You need a credit score of 580 or higher to get approved for a $10,000 personal loan in most cases. You will also need a steady income, be at least 18 years old, be a U.S. citizen or a permanent resident, and have a valid bank account.
Credit Score Required by Lenders That Offer $10,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| SoFi | $5,000 - $100,000 | 680 |
| American Express | $3,500 - $40,000 | 660 |
| Discover | $2,500 - $40,000 | 660 |
| Universal Credit | $1,000 - $50,000 | 580 |
| Upgrade | $1,000 - $50,000 | 580 |
| Prosper | $2,000 - $50,000 | 640 |
| Upstart | $1,000 - $50,000 | 300 |
| OneMain Financial | $1,500 - $20,000 | No minimum credit score required |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
You should keep in mind that your chances of approval do get better the higher your score is above the minimum requirement. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 02/13/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
To get approved for a $10,000 personal loan, you'll typically need a credit score of 620 or higher — though keep in mind that some lenders are willing to work with borrowers who have scores lower than this.
Is it possible to get a $10,000 loan with bad credit? ›
$10,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
What's the average payment on a $10000 personal loan? ›
Here's how much you'd pay each month for a $10,000 personal loan
| 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 |
Jan 17, 2024
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.
How big of a personal loan can I get with a 720 credit score? ›
Personal loan averages by credit score
| Credit score range | Average APR | Average loan amount |
|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
4 more rowsWhat is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
How to get 10k immediately? ›
Types of instant money loans
- Payday loans: Short-term loans typically repaid by your next payday.
- Personal loans: Unsecured loans with quick approval and disbursal, often used for various purposes.
- Emergency loans: Specifically designed for unexpected financial needs, with quick approval and funding.
Example 1: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected.
What do you need to get approved for a $10000 personal loan? ›
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
How much would a $8000 loan cost per month? ›
Example Monthly Payments on an $8,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $722 |
| 24 months | 15% | $388 |
| 36 months | 15% | $277 |
| 48 months | 15% | $223 |
3 more rowsAug 31, 2021
If you need money fast, here are some alternatives to consider when you can't get a loan.
- Research peer-to-peer lending.
- Explore loans from friends and family.
- Look at pawnshop loan options.
- Compare credit card cash loans.
- Seek information about government assistance programs.
Some lenders offer same-day funding while others may take up to five business days. Funding options. If you're using the $10,000 loan to consolidate debt, find out if the lender will pay off your creditors directly. Alternatively, you'll receive the loan as direct deposit and pay off your debts yourself.
What banks give personal loans? ›
Summary: Best Personal Loans From Banks
| Company | Forbes Advisor Rating | Current APR range |
|---|
| U.S. Bank | 3.5 | 8.74% to 24.99% |
| TD Bank | 3.5 | 8.99% to 23.99% |
| Discover | 3.5 | 7.99% to 24.99% |
| Wells Fargo | 3.5 | 7.49% to 23.24% |
2 more rows3 days ago
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
How rare is a 720 credit score? ›
Who Has a 720 Credit Score?
| Credit Score | Tier | Percentage of Americans |
|---|
| 720 – 850 | Excellent | 38.12% |
| 660 – 719 | Good | 17.33% |
| 620 – 659 | Fair/Limited | 13.47% |
| 300 – 619 | Bad | 31.08% |
Here is a list of our partners and here's how we make money. The typical minimum credit score needed to qualify for a personal loan is from 560 to 660, according to lenders surveyed by NerdWallet, but credit score requirements for personal loans vary across lenders and some may require a higher score.
What credit score is needed for a $10,000 loan? ›
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
What is the lowest credit score you can get a loan with? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
Can you realistically get a loan with bad credit? ›
You may be eligible to get a bad credit personal loan with a score below 580. Personal loan lenders specializing in bad credit loans may scrutinize your income and employment history more closely.
What's the biggest loan you can get with no credit? ›
Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered.
