How To Get a $10,000 Loan
Written by
Sarah Hostetler
Edited by
Melanie Grafil
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You can get a $10,000 personal loan from online lenders, banks or credit unions — and you have ways to apply online or in-person. The best option depends on your credit, income and how quickly you need the money.Â
Best Loan Option for You If…
Not sure where to start? Use this quick guide to find the loan that fits your situation.Â
| Your Situation | Best Loan Type |
|---|---|
| You have good or excellent credit | Unsecured personal loan |
| You need money as fast as possible | Online loan with same-day funding |
| You have poor or no credit | Secured or credit-builder loan |
| You want the lowest interest rate possible | Credit union or bank personal loan |
| You’re self-employed or a gig worker | Lender that accepts non-W-2 income |
| You want to consolidate credit card debt | Debt consolidation loan |
| You don’t want to risk your credit score | Soft credit check lenders |
What Are Your Options for a $10,000 Loan?Â
If you’re looking for a $10,000 loan, you might start by exploring personal loan options. Here are some you could choose:
- Banks: You might start with a bank where you have an existing checking or savings account.
- Credit union: They often have more favorable terms like lower rates than major banks, as well as online-only lenders like SoFi®. For instance, PenFed Credit Union is offering rates as low as 8.99% APR.
- Peer-to-peer lending (P2P): Other people can lend money to you and vice versa. Some P2P lending platforms include LendingClub, Prosper and Upstart.
How To Qualify and Get $10,000 Fast: 3 Things You Should Do
To qualify for a $10,000 personal loan and get your funds as soon as possible, keep the following tips in mind.
1. Check Your Credit and Financial Situation
- Check your credit score: Most lenders have minimum credit scores to qualify for a loan, so you’ll want to know whether you have a shot at getting approved.
- Get prequalified: Some lenders offer prequalification. You’ll provide some financial details and the lender does a soft pull of your credit. This isn’t a guarantee that you’ll be approved for a loan, but if you’re prequalified it usually gives you a good idea of what loan terms you can expect.
- Have a source of steady income: Showing that you have steady income or employment can improve your chances of getting approved.
- Gather your documents: Be prepared to show documentation including your ID, bank account info and proof of income, such as pay stubs or a tax return.
- Keep your debt-to-income ratio (DTI) low: You’ll want to show a low DTI, which means you spend less money than you earn.
2. Consider a Cosigner If You Need To
If your credit score or overall financial picture is shaky, you can apply for a loan with a cosigner.
Choosing a cosigner means you have someone you trust that also has a good credit score. A cosigner is meant to help you get a loan that you can’t qualify for on your own.
A cosigner will have to sign the loan agreement and will be on the hook to pay back the borrowed funds if you’re not able to.
3. Get Funding Fast
Consider starting your search with online lenders, as they are the most likely to offer fast funding and favorable rates. Consider LightStream, for example, with rates as low as 6.49%.
If you go through a brick-and-mortar bank or credit union, it may take longer.
To get paid as quickly as possible, you’ll also want to use direct deposit versus getting the loan funds mailed to you by check. Confirm that this is an option with the lender before signing your loan agreement.
What’s Your Reason for Borrowing?
Everyone has different reasons for needing a $10,000 loan. Here’s how to find the right option based on your goals.
Emergency ExpensesÂ
If you’re looking for a loan to cover an emergency expense such as medical debt, car repair, or urgent home fixes, your top priority should be a loan that offers fast funding and flexible terms, like a variety of payoff timeframes.
Best option: Same-day personal loans, generally from an online lender
Debt ConsolidationÂ
For debt consolidation, whether that’s combining multiple credit card balances or high-interest loans into one payment, you’ll want a personal loan with a low APR and without a prepayment penalty so there’s no downside to paying your balance off early.
Best option: Debt consolidation loans, either from an online lender or a major bank
Home ImprovementsÂ
If you’re looking for a $10,000 loan to fund repairs or renovations on your home without using a home equity line of credit (HELOC), you’ll want to choose a lender that offers longer terms and higher loan limits.
Best option: Home project loans from a lender like LightStream or SoFi
Moving or Relocation CostsÂ
For a loan to cover moving expenses such as a security deposit and truck rentals, look for lenders that offer quick decisions, fast funding and flexible uses.
Best option: A personal loan from a bank or online lender — most allow flexible uses
Starting a Side Hustle or Small BusinessÂ
If you need a loan to help fund your side hustle or small business, you can choose either a personal loan or a business loan. Business loans are harder to qualify for, and lenders will evaluate your business financials as well as your business score, so use a personal loan if you don’t qualify yet.
Best option: Any flexible-use personal loan
Special Occasions or Big PurchasesÂ
If you’ll use your loan to fund a big event like a wedding or trip or even to fund a big purchase, look for a lender with no fees or early payoff penalties.
Best option: A personal loan from a lender without a prepayment penalty, such as Avant or Upgrade
Have Trouble Qualifying for a Loan? Try Other Options
Secured Loan
A secured loan is backed by collateral such as your car, home or a savings account, which makes the loan less risky for the lender, even if your credit or income doesn’t make for a strong application.
Credit Card Cash Advance
You could also consider a credit card cash advance if you’re struggling to get approved for a loan. This essentially involves borrowing money against your credit card’s line of credit, but it typically involves a high transaction fee as well as charging you interest.
For this reason, credit card cash advances aren’t recommended for long-term borrowing and are best as a last resort for smaller amounts.
Tips to Make the Process EasierÂ
To make getting a $10,000 loan as easy as possible, keep the following tips in mind:
- Prequalify to check rates without affecting credit, though remember that this doesn’t mean you’re guaranteed to get the loan.
- Compare at least three offers to ensure you’re getting the lowest rate and most favorable loan terms.
- Set up auto-pay to avoid missing payments, which would negatively impact your credit score.
- Read the full loan agreement before signing so there are no surprises when it comes to the terms and fees.
FAQs on Getting a $10,000 Loan
Thinking about a $10,000 loan? These are some answers to your questions about your options.- Can I get a $10,000 loan with bad credit?
- You may be able to get a $10,000 loan with bad credit, especially if you apply for a secured loan or use a cosigner.
- Will applying affect my credit?
- Applying for a loan will generally impact your credit slightly in the medium term because the lender will perform a hard credit pull to confirm your eligibility. But if you pay off your loan on time, it can positively impact your credit in the long run.
- Can I repay the loan early?
- You can generally repay loans early, but some lenders do charge early repayment fees.
