How to Get a $10,000 Personal Loan

Personal loans are unsecured loans that don’t require collateral, which means they aren’t tied to your property, such as a house or car. Your credit score and income determine whether you’re approved, and you can apply with a bank, credit union, or online lender.

Once approved, you can use the money for almost any purpose, including house renovations, debt consolidation, or medical bills. The loan has an interest rate, which determines how much you pay to borrow the money. Many personal loans offer lower rates than credit cards, making them a solid choice.

Here’s everything you need to know about getting a $10,000 personal loan, including the best-rated lenders.

Table of Contents Skip to Section

What lenders offer personal loans for $10,000?
How to get a $10,000 personal loan
How to repay a $10,000 personal loan
Pros and cons of a personal loan for $10,000
FAQ

What lenders offer personal loans for $10,000?

When you apply for a personal loan, lenders base approval decisions on your credit history and income. Those factors also determine your loan amount, and qualifying for higher loan limits can be more difficult. For example, you might apply for a $10,000 loan but get approved for $5,000. Lenders offer less and charge more for riskier borrowers because the companies want to decrease risk.

Most lenders advertise an annual percentage rate (APR) range. Lower rates mean you pay less for the loan. The lowest rates are for the most qualified borrowers with the highest credit scores. The highest rates are for the least qualified borrowers, which means the loan costs more.

Consider the following lenders as you shop for a $10,000 personal loan. These lenders offer competitive rates and quick applications.

Tip

Compare rates from multiple lenders to get the best deal on a $10,000 personal loan. It can also help you avoid predatory lenders with hefty upfront fees, excessive interest rates, and hidden terms.

5 best lenders for a $10,000 personal loan

We’ve evaluated many lenders on ease of application, rate offers, credit score requirements, and customer reviews. Here’s a view of our top picks to borrow $10,000.

Lender	Rate range (APR)	Loan limits
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.99%	$5,000 – $100,000
Upgrade	8.49% – 35.99%	$1,000 – $50,000
Upstart	7.80% – 35.99%	$1,000 – $50,000

Credible – Best marketplace

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LendEDU rating: 5.0 out of 5

Access to a wide range of lenders
No fees for using the platform
Options for borrowers with diverse credit profiles

Credible is our top-rated marketplace for those seeking to borrow $10,000. Catering to various credit scores, its standout feature is the ease with which it allows borrowers to compare prequalified rates from multiple lenders¹.

This efficiency benefits borrowers without the hassle of navigating numerous websites or dealing with extensive paperwork. Credible’s dedication to transparency equips borrowers with the information to make well-informed decisions free of hidden costs.

LightStream – Best for excellent credit

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LendEDU rating: 4.8 out of 5

Among the lowest interest rates in the market for high-credit borrowers
No fees or prepayment penalties
Same-day funding available

LightStream stands out for its favorable terms for those with FICO credit scores of 740 and better looking for a $10,000 loan. Its competitive interest rates and transparent borrowing experience, free from hidden charges, make it a top choice.

The straightforward application and rapid approval process are tailored to those who appreciate efficiency, catering to urgent financial needs with the potential for same-day funding. LightStream’s emphasis on rewarding borrowers with strong credit histories means qualifying individuals can benefit from competitive loan terms, making it an ideal partner for those with excellent credit aiming to maximize their financial leverage.

SoFi – Best for good credit

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LendEDU rating: 5.0 out of 5

Zero fees on loans, including no late fees
Offers unemployment protection, pausing payments if you lose your job
Membership perks such as financial planning and career coaching services

SoFi differentiates itself as a lender concerned with providing loans and enhancing the financial health of its borrowers. For those in pursuit of a $10,000 loan, SoFi presents a package rich with benefits, including flexible payment options and a fee-free structure that stands out in the lending space.

The lender’s unique offerings, like unemployment protection and access to a suite of member benefits, underscore its commitment to borrowers’ overall well-being. SoFi’s approach extends beyond financial transactions, fostering a sense of community and support through additional resources aimed at improving borrowers’ financial literacy and career prospects.

This holistic lending experience makes SoFi a compelling choice for individuals with FICO credit scores of 670 and up seeking financial assistance and growth.

Upgrade – Best for fair credit

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LendEDU rating: 4.9 out of 5

Tailored loan options for borrowers with fair to good credit
Direct payment to creditors for debt consolidation loans
Offers a mobile app for convenient loan management

Upgrade provides a viable pathway to securing a $10,000 loan for those with FICO credit scores in the range of 580 to 669, emphasizing credit building and financial improvement. The platform is known for its unsecured loan options, removing the need for collateral and making it more accessible to a wider audience.

Upgrade’s flexibility in loan usage, including direct payments to creditors for debt consolidation efforts, coupled with resources aimed at financial education, position it as a lender for those working on improving their financial standing.

The convenience of loan management through Upgrade’s mobile app further enhances the borrowing experience, ensuring that borrowers have the tools and support necessary to manage their loans.

Upstart – Best for little to no credit

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LendEDU rating: 4.8 out of 5

Considers more than just credit scores, including education and job history
Quick and straightforward online application process
Suitable for borrowers new to credit or with limited credit history

Upstart is an innovative lending platform ideal for those seeking a $10,000 loan but may have little to no credit history. By evaluating factors beyond traditional credit scores, such as educational background and employment history, Upstart broadens access to credit, offering a lifeline to those often overlooked by conventional lenders. Upstart’s minimum required credit score is 300—the lowest possible.

The platform’s rapid approval process and flexible loan terms cater to borrowers requiring immediate financial support and those seeking to establish or build their credit history. Upstart’s inclusive approach and commitment to a hassle-free borrowing experience make it an attractive option for newcomers to credit, providing a foundation for financial growth and stability.

How to get a $10,000 personal loan

Most personal loans review the same eligibility criteria when deciding on an applicant. A $10,000 personal loan is a standard amount, so it should be easy to find a lender that offers that amount. But to get the loan, you must qualify.

Here are the eligibility criteria most lenders consider.

Credit history: Your credit history is your track record of paying bills, handling debt, and maintaining your financial responsibilities. It’s one of the top factors lenders consider when you apply for a personal loan.
Income and employment: Lenders want to confirm that you can afford the monthly payments and have a stable income.
Capacity: Lenders review your debt capacity and current financial responsibilities to ensure you can handle an additional payment each month.

Most lenders have the same application process for a $10,000 personal loan. Once you’re ready to apply, complete the following steps.

Prequalify and compare lenders: Prequalifying allows you to review offers from multiple lenders without affecting your credit score. It also allows you to find the best rate and terms. Plus, the prequalification process only takes a few minutes.
Gather documents: After you prequalify and select a lender, it’s time to gather documents. You may need a government-issued form of identification and proof of income from a bank account or pay stub.
Complete the application: Even if you’ve prequalified, you need to complete and submit the application. Applications can take 15 minutes or less to complete.
Receive the offer: The lender will respond to your application with a loan offer, including terms and rates. Most lenders respond to applications within one or two business days.
Finalize the loan: If you’re happy with the offer, you can accept it and finalize your loan. Funds typically arrive in your bank account within a few days.

How to repay a $10,000 personal loan

Monthly payments for personal loans last the duration of the loan. For example, imagine you have a loan with a 36-month term and a monthly payment of $200. You will pay $200 each month for three years. Depending on your finances, you can also take steps to repay your loan faster.

Payments toward principal: You can make additional payments of any size toward your loan’s principal. Regular payments pay off interest and the principal, so it takes longer to lower the total balance. Lowering the balance means you have fewer interest charges each month.
Lump-sum payments: You can make a lump-sum payment if you receive a tax refund, inheritance, bonus from work, or other influx of cash. Make sure you apply the payment toward the principal to lower your balance faster.

What are the payments on a $10,000 personal loan?

The payments for a $10,000 personal loan depend on the loan size, the interest rate, and the term length. Each factor impacts the amount you pay each month, and if you change one, it changes the amount you pay.

Check out three examples of a $10,000 loan with different rates and repayment terms in the table below:

Loan details	Monthly payment	Total interest paid over term
$10,000 at 9% for 48 months	$248.85	$1,944.82
$10,000 at 12% for 48 months	$263.34	$2,640.24
$10,000 at 12% for 36 months	$332.14	$1,957.15

As you can see, a shorter repayment term can mean paying less interest overall.

The size of the loan can affect your interest rate. Many lenders charge higher rates for larger loan amounts to reduce risk. Larger loans are riskier because the lender loses more money if the borrower defaults.

Pros and cons of a personal loan for $10,000

Before you take out a $10,000 personal loan, weigh the risks and benefits.

Pros

Manageable amount

Most personal loans range from $5,000 to $50,000, so $10,000 is lower than many. This amount can offer manageable monthly payments within a reasonable repayment time frame.
Competitive rates

Personal loans can offer competitive interest rates, especially if you have a solid credit score. The rates are often lower than what you would pay for a credit card.
More flexibility

Personal loans are unsecured, and you can use the funds for almost anything—debt consolidation, wedding expenses, or home repairs.

Cons

Must qualify for the loan

Personal loans offer competitive rates, but you must qualify.
Does not fix the debt cycle

Personal loans are a helpful tool you can leverage for specific expenses. But if you’re in a cycle of debt, the loan won’t help fix that. It can relieve stress, but you might return to the same situation within a few months.
Fees and penalties

Some lenders charge origination fees, prepayment penalties, late fees, and other expenses that can increase the loan cost. Try to work with a lender that doesn’t charge fees.

Other ways to borrow $10,000

A personal loan might be a terrific option if you need to borrow $10,000, but it’s not the only one. Consider these alternatives if a personal loan isn’t the right fit or you can’t qualify.

Balance transfer: If you want to use a personal loan to consolidate debt, consider a balance transfer. Some credit cards offer 0% introductory rates for 12 to 18 months. You must get approved for the credit card and typically pay a small fee. But you won’t accrue interest if you pay off the balance during the introductory period.
Credit card: Personal loans can offer lower rates than credit cards, but that’s not always the case, especially if you have a low credit score. Credit cards can help bridge the gap if you have a large expense. However, the interest can add up fast, and missed or late payments can damage your credit score.
Friends or family: You might be able to borrow money from friends or family if you need additional funds for a specific expense. It can be awkward to ask, and it’s not always possible. But it’s worth asking because you might pay less or even no interest.
Home equity loan or line of credit: Homeowners with equity in their homes can apply for home equity loans or lines of credit. These are secured loans with your house as the collateral. Because of that, you might be able to get a lower rate, but if you default, your home could be at risk.

FAQ

What is the minimum credit score required to qualify for a $10,000 personal loan?

The minimum credit score required to obtain a $10,000 personal loan depends on the lender. Some lenders may approve applicants with a credit score as low as 580, and others may require a minimum score of 660 or higher. Always check a lender’s credit score requirements before applying.

Can I apply for a personal loan if I’m self-employed or have irregular income?

Yes, individuals who are self-employed or earn an irregular income can apply for a personal loan. In such cases, lenders may require additional documentation, such as bank statements, tax returns, or a profit and loss statement to verify income stability.

How long does it take to receive my $10,000 once I’m approved for a personal loan?

The time it takes to get loan funds can vary by lender. Once approved, most lenders will deposit the funds into your account within one to seven business days.

Are there restrictions on how I can use a personal loan?

Generally, there are fewer restrictions on how a personal loan can be used compared to other types of loans. You can use a personal loan for various purposes, including debt consolidation, home improvement projects, or medical bills. Nevertheless, we recommend checking with your lender. Some may impose limitations on loan usage.

What happens if I miss a payment on my personal loan?

Missed payments on a personal loan can result in late fees, a drop in your credit score, and possible loan default. If you foresee difficulties in making on-time payments, reach out to your lender. Some lenders may offer hardship programs that can aid temporary financial difficulties.

Can I pay off my personal loan early, and are there any penalties for doing so?

Most lenders allow early payoff of a personal loan without incurring any penalties. However, some may charge prepayment penalties. As such, it’s essential to understand the early payment terms specified in your loan agreement before proceeding.

How do lenders determine the interest rate for a $10,000 personal loan?

Lenders determine the interest rate on a personal loan based on several factors, including your credit score, income, debt-to-income ratio, loan term, and projected monthly payments. Borrowers with higher credit scores often get lower interest rates. Understanding these factors can help you negotiate a better interest rate.

Recap of personal loan lenders offering $10,000 loans

Lender	Rate range (APR)	Loan limits
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.99%	$5,000 – $100,000
Upgrade	8.49% – 35.99%	$1,000 – $50,000
Upstart	7.80% – 35.99%	$1,000 – $50,000

¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.