- ,000 Personal Loans: How to Get a Loan up to K
- What is the monthly payment on a ,000 personal loan?
- How long will it take to pay off a ,000 personal loan?
- What does your credit score have to be to get a ,000 dollar personal loan?
- Can I get a ,000 personal loan with bad credit?
- What is a good interest rate on a ,000 personal loan?
- Closing Thoughts: Is a K Loan for me?
- Emergency Loans: Where to Get a Fast Loan
- Rocket Loans
- Best Egg
- How to choose an emergency loan
- Credit union loans for emergencies
- No-credit-check emergency loans
- Emergency loan alternatives
- Build an emergency fund
$10,000 Personal Loans: How to Get a Loan up to $10K
Get pre-qualified for multiple loan offers with an easy online form.
Receive pre-qualified offers with no impact to your credit scores.
Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.
In some cases, receive funds in as little as one business day.
Getting a $10,000 personal loan is easy when you apply online at Acorn Finance. Acorn Finance partners with lenders that work with all credit types. Within seconds you can compare multiple personalized loan offers without affecting your credit score.
If you needed a personal loan a few years ago you pretty much had to go to the bank and see a loan officer. Now, you can get very competitive rates online and virtually secure a personal loan overnight if you qualify. If you need the money quickly, we recommend using an online lender.
A little later on we’ll go into more detail about where you can get a $10,000 personal loan.
What is the monthly payment on a $10,000 personal loan?
Different factors such as interest rate, loan amount, and terms can impact how much your monthly payment is. However, no matter what the rate, amount, or terms are you should try to pay more than the minimum required payment. Paying more than the minimum amount due can help you save money over time.
When selecting a lender or personal loan offer you should make sure your terms do not include an early payoff penalty. If you have an early payoff penalty, paying your loan off early could cost you more money. If you borrow $10,000 at 4.99% with a 3-year term the payment should be about $300 a month.
Increasing your monthly payment by 20% could save you about $118. If you extend the term to 5 years the payment should be about $189. However, you may end up paying almost double the interest. On longer loans, it’s especially beneficial to make more than the minimum payment due.
Increasing your monthly payment by 20% on the 5-year term could save you $244.
How long will it take to pay off a $10,000 personal loan?
How long it will take to pay off a $10,000 personal loan can depend on how much you can afford per month. Most lenders offer 3 to 5-year terms for smaller loans but some lenders may offer up to 12 years. Finding the lowest interest rate possible can help you pay the loan off faster.
So how will you know you have a fair interest rate? What is the average interest rate on a personal loan? Depending on your location, the average interest rate can vary. In California, the average is around 10.26%. In Hawaii, the average interest rate is around 6.76%, which is one of the lowest averages.
In most places, the average is somewhere between 9% to 11%.
What does your credit score have to be to get a $10,000 dollar personal loan?
In most cases, you’ll need a 580 or higher to qualify for a personal loan. In most cases, lenders will consider other factors in addition to credit score.
Factors such as length on the job or income can also play a big part in whether you get approved or not.
If you have bad credit, lack of income, and a new job you may want to add a cosigner to your application to increase your chance of approval.
Can I get a $10,000 personal loan with bad credit?
It is possible to qualify for a $10,000 loan with bad credit. If you are concerned about getting approved you should avoid submitting your application to multiple places.
Getting denied multiple times or having several credit inquiries can hinder your chance of approval. Acorn Finance offers a single application process that does not affect your credit scores.
After you submit the application you can receive multiple personalized personal loan offers. This is a great way efficiently to shop rates and see which lenders can help you.
What is a good interest rate on a $10,000 personal loan?
Most lenders approve personal loans with an interest rate between 6% to 10% for borrowers that have good credit. If you have excellent credit and reliable income you may qualify for a lower rate.
The fastest way to qualify for a $10,000 personal loan is usually online. Some online lenders approve loans instantly and release funds within 24 hours on personal loans.
As with anything personal loans can have pros and cons. Before using a personal loan you should compare the pros and cons In most cases the pros should outweigh the cons.
Competitive interest rates and flexible terms
Use the money for just about anything
Interest rates may be higher than other options
Secure simple financing offers for your customers with zero dealer fees.
Online lenders are one of the best places to get a $10,000 personal loan. They can offer competitive rates, fast funding, and an easy approval process. Plus you can complete the entire process from the comfort of your own home. However, if you value face to face interactions you can go to a traditional bank for a personal loan.
Most banks and credit unions offer personal loans. Their rates should be competitive with online lenders but the process may take more time and it may be harder to qualify. If you have credit challenges you should use an online lender. If you are considering a personal loan and want to compare offers you should visit Acorn Finance.
Closing Thoughts: Is a $10K Loan for me?
Hopefully, after reading this blog you can confidently decide if a $10,000 personal loan is a good idea for you. Even though you will pay interest on the money you borrow, if you use funds wisely, personal loans can put you ahead. Many individuals use personal loans for debt consolidation and home improvement.
If you use a personal loan for debt consolidation you will most ly qualify for a much lower rate compared to a credit card. If you use a personal loan for home improvement you can increase your home value.
Most lenders do not monitor how you spend the personal loan meaning you can technically use it for just about anything!
What could you do with $10,000? Apply online today for a $10k personal loan
#1. Complete and submit a short loan application online
#2. Receive multiple pre-qualified offers
#3. Get connected with lenders to obtain your pre-qualified loan
Emergency Loans: Where to Get a Fast Loan
Upstart is an online lending platform that considers alternative data on an application, including where you live and went to school, in addition to credit and income information. The company says it funds 99% of loans within one business day after approval.
Avant has a low minimum credit score requirement and says it can fund a loan one business day after approval. Its annual percentage rate includes an administrative fee up to 4.75%. The company reports payments to the three major credit bureaus — Experian, Equifax and TransUnion — which can help you build credit.
» COMPARE: See your bad-credit loan options
OneMain offers personal loans to borrowers with low credit scores, but they come with high APRs and an origination fee. The lender can fund loans quickly by check, but you have to visit a branch to complete the process.
LendingPoint lends to borrowers with low credit scores and little existing debt. The company says it can fund a loan the business day after approval, but in some cases it could take longer.
Rocket Loans says 85% of borrowers get funds by the business day after an application is approved; the longest it takes is about three business days. Rocket Loans also lets borrowers pre-qualify online to see loan offers without affecting their credit score.
» MORE: Best online lenders for fast cash
Best Egg says its application takes minutes to complete, and loans are funded one business day after approval, in some cases. Though the lender approves applicants with fair credit, the average credit score is 700, which falls in the good range on the FICO scale.
Oportun offers small installment loans to borrowers with little or no credit history at rates that are high compared to other bad-credit lenders. It operates in only a few states and sometimes funds loans within hours, whether you apply online or in person.
How to choose an emergency loan
Funding speed: If you urgently need funds, consider a lender that offers fast funding, Rocket Loans or Upstart. While some lenders offer same-day funding, typical funding times are two to seven days. Online lenders often disclose how long it takes, so you’ll know what to expect before applying.
Gather the required documents — such as W-2s, pay stubs and bank account statements — before you apply for a loan, and promptly answer the lender's questions to speed up the loan process.
» MORE: Learn how to get a personal loan with bad credit
Loan costs: Speed may seem more important than loan cost, but it’s still important to compare fees and annual percentage rates from multiple lenders. Most online lenders offer pre-qualification, which involves a soft credit check and allows you to preview your rate and term without impacting your credit score.
The loan with the lowest APR is the cheapest and usually the best choice, as long as the monthly payments are affordable. Use a personal loan calculator to estimate your total interest and monthly payments on a new loan.
Lender features: In addition to the rates and fees, consider payment options and other features. Some lenders let you choose your payment due date, forgive late fees or allow you to skip a payment if necessary. Lenders may also provide financial education on their websites.
» MORE: Pre-qualify with multiple online lenders on NerdWallet
Credit union loans for emergencies
You can also get emergency loans from a local credit union. These not-for-profit lenders are often good options for borrowers with bad credit because they consider your entire financial picture — not just your credit — and may provide lower rates and terms. Some offer short-term payday alternative loans in amounts up to $2,000.
Becoming a credit union member typically requires you to live, work or study in a particular area, or be associated with a particular group. You'll need to purchase a share in the credit union to open an account ($5 to $25).
» MORE: NerdWallet's picks for best credit unions
No-credit-check emergency loans
Be wary of lenders that don’t check your credit when they offer you an emergency loan. Some no-credit-check installment loans share characteristics with conventional payday and auto-title loans, including sky-high interest rates and additional fees that make the loan less affordable than you initially thought it would be.
Some online lenders, such as Rise and OppLoans, offer emergency loans and are positioned as low-cost alternatives to payday loans. However, their rates are still high, and you should consider these lenders only after you've ruled out other lower-cost options. Capital Good Fund is another no-credit-check lender that offers lower rates, but is available in only a handful of states.
» MORE: NerdWallet's picks for best bad credit loans
Emergency loan alternatives
Cheaper alternatives to borrowing are not always fast or convenient, and sometimes they require asking for help. But NerdWallet strongly recommends exhausting alternatives first, even in an emergency. Here are some possible alternatives to an emergency loan.
» MORE: Learn about alternatives to payday loans
Build an emergency fund
Once your emergency passes, do what you can to build an emergency fund that can help you avoid taking high-cost loans in the future.
Most financial experts recommend saving between three and six months’ worth of living expenses. If that seems a lot, start small with savings of $10 to $20 per week. Set a goal to save at least $500, which can usually cover small emergency expenses minor car repairs.
» MORE: Emergency fund calculator: How much to save