds you need. Whether you’re a homeowner, seeking to consolidate debt or looking for creative options, here are four alternatives to consider based on your unique circumstances.

Home equity loan or line of credit (HELOC)

For homeowners with equity

If you own a home and have built up significant equity, a home equity loan or HELOC can be a cost-effective way to borrow $10,000. Home equity loans offer fixed rates and predictable monthly payments, and HELOCs provide flexible, revolving credit.

However, these options use your home as collateral, meaning you risk foreclosure if you can’t repay. They are best suited for stable homeowners who need funds for major expenses, such as renovations or debt consolidation.

Check out the best HELOCs and the best home equity loans.

Credit card balance transfer

For consolidating debt

If your goal is to consolidate high-interest debt, a credit card balance transfer may be a viable alternative to a $10,000 personal loan. Many credit cards offer introductory 0% APR periods on balance transfers, allowing you to pay down your balance without accruing interest for a set period. 

However, transfer fees (often 3% to 5%) and limited promotional periods require careful planning to maximize savings.

401(k) loan

Fast, penalty-free cash from retirement savings

Borrowing against your 401(k) can be a fast way to access $10,000 without a credit check or early withdrawal penalties. Loan repayments, including interest, go back into your account. 

However, this option carries risks, such as reduced retirement savings growth and tax implications if you leave your job before repaying the loan. Use 401(k) loans sparingly and only for urgent needs.

Read More

HELOC vs. 401(k) Loan: Which Is Better? 

Peer-to-peer lending

For those with limited credit options

Peer-to-peer (P2P) lending platforms connect borrowers with individual investors. These platforms offer loans to those with limited or fair credit who might struggle to qualify for traditional personal loans. Interest rates can vary based on creditworthiness, but funding tends to be quick and flexible.

How we rated the best choices for a $10,000 personal loan

Since 2017, LendEDU has evaluated personal loan companies to help readers find the best personal loans. Our latest analysis reviewed 1,029 data points from 49 lenders and financial institutions, with 21 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best lenders for a $10,000 personal loan