J.R. has 17 years of professional writing experience, was a three-time winner at the Florida Press Club Excellence in Journalism contest, and has edited and written about personal finance for the past seven years. His work has appeared at Investopedia, The Balance, LendingTree, and H&R Block.
Meredith Mangan is a senior editor at Credible. She has more than 18 years of experience in finance and is an expert on personal loans.
Updated March 21, 2025
Editorial disclosure: Please note that this article contains affiliate links. If you click through and purchase a product from one of our advertising or lending partners, we may earn a commission. The amount of commissions do not affect our editors' opinions or recommendations. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.” Please read our affiliate disclosure for more information.
Whether facing a financial emergency, covering a large expense, or consolidating debt, a $10,000 loan from a top lender such as LightStream or Best Egg could help. However, you'll need to know where to find the best $10,000 loan for your credit profile and what to consider when comparing lenders.
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
Same-day funding available
High maximum loan amount
No origination fee
cons
Good credit required
No prequalification process
Not available in Vermont
Loan amount
$5,000 to $100,000
Repayment terms
2 - 20 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Email
Soft credit check
No
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Upstart has one of the lowest available APRs of all Credible partner lenders and non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
pros
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
cons
May charge a high origination fee
No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
pros
Excellent customer reviews on Trustpilot
Funding as soon as the next business day
Large loan amounts available
cons
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Min. income
$45,000
Customer service
Live chat
Soft credit check
Yes
Time to get funds
Typically 1-3 days
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchases
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
$25,000
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
SoFi personal loans feature high loan amounts, competitive interest rates, same-day funding, and long loan terms, plus discounts for autopay and direct pay. Plus, SoFi offers live chat, a prequalification process that doesn't require your Social Security number, and free financial advice for customers. Unlike many other online lenders, SoFi is an FDIC-insured bank.
To qualify for an unsecured loan you may need to have good credit, but unlike other lenders, SoFi doesn't specify a credit score minimum. Minimum loan amounts start at $5,000.
pros
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
cons
Not transparent about minimum credit score requirements
5,000 minimum loan amount
Loan amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you.
Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.
pros
Offers peer-to-peer lending (individuals can invest in personal loans)
Can fund in 1 business day
Open to borrowers with fair credit
Low minimum APR
cons
Origination fee
Not available in Iowa or West Virginia
No discounts
Loan amount
$2,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except IA and WV
Min. income
$15,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
On average, within 5 days of accepting your offer
Loan uses
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers.
But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.
pros
Loans for bad credit
4.7 Trustpilot rating
Secured loans available
Cosigners considered
Next-day funding available
Easy to contact
cons
Does not accept self-employment income
Minimum 3-year loan term
Relatively low maximum loan amount ($25,000)
Origination fees up to 6%
Not available nationwide
No mobile app
No discounts for autopay or direct pay
Loan amount
$2,500 to $25,000
Repayment terms
3 to 5 years
Fees
$15 late fee except where the state has a different limit (ie. NM), return payment Fees - $20 except where state has a different limit (ie – NM), and no prepayment penalty
Discounts
None
Eligibility
Unavailable in CO, CT, HI, IA, ME, MD, MA, NV, NJ, NY, SD, VT, WA, and WV
Min. income
Sufficient disposal income
Customer service
Phone
Soft credit check
Does not disclose
Time to get funds
1-7 business days depending on loan security type
Loan uses
Credit card refinancing, debt consolidation, emergencies, major purchases, medical and dental expenses, moving expenses, special occasions, unexpected expenses, vacation and travel
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
pros
Borrowers with bad credit considered
$25,000 annual income requirement
Autopay and direct pay discounts available
Can fund in one business day
cons
High APRs
Potentially high origination fees
Not available in Iowa
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
$25,000 annually
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
pros
Flexible eligibility requirements
Offers secured options
Competitive bad-credit loans
Physical presence
cons
Availability
Origination fees
High starting APR
Low maximum loan amount
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
Same-day funding available
High maximum loan amount
No origination fee
cons
Good credit required
No prequalification process
Not available in Vermont
Loan amount
$5,000 to $100,000
Repayment terms
2 - 20 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Email
Soft credit check
No
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Upstart has one of the lowest available APRs of all Credible partner lenders and non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
pros
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
cons
May charge a high origination fee
No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
pros
Excellent customer reviews on Trustpilot
Funding as soon as the next business day
Large loan amounts available
cons
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Min. income
$45,000
Customer service
Live chat
Soft credit check
Yes
Time to get funds
Typically 1-3 days
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchases
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
$25,000
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
SoFi personal loans feature high loan amounts, competitive interest rates, same-day funding, and long loan terms, plus discounts for autopay and direct pay. Plus, SoFi offers live chat, a prequalification process that doesn't require your Social Security number, and free financial advice for customers. Unlike many other online lenders, SoFi is an FDIC-insured bank.
To qualify for an unsecured loan you may need to have good credit, but unlike other lenders, SoFi doesn't specify a credit score minimum. Minimum loan amounts start at $5,000.
pros
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
cons
Not transparent about minimum credit score requirements
5,000 minimum loan amount
Loan amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you.
Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.
pros
Offers peer-to-peer lending (individuals can invest in personal loans)
Can fund in 1 business day
Open to borrowers with fair credit
Low minimum APR
cons
Origination fee
Not available in Iowa or West Virginia
No discounts
Loan amount
$2,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except IA and WV
Min. income
$15,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
On average, within 5 days of accepting your offer
Loan uses
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers.
But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.
pros
Loans for bad credit
4.7 Trustpilot rating
Secured loans available
Cosigners considered
Next-day funding available
Easy to contact
cons
Does not accept self-employment income
Minimum 3-year loan term
Relatively low maximum loan amount ($25,000)
Origination fees up to 6%
Not available nationwide
No mobile app
No discounts for autopay or direct pay
Loan amount
$2,500 to $25,000
Repayment terms
3 to 5 years
Fees
$15 late fee except where the state has a different limit (ie. NM), return payment Fees - $20 except where state has a different limit (ie – NM), and no prepayment penalty
Discounts
None
Eligibility
Unavailable in CO, CT, HI, IA, ME, MD, MA, NV, NJ, NY, SD, VT, WA, and WV
Min. income
Sufficient disposal income
Customer service
Phone
Soft credit check
Does not disclose
Time to get funds
1-7 business days depending on loan security type
Loan uses
Credit card refinancing, debt consolidation, emergencies, major purchases, medical and dental expenses, moving expenses, special occasions, unexpected expenses, vacation and travel
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
pros
Borrowers with bad credit considered
$25,000 annual income requirement
Autopay and direct pay discounts available
Can fund in one business day
cons
High APRs
Potentially high origination fees
Not available in Iowa
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
$25,000 annually
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
pros
Flexible eligibility requirements
Offers secured options
Competitive bad-credit loans
Physical presence
cons
Availability
Origination fees
High starting APR
Low maximum loan amount
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Online lenders often provide the fastest personal loans. In most cases, you can get a loan quote (prequalification) in minutes without hurting your credit score. Once you've compared quotes from different lenders, you can choose a loan that makes the most sense and complete a more in-depth application.
(A full application often includes a hard credit check, which could temporarily lower your credit score.) Some online lenders can fund your loan within 24 hours of approving your application.
Banks usually offer personal loans through their websites or brick-and-mortar branches. The initial process of getting the loan is similar to online lenders: Most offer prequalification, but credit and income requirements might be stricter.
However, bank loans might appeal to you if you prefer customized service and face-to-face customer support. Some bank loans can take a week or more to fund.
Credit unions typically take you through the same process you'd go through with an online lender or bank. However, small credit unions may not offer a prequalification option, and credit unions usually require you to be a member to get a personal loan.
Like banks, it could take a week or more to get your funds. Credit unions are less likely to offer an app that you can use to manage your loan compared to online lenders and some big banks.
We reviewed a year's worth of data to find average rates received by borrowers using the Credible marketplace to get a $10,000 loan, and how likely they were to prequalify. Not surprisingly, borrowers with excellent credit received the lowest rates and were the most likely to qualify.
Credit score range
Avg. interest rate
Avg. borrower income
% Prequalified
Excellent
11.52%
$93,758
94.00%
Very Good
14.03%
$78,061
84.40%
Good
21.84%
$71,233
62.50%
Fair
29.70%
$66,145
21.90%
Data are for borrowers who used the Credible marketplace from March 2024 through February 2025 to get a $10,000 loan. Source: Credible
Top loan purposes for $10,000 loans
Most people who got a $10,000 loan through Credible used it for debt consolidation or credit card refinancing. But borrowers received the lowest rates for home improvement loans, on average.
Rank
Loan purpose
Avg. credit score
Avg. APR
1
Debt consolidation
695
23.23%
2
Credit card refinancing
693
22.68%
3
Home improvement
717
19.87%
4
Major purchase
713
24.79%
5
Bills or rent
688
26.61%
Loan purposes are for closed $10,000 loans (+/- $1,00) from March 2024 through February 2025 with average borrower TransUnion V9 credit scores. Source: Credible
Interest rates for $10,000 loans by loan purpose and credit score
In addition to your credit score, lenders consider how you want to use the loan when determining what APR to offer. The graph below shows how APRs varied by credit score tier and loan purpose for $10,000 loans through the Credible marketplace. For example, borrowers with poor credit received the lowest rates, on average, when they refinanced credit card debt.
What to consider when comparing $10,000 loans
APR
Interest rates and APR (annual percentage rate) are two different things. Interest rates reflect only the interest your lender charges, while APR includes your interest rate and upfront fees like origination fees.
The APR you receive is based on several factors, including your credit history, loan amount, and repayment term. Generally speaking, you'll get a higher rate if you have a lower credit score, and vice versa.
Additionally, lenders tend to charge a higher interest rate for longer repayment periods. For example, a lender may charge you 23% for a $10,000 loan repaid over three years but may bump the rate to 25% if you repay the loan over five years.
Fees
A common fee you'll see during your $10,000 personal loan search is an origination fee. It's a fee the lender charges to process and service your loan, and to offset the lender's risk, in some cases.
Not all lenders charge an origination fee. Those that do may charge a flat fee or percentage of your loan amount, then subtract that amount from your total before giving you the money.
So, if your $10,000 loan has a 5% origination fee, you'd receive $9,500.
Keep in mind
If your loan has an origination fee, you’ll need to borrow more than $10,000 to get your $10,000 since the fee is often subtracted from your loan amount.
Other charges you may see are late fees and ACH return or check refund fees. ACH refers to Automated Clearing House, a nationwide network financial institutions use to make electronic transactions. Some lenders, like LightStream, charge no fees whatsoever.
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
Same-day funding available
High maximum loan amount
No origination fee
cons
Good credit required
No prequalification process
Not available in Vermont
Loan amount
$5,000 to $100,000
Repayment terms
2 - 20 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Email
Soft credit check
No
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 20 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
pros
Same-day funding available
High maximum loan amount
No origination fee
cons
Good credit required
No prequalification process
Not available in Vermont
Loan amount
$5,000 to $100,000
Repayment terms
2 - 20 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Email
Soft credit check
No
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Your lender will likely give you multiple repayment lengths (“terms”) to choose from during your application process. Repayment terms differ depending on several factors, including your loan amount and loan purpose.
A general rule of thumb is that the shorter your repayment term, the lower your APR and the higher your monthly payment. With a longer repayment term, you generally have a higher APR and a lower monthly payment.
Note
Repayment periods often range up to five or seven years, but some lenders offer longer terms, especially if the loan is used for home improvements, or RV or boat financing.
Monthly payment
A key part of your decision about a personal loan is how much you'll pay each month. As you review your options for a personal loan, compare each lender's monthly payment and repayment term.
It may be worth getting a $10,000 personal loan with a slightly higher monthly payment in exchange for a shorter repayment term (as long as it comfortably fits your budget).
Total repayment costs
A loan's total repayment cost is the sum of your loan amount, fees, and interest. Your loan's total repayment cost gives you a clear picture of what it costs to borrow $10,000. Also, comparing total repayment costs from different lenders helps you see which lender offers better overall value.
Loan purpose
Your lender will ask why you need a loan during the application process. Common purposes you can choose from include debt consolidation, home improvements, medical bills, and moving expenses. Repayment terms and loan rates may be based, in part, on your intended loan purpose.
In general, you aren’t allowed to use a personal loan for a down payment on a home, tuition, gambling, or illegal purposes.
$10,000 loan cost comparison
This graph illustrates how different APRs can affect how much you'll pay over the life of the loan. The higher the APR, the more you'll pay. Notably, if you have bad credit and get an APR at the top of the range (near 36%), you could pay more in interest than the $10,000 you originally borrowed.
Steps to getting a $10,000 loan
Check your credit score: Knowing your credit score will help you determine which lenders you're most likely to qualify with — most lenders have minimum credit score requirements. Use a reputable source, like your bank or credit union to get your score.
Check your credit reports: Make sure there are no errors or misinformation on your credit reports with Experian, Equifax, and TransUnion. These could bring your score down or cause delays with your application. AnnualCreditReport.com is a reputable source that offers free credit reports weekly.
Determine how much you can comfortably afford: Use a personal loan calculator to get an idea of what you'll pay each month based on your credit score, varying repayment terms, and multiple interest rates. Make sure the monthly payment fits in your budget.
Research and compare lenders: Lenders vary in their fees and the benefits they provide. For example, some lenders offer discounts for autopay and for sending loan funds directly to your creditors if you're getting a debt consolidation loan.
Prequalify with multiple lenders: Multiple prequalifications can help you see which lender will most likely approve your application at the lowest rate. Use a personal loan marketplace to prequalify with multiple lenders at once. Just know that loan quotes are not offers, and your rate could be different once you apply.
Gather documentation: Your lender may ask you to provide documents proving your identity, address, and income. Acceptable documents include a driver's license, utility bill, and pay stub.
Review terms, sign, and begin repayment: If the lender approves your application, it will send you a contract to sign. Review the terms of the contract before signing. Be sure you know how much your monthly payment is and when your first payment is due.
The Federal Trade Commission has warned that some sites offer free reports as a front to collect (and potentially misuse) your personal information.
Alternatives to a $10,000 loan
0% APR credit card
0% APR credit cards are a common alternative to personal loans. The cards offer no interest on purchases for a certain period, such as 12 or 18 months. Any purchases you make and then pay off during that time are interest-free.
However, once the 0% period is over, you pay interest on your existing balance and any new purchases. And, in many cases, your interest rate will be higher than what you'd pay for a personal loan.
“With a personal loan, you get consistency: fixed payments, a set repayment timeline, and fewer curveballs,” First Foundation Bank chief operating officer Christopher M. Naghibi says. “That kind of predictability helps a lot of people stay on track. Honestly, there's real peace of mind in not having a looming deadline tied to a promo offer.”
You'll typically need at least good credit to qualify for a 0% APR offer. But if you want to refinance credit card debt, check your existing cards for 0% APR balance transfer offers.
The average interest rate for credit cards is 21.76%, while the average two-year personal loan rate is 12.33%, according to the Federal Reserve’s most recent data.
Payment plan (for medical debt)
Medical debt is a common reason for getting a personal loan. If you're facing a big medical bill and don't want to take out a $10,000 loan to cover it, ask your medical provider about payment plans.
You might be able to pay your balance over time through interest-free monthly payments to your provider or a medical credit card with deferred interest.
Warning
If you don’t pay back the amount borrowed in full before a deferred-interest period expires, you could be charged interest on the original amount. Read the fine print and ask questions on any deferred-interest payment plan you’re considering.
Use your home's equity
If you're a homeowner, lenders may be willing to give you a loan if you have at least 15% equity in your home. You could get a lower rate this way — via a home equity loan or home equity line of credit (HELOC) — and a longer repayment term.
However, loans can take a month or more to close, and your house will be used as collateral. This means you could lose your home if you can't make your loan payments.
It could be the best option if you're fortunate enough to have access to $10,000 through family and friends. However, borrowing $10,000 from loved ones can involve emotional and psychological complexities you wouldn't get if you borrowed from an online lender, says Steven M. Hughes, a financial therapist at behavioral sciences firm The Decision Lab.
“This may especially be true for individuals who are looked at as a financial success in their family and network. A borrower may also feel guilty having to ask for money because of past conversations and experiences (or lack of communication) around money.”
If using a family loan, formalize it with a family loan agreement specific to your state. Also, be aware of IRS applicable federal rates (AFR) for family loans to avoid tax implications.
FAQ
Is it easy to get a $10K loan?
Open
It depends. If your credit score is at least very good (a 740 FICO score or higher) and you have a job and income, getting a $10,000 personal loan should be relatively easy.
However, if you're unemployed and your credit is fair or worse (a FICO score below 670), getting a loan could be significantly harder.
What credit score do you need for a personal loan?
Open
It depends on the lender. Some lenders will not offer you a loan if your score is under 600, while others specialize in fair credit or bad credit loans. To get approved for a personal loan, reviewing the lender's credit score and income requirements first is best.
Can you get a $10K loan with bad credit?
Open
It's possible. However, you'll likely have a high interest rate, which means high loan costs, and you won't likely be approved for a high loan amount.
For example, someone with a credit score in the low 600s would pay, on average, about $3,000 more for a $10,000 personal loan over three years than someone with a credit score of 780 or higher.
How long does it take to pay off a $10K personal loan?
Open
It depends on your loan's repayment term, which you typically choose during the application process. However, you could pay off a $10,000 loan early with most lenders since few (if any) charge prepayment penalties.
In general, your repayment term will likely be no longer than seven years.
What can’t you use a personal loan for?
Open
Lenders won't let you use a personal loan to make a down payment on a home or pay for college tuition. Most also won't approve loans for business purposes or investing.
J.R. Duren has 17 years of professional writing experience, was a three-time winner at the Florida Press Club Excellence in Journalism contest, and has edited and written about personal finance for the past seven years. His work has appeared at Investopedia, The Balance, LendingTree, and H&R Block.
