How good does your credit have to be to get a $10000 loan?
To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
Each partner lender has its own credit score requirements. However, Upstart may still work with you if you don't have enough credit history to generate a score. In addition, you must have a minimum of $12,000 in verifiable annual income and meet other basic criteria.
Guarantor loans may be offered by some lenders if you have bad credit. Guarantor loans work by asking a friend or family member to guarantee that they will pay back the loan if you can't afford to do so.
8.00% | |
---|---|
Two-Year Repayment | $452.27/month, $854.55 in interest over time |
Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).
While lenders vary in their requirements, you're more likely to get the best loan terms if your score is in the "good" category or higher, meaning at least 670. 1 But even if you have only a "fair" score, which starts at 580, you may be able to obtain a personal loan from some lenders.
Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
---|---|---|
$10,000 | 5 | $207.54 |
$15,000 | 3 | $463.09 |
$15,000 | 5 | $313.13 |
$20,000 | 3 | $617.45 |
- Become A Freelancer. Freelancing is one of the most popular ways to make money quickly. ...
- Invest In Cryptocurrency. ...
- Participate In Online Surveys. ...
- Become A Virtual Assistant. ...
- Do Odd Jobs. ...
- Create An Online Course. ...
- Become An Affiliate Marketer. ...
- Sell Your Stuff.
- Upgrade. : Best for poor credit.
- Prosper. : Best for peer-to-peer lending.
- LendingPoint. : Best for long repayment terms.
- Upstart. : Best for thin credit.
- Avant. : Best for fair credit.
- Oportun. : Best for small loans.
- LendingClub. : Best for co-borrowers.
- SoFi. : Best for discounts.
How to get approved for 10k loan?
Besides your credit, lenders also want to see that you make a steady income each year. Plus, they review your debt-to-income (DTI) ratio to ensure you're not already overextended with debt. Note that some lenders will let you apply with a co-signer or co-applicant, which could boost your chances of approval.
Lender | Loan Amounts | APRs |
---|---|---|
Oportun | $300 - $18,500 | 10.07% - 35.95% |
OneMain Financial | $1,500 - $20,000 | 18% - 35.99% |
RISE | $500 - $5,000 | 60% - 299% |
Jora Credit | $500 - $4,000 | 99% - 349% |
For a conventional loan, often backed by Fannie Mae and Freddie Mac, a minimum score of 620 is typically required. It's important to remember that while lenders have minimum credit score requirements, having a higher score can improve your chances of getting a better mortgage deal.
Key takeaways:
And small loans generally range from $1,000 to $10,000 and can generally be obtained with lower interest rates than credit cards. Borrowers should shop around for lenders that offer loans in the size they need and understand the fees associated with taking out a loan.
Payoff period | APR | Monthly payment |
---|---|---|
12 months | 15% | $722 |
24 months | 15% | $388 |
36 months | 15% | $277 |
48 months | 15% | $223 |
- SoFi – Best for High Loan Amounts.
- LightStream – Best for Low Interest Rates.
- LendingPoint – Best for Fast Funding & Below-Average Credit.
- Upgrade – Best for Bad Credit.
- Universal Credit – Best for Comparing Multiple Offers.
- Discover – Best for No Interest If Repaid Within 30 Days.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
Ask Someone To Co-Sign
Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.
How a Cash Advance Impacts Your Credit Score. A cash advance doesn't directly affect your credit score, and your credit history won't indicate you borrowed one. The cash advance balance will, however, be added to your credit card debt, which can hurt your credit score if it pushes your credit utilization ratio too high ...
How big of a loan can I get with a 600 credit score?
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
You will need a credit score of 580 or higher for a $3,000 personal loan. Most lenders that offer personal loans of $3,000 or more require a 580+ credit score for approval, along with enough income to afford the monthly payments.
The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.
Payoff period | APR | Monthly payment |
---|---|---|
12 months | 15% | $361 |
24 months | 15% | $194 |
36 months | 15% | $139 |
48 months | 15% | $111 |
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
References
- https://www.creditkarma.com/credit-cards/i/how-to-get-high-limit-credit-card
- https://wallethub.com/answers/pl/6000-personal-loan-monthly-payment-1000450-2140762717/
- https://wallethub.com/credit-score-range/720-credit-score
- https://www.cnbc.com/select/personal-loan-lenders-credit-score-below-670/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-650-credit-score-1000508-2140806921/
- https://www.upstart.com/learn/what-is-a-small-loan/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-730-credit-score-1000508-2140806893/
- https://www.sofi.com/learn/content/tips-to-pay-off-mortgage-in-5-years/
- https://www.finder.com/mortgages/100000-mortgage
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-750-credit-score-1000508-2140806896/
- https://www.lendingtree.com/personal/personal-loan-calculator/
- https://www.fastexpert.com/blog/income-to-afford-a-500k-house/
- https://www.bankrate.com/real-estate/buying-a-house-700-credit-score/
- https://www.forbes.com/advisor/personal-loans/100000-personal-loan/
- https://www.ascotmortgages.co.uk/mortgage-repayment-calculator/100000-mortgage/
- https://www.investopedia.com/is-it-possible-to-get-a-usd-100000-personal-loan-7963262
- https://www.forbes.com/advisor/student-loans/100k-student-loan-monthly-payment/
- https://www.lendingtree.com/personal/what-credit-score-do-you-need-for-personal-loan/
- https://www.creditkarma.com/credit/i/credit-score-drop
- https://www.investopedia.com/what-is-the-max-amount-for-personal-loans-7643651
- https://www.credible.com/mortgage/700-credit-score-mortgage-rate
- https://www.linkedin.com/pulse/how-get-200k-business-loan-6-steps-llama-loan-y1rse?trk=public_post
- https://www.forbes.com/advisor/personal-loans/how-much-personal-loan-can-i-get/
- https://wallethub.com/answers/pl/monthly-payment-for-40000-personal-loan-1000450-2140762729/
- https://fortune.com/recommends/mortgages/how-much-salary-to-buy-400000-home/
- https://www.credible.com/personal-loan/20000-loan
- https://www.cnbc.com/select/is-700-considered-to-be-a-good-credit-score/
- https://www.marketwatch.com/guides/personal-loans/20000-personal-loan/
- https://www.mortgagecalculator.org/calcs/car.php
- https://www.cnbc.com/select/easiest-personal-loans/
- https://www.forbes.com/advisor/personal-loans/10000-loan/
- https://www.experian.com/blogs/ask-experian/how-much-can-i-borrow-with-a-700-credit-score/
- https://www.nerdwallet.com/best/loans/personal-loans/bank-loans
- https://lendingusa.com/blog/financing/how-to-get-a-60000-personal-loan/
- https://www.credible.com/personal-loan/30k-loan
- https://www.rocketmortgage.com/learn/mortgage-payment-on-200k
- https://www.bankrate.com/real-estate/income-needed-for-200k-home/
- https://www.creditstrong.com/raise-your-credit-score-100-points/
- https://www.fundingcircle.com/us/business-loan-calculator/
- https://www.cbsnews.com/news/how-much-house-can-i-afford-on-a-50000-salary/
- https://www.onlinemortgageadvisor.co.uk/mortgage-repayments/repayments-on-a-100000-mortgage/
- https://www.iifl.com/blogs/personal-loan/how-to-get-personal-loan-with-700-cibil-score
- https://themortgagereports.com/22502/how-to-buy-a-home-50000-per-year-income
- https://www.rocketloans.com/learn/personal-loan-basics/i-need-a-loan-but-keep-getting-declined
- https://www.banksathi.com/blog/things-to-do-to-raise-your-cedit-score-by-200-points-in-30-days
- https://www.sofi.com/learn/content/50000-personal-loan/
- https://www.upstart.com/credit-score/700-credit-score
- https://www.jdpower.com/cars/shopping-guides/how-much-should-i-expect-to-pay-each-month-on-a-40000-car-loan
- https://capitalbankmd.com/homeloans/mortgage-calculators/mortgage-required-income-calculator/
- https://www.quora.com/How-big-of-a-loan-can-I-get-with-a-700-credit-score
- https://themortgagereports.com/75530/down-payment-300000-house
- https://www.forbes.com/advisor/personal-loans/best-personal-loans/
- https://www.upstart.com/credit-score/735-credit-score
- https://www.moneygeek.com/personal-loans/how-to-get-a-30000-personal-loan/
- https://www.northwestregisteredagent.com/llc/bad-credit
- https://www.fool.com/the-ascent/personal-loans/articles/how-much-is-the-monthly-payment-on-a-10000-personal-loan/
- https://www.finn.com/en-US/blog/leasing/how-to-increase-your-credit-score-to-lease-a-car
- https://www.cnbc.com/select/what-is-the-28-36-rule-for-buying-a-home/
- https://www.jdpower.com/cars/shopping-guides/what-kind-of-car-financing-rate-can-i-get-with-a-700-credit-score
- https://www.bloomberg.com/news/articles/2020-06-23/ardonagh-lands-world-s-largest-direct-loan-at-over-2-billion
- https://finimpact.com/personal-loans/good-credit-score/how-much-borrow-with-700-credit-score.html
- https://wallethub.com/best-banks-for-personal-loans
- https://www.financialexpress.com/money/borrowings-ways-to-improve-your-credit-score-3027684/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-700-credit-score-1000508-2140806873/
- https://themortgagereports.com/44716/do-mortgage-lenders-have-minimum-mortgage-amounts
- https://www.credible.com/mortgage/100000-mortgage
- https://www.investopedia.com/easiest-personal-loans-approved-7644059
- https://www.greenlightautocredit.com/credit-information/is-700-a-good-credit-score-to-buy-a-car/
- https://caredge.com/guides/what-credit-score-do-car-dealers-use
- https://www.marketwatch.com/guides/personal-loans/10000-personal-loan/
- https://wallethub.com/best-personal-loan-600-credit-score
- https://wallethub.com/answers/pl/credit-score-to-get-30000-personal-loan-1000461-2140767467/
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-500-credit-score-1000508-2140806905/
- https://wallethub.com/answers/pl/monthly-payment-on-10000-personal-loan-1000450-2140762722/
- https://www.investopedia.com/credit-score-needed-personal-loan-7553033
- https://www.nerdwallet.com/article/loans/personal-loans/the-best-ways-to-borrow-money
- https://www.incharge.org/blog/can-my-credit-score-go-up-100-points-in-a-month/
- https://money.asda.com/personal-loans/loan-amounts/10-000-loans/
- https://www.nerdwallet.com/article/finance/750-credit-score
- https://www.marketwatch.com/guides/car-loans/auto-loan-interest-rates-by-credit-score/
- https://money.usnews.com/loans/personal-loans/articles/how-to-get-a-20-000-personal-loan
- https://www.onemainfinancial.com/resources/loan-basics/5000-personal-loan
- https://www.businessinsider.com/personal-finance/50000-personal-loan
- https://wallethub.com/answers/pl/monthly-payment-on-a-20000-personal-loan-1000450-2140762725/
- https://www.tescobank.com/loans/loan-calculator/
- https://www.marketwatch.com/guides/personal-loans/25000-personal-loan/
- https://www.boldermoney.com/blog/how-to-make-10-000-fast
- https://www.credible.com/refinance-student-loans/i-have-100k-in-loans-student-loan-consolidation
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-710-credit-score-1000508-2140806891/
- https://www.credible.com/personal-loan/50000-loan
- https://finance.yahoo.com/news/living-wage-family-four-needs-133117329.html
- https://www.creditkarma.com/personal-loans/borrow/20000-loan
- https://www.cnbc.com/select/3-things-to-do-before-interest-rates-are-cut-in-2024/
- https://www.onlinemoneyadvisor.co.uk/mortgage-payments/100000-mortgage/
- https://www.caranddriver.com/auto-loans/a43048531/what-credit-score-do-you-need-for-a-car-loan/
- https://finimpact.com/personal-loans/good-credit-score/borrow-with-750-credit-score.html
- https://wallethub.com/answers/pl/what-credit-score-do-i-needed-for-a-3000-loan-1000461-2140767345/
- https://www.credible.com/mortgage/150000-mortgage
- https://smartasset.com/retirement/how-long-will-100000-last-in-retirement
- https://www.lendingtree.com/personal/10000-dollar-loans/
- https://wallethub.com/answers/pl/monthly-payment-on-4000-personal-loan-1000450-2140762458/
- https://www.sofi.com/learn/content/10000-personal-loan/
- https://www.usatoday.com/money/blueprint/personal-loans/easiest-personal-loans-to-get/
- https://www.piramalfinance.com/personal-loan/50000-personal-loan
- https://www.creditrepair.com/blog/credit-score/why-you-might-be-denied-credit/
- https://wallethub.com/answers/pl/what-credit-score-do-i-need-for-a-20000-personal-loan-1000461-2140767460/
- https://www.marketwatch.com/guides/personal-loans/100000-personal-loan/
- https://www.sofi.com/learn/content/i-make-36k-a-year-how-much-house-can-i-afford/
- https://wallethub.com/answers/pl/30000-personal-loan-monthly-payment-1000450-2140762727/
- https://themortgagereports.com/18621/mortgage-credit-score-minimum-gina-pogol
- https://themortgagereports.com/70827/70k-per-year-salary-how-much-house-can-i-afford
- https://www.experian.com/blogs/ask-experian/what-is-a-cash-advance/
- https://wallethub.com/answers/pl/monthly-payment-on-8000-personal-loan-1000450-2140762720/