You can find a $10,000 personal loan through a traditional bank, credit union or online lender. Depending on where you apply, it’s possible to receive a quick decision and get funded in one to two business days. Some lenders also offer same-day funding to borrowers who need fast cash.

Still, there are other factors to keep in mind before applying. Consider the reason you need a personal loan, how you plan to use it and if you’d be better off borrowing a smaller amount. You should also understand eligibility criteria and shop around to get a feel for costs to ensure you get the best deal.

Personal loan lenders that offer $10,000 loans

A quick online search will display several banks, credit unions and online lenders that offer $10,000 personal loans. Below are some top options that feature a streamlined application process, rapid funding times and competitive rates.

Lender APR range Loan amount range Minimum credit score requirement
LightStream 7.99%-25.49%* (with Autopay) $5,000-$100,000 695
Best Egg 8.99%-35.99% $2,000-$50,000 600
Happy Money 11.72%-17.99% $5,000-$40,000 640
PenFed 7.99%-17.99% $600-$50,000 700

LightStream

LightStream is a top online lender with some of the industry’s lowest rates and fastest funding times. There are no origination fees, and you can choose from an assortment of loan amounts and terms to best suit your needs, regardless of how you intend to use the funds. Plus, you’ll get an even better deal on financing if you enroll in autopay.

Some loans are funded the same day, but you can also defer the funding time to align with when you plan to use the loan proceeds.

Best Egg

Best Egg’s personal loans are accessible to consumers with credit scores as low as 600 — although you may receive significantly higher rates than other lenders charge. Rapid approvals and next-day funding are also available. But what really sets this lender apart from many others is its willingness to make direct payments to lenders and creditors on your behalf to facilitate the debt consolidation process.

Happy Money

Happy Money is a financial wellness company that prides itself on providing an exceptional customer experience. Beyond its flexible eligibility criteria and low starting interest rates, borrowers also get access to a suite of educational resources, tools and assessments to improve their financial health.

However, Happy Money — formerly Payoff — should only be considered if you’re looking to consolidate high-interest debt.

PenFed

PenFed Credit Union is a top choice for personal loans if you want the opportunity to do business with a credit union committed to helping you improve your financial health. It offers customer service seven days a week, and you’re free to visit a branch and receive in-person support if you live in an area with a banking center.

You will need to apply for membership before inquiring about a personal loan, but once you are a member, you will have access to competitive rates and a suite of other banking features.

Requirements to receive a personal loan

Lenders focus on an applicant’s credit, income and debt-to-income (DTI) ratio. And while a lower credit score isn’t necessarily a deal-breaker, you should expect the cost of borrowing to be substantially higher since your chances of defaulting on the loan payments are higher from the lender’s perspective.

The average personal loan interest rate was between 10.3 percent and 12.5 percent for borrowers with excellent credit. These figures are significantly higher for borrowers with bad credit scores, with average interest rates ranging from 28.5 percent to 32 percent.

Documents you need to apply for a personal loan

When you’re ready to apply, gather the following to expedite the application process:

  • 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.

Costs of a $10,000 personal loan in the long term

Your cost depends on the interest rate you receive and the loan term. If you choose a shorter loan term, you’ll pay less interest overall. 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:

  • Three-year term and 11 percent interest rate: You’ll pay $327 per month and $1,785.94 in interest.
  • Five-year term and 13 percent interest rate: Your monthly payment will drop to $228, but you’ll pay a total of $3,651.84 in interest.

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.

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

Next, 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 leisurely trip with friends or going on a shopping spree.

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.