Where to get a $10,000 personal loan
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Whether you need to consolidate your credit card debt, remodel your bathroom, or cover another large expense, a personal loan can be a good option. If you decide to take out a loan, such as a $10,000 personal loan, be sure to carefully consider your lender’s options to find the loan that best suits your needs.
Here’s what you need to know before getting a $10,000 personal loan:
Where to get a $10,000 personal loan
Here are some types of lenders that offer $10,000 personal loans:
online lenders
An online lender is one of the most convenient options when it comes to getting a personal loan. These types of lenders provide large and small personal loans and often offer competitive rates to qualified borrowers.
The time to fund online loans is usually a week or less, although some lenders will fund loans as soon as the same or next business day after approval. This could make online lenders one of the best options if you need a quick personal loan.
Before you get a personal loan, be sure to consider as many lenders as you can to find the right loan for you. You may compare your pre-qualified rates of Credible’s partner lenders in the table below in just two minutes.
Banks
You can also get a $10,000 personal loan through a traditional bank, which may have an online presence, local physical branches, or both.
Banks may be a good option if you prefer to apply for a loan in person. Although you may also have the option to apply online, visiting your local branch allows you to ask questions face-to-face and even get a personalized assessment for your unique financial situation.
If you already have an account at a specific bank, you may find it easier to get a loan or even qualify for a rate discount. You can also link your existing accounts to your new loan to make automatic payments easy.
credit unions
Credit unions are similar to banks in that they may have physical branches and an online presence, making it easy to apply in person or from your computer. The difference is that credit unions usually require membership, so you’ll need to apply and join the credit union before you can get a new loan.
Memberships may be limited to specific groups of people or by location. However, in some cases, a credit union may open membership to anyone. Because credit unions are non-profit organizations, they sometimes offer better rates and terms than banks or online lenders. Once you are a member, you will be able to apply for personal loans and other financial products.
What credit score do you need for a $10,000 loan?
Your credit score is an important factor when it comes to qualifying for a personal loan. It also affects the interest rates you might get. Generally, borrowers with good credit, typically a score of 670 or higher, will qualify for lower interest rates compared to borrowers with bad credit.
To get approved for a $10,000 personal loan, you’ll generally need a credit score of 620 or higher, though keep in mind that some lenders are willing to work with borrowers who have scores lower than this. If you have bad credit and can wait to get a personal loan, it might be a good idea to work in building your credit so you can qualify for better rates in the future.
In addition to your credit score, lenders will consider other personal and financial factors when reviewing your application. These include your income, your debt-to-income ratio (DTI), and whether or not you are applying with a co-borrower. Depending on these factors, and the terms of the loan you apply for, the actual credit score requirement may vary.
What is the monthly payment on a $10K loan?
The amount you’ll pay each month on a $10,000 loan depends on two important factors: the interest rate you qualify for and the repayment term you choose.
For example, a personal loan of $10,000 at 8.5% APR would have a monthly payment of $124 over a 10-year term. For the same loan over a five-year term, your monthly payment would increase to $205. If that $10,000 loan were offered instead at a 12% APR, your monthly payment obligation would change to $143 over 10 years or $222 over five years.
The better your credit score, the lower the interest rate you’ll typically earn, which will have a big impact on how much you’ll pay for a $10,000 loan.
Once you are ready to get a personal loanPlease spend some time comparing as many lenders as possible to find the right loan for you. You can easily do it with Credible – after completing a single form, you can view your pre-qualified rates from each of Credible’s partner lenders.
You can also consult Credible Personal Loan Calculator to see how much your loan will cost you each month, which loan term to choose, and how much interest you’ll pay over the life of your loan.
$10K Personal Loan Lenders Comparison
It’s important to shop around and compare multiple lenders when looking for the right personal loan. Doing so will help you find a loan with terms that fit your budget, at the lowest possible cost.
When comparing lenders, these are the factors you’ll want to consider:
- Monthly payment amount: How much will you pay each month for your loan, based on the terms you are offered and your interest rate? Make sure this number fits into your household budget.
- Return period: The repayment term of your loan is the period of time you have to pay off the debt. The longer the term, the lower your monthly payment, but you’ll also pay more interest over time. If you want to pay off your loan over a 10-year period, but a particular lender only offers terms up to seven years, you’ll want to keep looking.
- Interest rate: The APR on your loan determines how much interest you’ll pay over the life of your loan and even affects your monthly payment requirement. This rate is determined by the loan terms you choose, the specific lender, and factors like your personal credit score. The lower your interest rate, the less your loan will cost you, so be sure to shop until you find the lowest possible APR.
- Rate: Aside from interest, there are other costs to consider. Potential lender fees include application and origination fees to process your loan, late payment fees and returned payment fees, and even prepayment penalties if you pay off your loan early.
- Financing time: How long will it take your lender to send you the money once your personal loan is approved? In some cases, the money can be in your account the same business day, while other lenders may take up to a week to disburse the funds.
Before taking out a personal loan, remember to consider as many lenders as you can. This way, you can find a loan that works for you. Credible makes it easy: you can compare your pre-qualified rates from multiple lenders offering $10,000 personal loans in two minutes.
How to apply for a personal loan of $10,000
If you’re ready to get a $10,000 personal loan, follow these three steps:
- Check your credit. Lenders will review your credit to determine the likelihood that you will repay the loan, as well as the rates and terms that you will be offered. Before you apply, consider checking your credit to see where you stand. You can use a site like AnnualCreditReport.com to check your credit reports for free. If you find any errors, discuss them with the appropriate credit bureaus to potentially increase your score.
- Compare lenders and choose a loan option. Be sure to compare as many personal loan lenders as you can to find a loan that meets your needs. Consider not only the rates, but also the payment terms and any fees the lender charges. Once you’ve done your research, choose the loan option that suits you best.
- Complete the application and get your funds. Once you’ve chosen a lender, you’ll need to fill out a comprehensive application and submit all required documentation, such as pay stubs or tax returns. If you are approved, the lender will ask you to sign the loan so they can release the funds to you. The time to fund a personal loan is usually about a week, although some lenders will fund loans much faster.
Frequently asked questions about personal loans
Here are some answers to some frequently asked questions about personal loans:
What can a personal loan be used for?
You can use a personal loan for almost any purpose. The money can be used to take vacations, refinance student loans, consolidate credit card debt, cover large home renovation projects, make large purchases, and much more.
Can you get a personal loan with bad credit?
Yes, several lenders offer $10,000 personal loans to bad credit borrowers. However, keep in mind that personal loans for bad credit They usually come with higher interest rates compared to good credit loans.
If you are having difficulty getting approved, another option is to apply with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could earn you a lower interest rate than you would get on your own.
How fast can you get a personal loan?
How quickly you can get a personal loan depends on the type of lender you use. Here are typical funding times to expect:
- Online Lenders: Less than five business days
- Banks and credit unions: One to seven business days
Online lenders are often the fastest option – many offer approval decisions in a matter of minutes, which can help speed up the time to finance your loan. Some online lenders even offer overnight or same day loans if it is approved.
APR vs interest rate: What is the difference?
When shopping for a personal loan, you’ll usually be presented with the annual percentage rate, or APR, of the loan. This percentage represents the total annual cost of that loan, including charges like interest and fees. Your interest rate, on the other hand, just represents the cost of borrowing that money, or the interest you’ll pay to your lender.
In many cases, an APR will be higher than an interest rate. But if your loan has no additional fees, these two numbers can be the same.
If you’re ready to look for a personal loanRemember to compare as many lenders as you can to find the right loan for you. Credible makes it easy: you can compare your prequalified rates from multiple lenders in two minutes.