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How To Get a $10,000 Loan Fast

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$10,000. 10k. Ten G’s. However you say it, it’s a lot of cash. So what’s the best way to get a loan worth that much?

A personal loan will likely be your best bet. In this article, we’ll cover where to get one, loan requirements, how to apply and what to do if you have bad credit.

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Where To Get a $10,000 Loan

Personal loans usually range in value from about $2,000 – $45,000. That means most lenders will offer $10,000 personal loans. Banks and credit unions also offer them.

Remember to look into online lenders. That way, your options aren’t limited by your geographic location. Online lenders may also process your application more quickly since everything will be submitted digitally.

Applications are usually processed within a few business days, but some lenders can approve and disburse the funds within the same business day, depending on what time you apply.

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$10,000 Personal Loan Requirements

Personal loans are usually unsecured, which means they don’t require the borrower to put down collateral to qualify. Below are the factors a lender will review when deciding whether or not to approve your loan application.

Credit score

Your credit score is one of the most critical elements of your application. Most lenders have hard thresholds that you need to meet to qualify for a loan.

The exact number you need will vary slightly depending on the lender, but your credit score will most likely need to be in the mid-600s to qualify.

The higher your credit score is, the better loan terms you will be offered. You’ll also be able to qualify for higher loan values.

Debt-to-income ratio

Your debt-to-income (DTI) ratio is essentially your current monthly debt divided by your gross monthly income. The lower your DTI ratio, the more spending power you have left over after accounting for all of your debts.

The threshold you need to hit with your DTI ratio will depend on both the lender you choose and their overall assessment of your finances. Generally, you’ll have a hard time qualifying for a personal loan if you have a DTI ratio of 50% or higher.

Proof of income

Lenders will review your income because that’s critical to how you will pay back the loan. It also makes up an important piece of your DTI ratio. Some lenders have hard minimum income requirements, but not all of them do.

It’s possible to qualify for a personal loan if you’re self-employed. You’ll just likely need to provide additional supporting documentation proving your earnings are stable.

How To Apply for a $10K Personal Loan

Applying for a personal loan is a straightforward process, but there are a few steps we recommend taking before sitting down to fill out the paperwork.

  1. Check your credit score: First, we recommend checking your credit score. Knowing your score will give you a good idea of whether or not you’ll be able to qualify for a loan. If it’s low, you can also take steps to improve it before you go about applying for a loan.
  2. Research lenders: The lender you choose will affect everything from the time it takes to process the loan to the interest rates and fees you’ll pay. Take the time to talk to multiple lenders and shop around for the best deal.
  3. Gather supporting documentation: Bank statements, W-2s, pay stubs – these are all types of supporting documentation that lenders may need to review as part of the application process. Tracking them down ahead of time can help you expedite the processing timeline.
  4. Submit your application: Once you’ve found a lender you trust and gathered your supporting documents, you’re ready to complete and submit the application. With an online lender, you can submit everything from the comfort of your home.

You should hear one way or another fairly quickly about your application status. If your application gets denied, ask your lender to explain why it was denied so that you can take steps to address those areas of concern in the future.

If your application is accepted, the funds will be disbursed in a lump sum and you’ll be free to spend them. Make sure that you have a plan in place to repay the loan after you get it.

Variables To Consider With $10,000 Loans

Personal loans are relatively easy to qualify for compared to other types of financing, but there are variables in the loan terms that will have a significant impact on your repayment costs.

Variable loan terms for $10,000 loans

Interest rate

Your interest rate will have a large impact on your monthly payments. Interest rates are determined by a combination of market factors and the lender you choose. Different lenders will offer different interest rates, so shopping around can be worth your while.


Personal loans don’t come with closing costs, but most lenders will charge a loan origination fee and there will likely be fees with any late payments. Annual percentage rate (APR) is a metric that combines lender fees with interest rates to show you the total cost of financing with a lender.

Repayment timeline

Most personal loans come with repayment terms ranging from 2 – 7 years, but some lenders offer longer and shorter timelines. Choosing a shorter timeline will increase your monthly payment, but you’ll save money on interest over the life of the loan.

How To Get a $10,000 Loan With Bad Credit

It is possible to get a personal loan with bad credit. But to give you the best advice we can, we’re going to narrow down what “bad” means to you.

Bad isn’t an official credit range used by the major credit bureaus. They generally use language like “fair” or “poor” credit. Below is a table with the credit ranges used by Equifax:[1]

Credit ScoreCredit Range
300 – 579Poor
580 – 669Fair
670 – 739Good
740 – 799Very Good
800 +Excellent

Poor credit

Let’s start with the worst rating: poor. If you have a poor credit score, you’re unlikely to qualify for a personal loan with a reputable lender. Our advice would be to begin taking steps to improve your credit rather than applying for a loan.

However, if you are in a situation where you need $10,000 ASAP, consider applying for a loan with a co-signer who has strong credit. You could also apply for a secured personal loan. A secured loan would require you to put down an asset like a car to receive the money.

Depending on how low your score is, you could also apply for a loan worth a smaller amount.

Fair credit

You should be able to qualify for a personal loan if you’re towards the upper end of this credit range. However, remember that the better your score, the better loan terms you’ll receive from your lender. It still could be worth your time to hold off and build your credit more.

If you’re in the lower part of this range, we recommend following the same path as those with poor credit. Either take a break from loan hunting to improve your credit or consider applying with a co-signer or looking into secured loan options.

Good or better credit

You’ll have your choice of lenders if you have a good or higher credit score. You’ll also receive the most favorable terms from lenders if you get into the very good or excellent credit range.

$10,000 loan FAQs

How much will a $10,000 loan cost per month?

That will depend on the lender you choose, the APR and the length of your loan terms. For reference, the median personal loan account balance is $4,198, and the median monthly payment is $202.[2] You’re likely looking at a considerably higher payment for a $10,000 loan.

Can I get a $10,000 loan without a credit check?

You cannot get a personal loan from a reputable lender without a credit check.

Are there any restrictions on what I can use a $10,000 personal loan for?

Personal loans are one of the most popular types of loans. There are very few restrictions on what you can use them for. Illegal activities and gambling are two examples of something you should never use a personal loan for.

Can I refinance a personal loan?
Are there alternatives to personal loans worth $10,000?

If you have equity built up in your home, you could consider applying for a home equity line of credit (HELOC) or a home equity loan.

Final Thoughts on $10,000 Loans

Once you find the right lender, applying for a $10,000 personal loan is relatively straightforward. Just remember to pay attention to the loan terms and shop around before committing. You’ll be paying back the loan long after the money’s gone.

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The Short Version

  • Most lenders, including online lenders, offer personal loans worth $10,000. Application processing can take a few business days, but some lenders can do it in 24 hours
  • Lenders will review your credit score, debt-to-income (DTI) ratio and income history as part of your personal loan application
  • If you have bad credit, you may still qualify, but you’ll likely be charged higher interest rates. Alternatively, consider applying with a co-signer or for a secured personal loan
Back to top of page

  1. Equifax. “What Are the Different Ranges of Credit Scores?” Retrieved February 2024 from https://www.equifax.com/personal/education/credit/score/articles/-/learn/credit-score-ranges/

  2. Federal Reserve Board. “An Overview of Personal Loans in the U.S.” Retrieved February 2024 from https://www.federalreserve.gov/econres/feds/files/2023057pap.pdf

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