Images by GettyImages; Illustration by Hunter Newton/Bankrate
Key takeaways
- Online lenders, credit unions, and traditional banks are all potential sources for personal loans, but each has different eligibility requirements and funding timelines.
- It’s important to carefully consider the costs and benefits of taking out a $10,000 personal loan and evaluate your spending habits before making a decision.
- There are alternatives to a personal loan, such as using a credit card or home equity loan, but they also come with their own risks and considerations.
Traditional banks, credit unions and online lenders are all likely to offer personal loans of $10,000. In fact, most personal loan lenders offer loans up to $50,000. You can typically apply online, even with traditional banks, which can make the process quick and convenient.
Before you apply, make sure you’re confident in the reason you need a personal loan, whether it’s the best financing choice and if you’d be better off borrowing a smaller amount. Research the eligibility requirements of lenders you’re considering and shop around to determine whether you’re getting the best deal available.
The best $10,000 personal loans
Several options are available when considering where to secure funding for your personal loan. Traditional banks, online lenders and credit unions all offer different experiences and acceptance requirements.
| Lender | Loan amount range | APR range | Loan term | Minimum credit score |
|---|---|---|---|---|
| Upstart | $1,000–$75,000 | 6.70%-35.99% | 36–60 months | No Requirement |
| SoFi | $5,000–$100,000 | 8.99%-35.49% | 24–84 months | No requirement |
| Happy Money | – | %-% | – months | |
| PenFed | $600–$50,000 | 8.99%-17.99% | Up to 5 years | Not Specified |
| Citi | $2,000–$30,000 | 7.99%-19.49% | 12–60 months | 680 |
Best personal loans of 2025
Explore Bankrate’s top picks for the best personal loans to find the right lender for you.
Learn more
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SoFi caters to borrowers who seek a seamless digital lending experience and flexible loan terms, and much like Upstart, it has no minimum credit score. You can apply and receive the loan proceeds on the same day in some cases. And the maximum repayment period is 84 months, which is far longer than most lenders offer.
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Pros
- Lengthy loan terms.
- 0.25% autopay discount.
- Permits co-borrowers.
Cons
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Bankrate’s viewHappy Money offers competitive rates and terms on loans specially designed for consolidating credit card debt. They’ll even handle paying off the credit card companies. However, you’ll need a credit score of at least to qualify for one of their loans, which is higher than some competitors require.
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Pros
- Personal loans specialized for credit card debt consolidation.
- Lower maximum APRs than competitors.
- Only fees are origination fees.
Cons
- High minimum credit score requirement.
- Longer funding timeline than competitors.
- No joint applications.
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Upstart stands out against other online lenders for its flexible eligibility criteria and wide range of funding amounts — perfect for a $10,000 loan. It has no minimum credit score requirement, and you may qualify even if you don’t have enough credit history to generate a score provided your other financials are healthy.
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Pros
- Flexible credit requirements.
- Quick funding.
- Low minimum APR.
Cons
- Steep maximum APR.
- Potential fees.
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Citi stands out for its lack of fees. You may get funds in as little as two days, or even quicker for those with a Citi deposit account.
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Pros
- Discounts for account holders.
- Quick funding.
- No fees.
Cons
- High credit requirement.
- No joint applications allowed.
How to get a $10,000 personal loan
The process for getting a personal loan is the same for any loan amount. Follow these steps if you need to get one:
- Consider your credit. Once you have an idea of how much you need to borrow, check lender requirements, such as credit score, debt-to-income ratio and collateral if it’s a secured loan. The better your credit score, the more competitive your rate will be.
- Compare lenders. When you have an idea of your creditworthiness, you should compare personal loan rates and focus your search on lenders that lend to borrowers like you.
- Complete a loan application. After selecting a lender that’s a good fit, complete a loan application. Typically, you can fill this out online, and it won’t take more than a few minutes. You may need to provide documentation of your identity and financial history.
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- Proof of identity: Driver’s license, passport, state-issued identification card, birth certificate or certificate of citizenship
- Proof of address: Lease agreement, mortgage statement, property tax receipt, proof of insurance, utility bill, bank statement or voter registration card
- Proof of income: Recent pay stubs, W-2, 1099, income tax return or bank statements
Common personal loan requirements
Most lenders have certain requirements you must meet before they will give you a loan. Common requirements for a $10,000 personal loan may include:
- A good credit history: When you apply for a personal loan, the lender will do a hard credit inquiry to check your credit score and payment history. Data from TransUnion shows that for average loan amounts of $10,000 and higher, most borrowers had prime or better credit scores (that is, a FICO score of at least 661).
- Enough income: Lenders also evaluate how much money you make. If they don’t think you make enough to pay back the loan, they may consider you higher risk and be less likely to give you a loan.
- Debt-to-income ratio: Debt-to-income ratio (DTI) is how much monthly debt you have compared to how much monthly income you make. For example, if you have a $10,000 loan with the average personal loan interest rate and a 36-month repayment term, your monthly payment will be around $334. If your monthly income is $5,000, and you have no other debts, your DTI with this loan would be seven percent. Most lenders look for a DTI of 36 percent or lower.
- Financial documents: To apply for a $10,000 loan, the lender will want proof of your identity, income and assets. Gather necessary documents like an ID and recent pay stubs and bank statements.
Long-term costs of a $10,000 personal loan
The interest rate and loan term you receive will determine the overall cost of your loan. You’ll pay less interest overall if you choose a shorter loan term. The downside is the monthly loan payments could stretch your budget.
You can also opt for an extended loan term to avoid financial challenges down the road. But be mindful that you could get stuck with a higher interest rate — and even with the same rate, you will pay more interest over the life of the loan.
Use a personal loan calculator to estimate the total cost of a loan. Here’s an example of how interest rates and loan terms impact borrowing costs on a $10,000 personal loan:
| Loan term | Interest rate | Monthly payment | Lifetime interest |
|---|---|---|---|
| 3-year term | 11 percent | $327.39 | $1,785.94 |
| 3-year term | 13 percent | $336.94 | $2,129.82 |
| 5-year term | 11 percent | $217.42 | $3,045.45 |
| 5-year term | 13 percent | $227.53 | $3,651.84 |
How to determine if you need a $10,000 loan
Ideally, you should have a strong understanding of the expenses you need to cover with a personal loan. If you haven’t already done so, note the cost of each expense. The total you come up with will give you an idea of how much you need to borrow.
If it’s slightly below $10,000, taking out a loan for this amount could be ideal, mainly if costs are higher than projected. However, a figure well below $10,000 signals that you may need to apply for less.
Weigh the risks and benefits
Decide if the benefits you’ll receive outweigh the cost of borrowing. It’s a personal decision, but using the funds to consolidate debt, cover a medical emergency or upgrade your home to increase its value are all more compelling reasons than funding a leisure trip with friends or making discretionary purchases.
Look at your spending
When deciding if you need a $10,000 loan, evaluate your spending habits. If you’re not looking to cover a short-term need and could save up by being more disciplined or cutting back, it could be best to pass on a personal loan.
Or, if money’s already tight, a loan payment could stretch your budget too thin. You may risk harming your finances and credit rating by borrowing more than you can comfortably afford to pay back on time.
Alternatives to $10,000 personal loans
A personal loan of this amount of money is a large commitment and might not be the best route for everyone. Before signing off on a personal loan, it is important to consider alternatives.
- Credit card: If you don’t need access to the money all at once, applying for a credit card can be a good option. Just be on the lookout for potentially steep APRs that tend to come with this route. Along with that, you will likely need decent credit to get approved for a credit limit that can withstand a $10,000 purchase.
- Home equity loan or HELOC: Putting your home on the line comes with some notable risks but can result in funding at longer terms than personal loans allow. This option only suits those with strong credit and significant equity in their home — and even then, other options are less risky.
- Peer-to-peer (P2P) loan: You may be able to find a $10,000 peer-to-peer loan if a traditional personal loan doesn’t fit your needs. Instead of being extended by a financial institution, a P2P loan is funded by individual investors. Qualification requirements may be more lenient, but rates and fees are often higher.
Bottom line
You have many options if you need a $10,000 loan, and the process doesn’t have to be complicated. Explore what banks, credit unions and online lenders have to offer, and get prequalified with at least three options to find the best deal on funding. However, if you don’t have much luck or the loan offers don’t meet your expectations, a credit card, home equity loan product or P2P loan could be a better fit.
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