Top Ten $10000 Loans
(unsecured & secured)

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Last updated on October 31 2018

Commentary for informational purposes only. See legal disclaimers here.
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Today we are going to feature our top 10 lenders who approve $10000 loans for applicants who have credit scores ranging from bad to good. Some of these loans are secured with collateral, and some are unsecured.

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Criteria of Lenders

We chose these lenders using the following criteria:

  • must approve at least $10000
  • must have a high trust rank
  • must serve USA citizens
  • must approve good AND bad credit
  • must be licensed in more than one State
  • must provide loans online (website)
  • must provide a quality user experience
  • must have a secure website using SSL

Our short list of lenders is numbered in accordance with the interactive map featured below. This map shows the head office locations of the lenders. Please note that you won't get your loan approved at these offices; these locations are for administration only. To get a loan approved with these companies, you should start on their website(s) which we link to below.

If you have a bad credit rating, your APR will be more than a borrower with a fair or good score, so please consider using our borrower checklist before applying.

Top 10 Lenders for $10000 Loans

Note: We do not receive compensation from any of the lenders in this list.

Lenders' Head Office Map

Courtesy of Google Maps - for informational purposes only.

Tap Map Image for Interactive

$10000 Loan Providers' Head Offices Map - Initial Static Image


Compare The Lenders

Note: lending laws vary from State to State - this
data is based on their typical loan approvals.

Lenders Who Approve Bad Credit $10000 Loans

1.) NetCredit : Min Score 550 (variable by State)
fixed rates between 16% and 36%
Learn more about NetCredit

2.) CashUSA : bad credit scores welcome with
fixed rates between 6% and 36%
Learn more about CashUSA

3.) OneMain Financial: bad credit OK
fixed rates between 16% and 36%
Learn more about OneMain Financial

4.) We Find Lenders: bad credit scores welcome
fixed and variable rates between 8% and 35.4%
all loans vary greatly depending on lender
Learn more about We Find Lenders

5.) Even Loans: credit scores starting @ 580
fixed interest rates between 5% and 36%
Learn more about Even Loans


Lenders Who Approve Fair Credit $10000 Loans

6.) Payoff: fair credit scores starting @ 640
fixed rates between 6% and 26%
Learn more about Payoff Loans

7.) Lending Club: fair scores starting @ 660
fixed rates between 7% and 36%
Learn more about Lending Club

 

Lenders Who Approve Good Credit $10000 Loans

8.) Credible: good to excellent credit from 680+
fixed rates between 5% and 36%
Learn more about Credible

9.) FreedomPlus: good/excellent credit 690+
fixed rates between 5% and 30%
Learn more about FreedomPlus

10.) LightStream: good/excellent credit 685+
fixed rates between 6% and 34%
Learn more about LightStream

 

Can You Afford a $10000 Loan?

Bad Credit Borrower Checklist


This checklist will help you decide if you can afford the cost of a $10000 loan, and help you prepare for the application process.

When you're done you will know your credit score, credit classification, resulting APR, and total monies paid to the lender. These are just estimates. (see terms of service).

Know Your State's Usury

Simply visit our directory here and tap your State. Near the top of the page you will see the usury law snippets that are applicable to lenders in your State. You can also find links to the government authority on lending in your State.

Most people aren't interested in knowing what the legalities are, but we encourage you to check it out.

Get Credit Score & Classification

You will need an updated credit rating report. You can use one of the companies listed below if you don't already know your score. These three are good options - many more online.

Not ordered by best or worst. We are not affiliated with these companies and do not receive financial compensation when you use their service(s). Please read our terms of service.

Credit Sesame

Credit Karma

Quizzle

Once you know your credit score, compare it with the chart below to see what your classification is (as lenders will see you). This will speed up the process so you're not applying with lender's who won't even consider your request. Note the cut off between bad credit and fair is the magic 640 number so prevalent in the consumer finance world.

Credit score classification

 

Estimate Annual Percentage Rate

APR reporting tool

Use our proprietary APR Estimation Tool to get a rough estimate on the annual percentage rate you are likely to be paying if and when you approved. This is still a work in progress, but it's secure and handy!

APR ESTIMATOR

A free tool from WeFindLenders.com
For estimation purposes only - read terms of service.

Estimate Total Cost of Loan

This is where the rubber hits the road (if you please). Now that you have the estimated APR, and the loan amount of $10000 (we pre-populated the field for you), you can try different term lengths to see an estimate of how much interest you would pay. Also, the total you would pay the lender over the lifetime of the contract, and the monthly payment.

Loan Calculator (pre-set 10000)

A free tool from WeFindLenders.com
For estimation purposes only - read terms of service.

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  Loan Amount
  APR Estimate
  Term In Yrs
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  Mo. Payment
  $$ To Lender
  $$ of Interest

Gather Your Documentation

You will need this documentation for lender(s):

  • drivers license for gov issued ID
  • proof of income (pay stubs, tax return)
  • employer address (if employed)
  • credit history report
  • rental or home ownership history
  • proof of assets, account statements, etc.
  • complete documentation of debt
  • phone, email, and home address

Great! You should be good to go!

Tap here to browse lenders

 

Top 10 Reasons for a $10000 Loan

1. Debt Consolidation

A very common reason for wanting a ten thousand dollar loan is debt consolidation. Although 10K isn't a huge amount of personal debt (in the long run), sometimes the interest being paid out on multiple balances can be much higher than if you had one loan with a lower rate.

2. Avoid Eviction

Sadly, there are Americans facing eviction every day. A $10000 personal loan may temporarily solve their problem with the bank and give them breathing room to earn more money going forward. However, unless there is a good bump in monthly income, and a realistic budget in place, the borrower(s) may find themselves in the same situation just months down the road.

3. Pay Off Credit Cards

The all to common credit card debt. Some people will pay off all their creditors with their credit cards, leaving them with a very high interest rate which can become unmanageable. $10000 is a typical amount when trying to clear off credit card balances.

4. For Moving Expenses

Moving expenses may all of a sudden be required when having to relocate. You may have to move for a better paying job so you can get "back in the black", but you have to take on more debt temporarily until you start getting paid from your new employer. $10000 is a common cost for moving expenses.

5. Repair Bills

Ah yes, those dreaded surprise repair bills! That oven that breaks down in the middle of cooking your family's thanksgiving dinner. The transmission in your car that up and dies. The roof that starts leaking. Emergency items that have to be dealt with ASAP.

6. Medical Expenses

Also the uninvited and unwelcome reality of a medical problem. If the medical problem is serious it can cost a lot more than $10,000, but thousands of Americans struggling with money problems get sick and end up requesting loans for this amount.

7. Education

Whether to pay off existing student loans, or to start a new adventure in a new field of expertise. Hopefully, whatever schooling you're taking will put you in a position to earn enough money in the future to easily pay off your new debt.

8. Purchase of a Vehicle

Extremely common! The trusted old Buick finally gives up the ghost, and you HAVE to have transportation. You have to get to work, and make sure the family gets to school, work, and the grocery store. Some folks live in urban areas where they don't even need a car, but that isn't the norm.

9. Pay for Wedding

Although $10000 isn't enough for a big wedding, that amount can be added to an existing budget. Or perhaps it's the perfect amount to cover the wedding, the honeymoon, the party, and the rings.

10. Home Renovation Project

You're finally going to get the home renovation done, but you don't have the money saved up to cover all expenses. If you have a good solid income from employment (or elsewhere) then you would have no problem borrowing $10000 towards the reno costs.

 

Recommended Reading
&
Expert Tips

Recommended Reading for Bad Credit Borrowers

 

Alternatives to a $10000 Loan

  1. ask a family member
  2. ask a friend
  3. payroll advance from employer
  4. sell something you don't need
  5. cash in a retirement benefit
  6. get a home equity loan (if you own property)

Beware of Loan Scams

Unfortunately, there's always a scammer lurking around the corner. You need to keep your "spidey senses" alerted to these predators. They'll offer you the stars, the sun, and the moon (3% loan with a 300 credit score with no fees) if you go ahead and wire them some money first.

Never consider a loan offer when the "lender" is asking for money up front (for any reason). That is a sure sign you're dealing with a scammer.

It's best to only approach companies that have some sort of solid background in lending. If you do come across a "lender" asking for money up front, consider reporting them to a legal authority of some kind. You can visit our state directory, tap your state, and use the complaint processes we've provided.

Here are 3 great reads on avoiding loan scams:

1.) Personal loan scams: from Finder.com

2.) 7 Ways to Spot a Loan Scam: from Bankrate

3.) Loans to avoid: from Debt.org

 

5 Expert Tips Before Signing

1.) Read The Loan Agreement

Make sure you read the loan agreement/contract thoroughly, and if there is something you don't understand in the document, ask the lender to clarify.

"...If you always stop to read the fine print before signing anything, congratulations — your parents trained you well. If you don’t, beware: Your signature could commit you to a long-term gym membership you don’t really want, an apartment you can’t afford or worst of all, paying off someone else’s loan you cosigned..." read full article

from Jason Alderman @ Huffpost

2.) Choose the Right Lender For You

Always choose a lender that will provide the best service for YOUR needs. Try your local bank or credit union branch before resorting to online lenders who may be out of State.

"You don’t have to do business with the first lender you come across, and one of the best ways to find the right one for you is to shop around. Contact multiple lenders and ask plenty of questions, using the criteria you’ll read about later in this article. Compare the interest rates, loan terms, and other loan information until you find a loan that matches whatever criteria you’re looking for.

There are pros and cons to using different kinds of lenders. State-regulated lenders, for example, are lenders that are not affiliated with a bank. Peer-to-peer lenders match borrowers with individual lenders and often offer favorable interest rates to people with higher-than-average credit scores. Other lender types include lenders affiliated with Native American tribes and offshore lenders that operate out of other countries..." read full article

from Steven Wyble @ Ask A Lender

3.) Watch Out For Origination Fees

Watch out for origination fees. When the lender quotes your interest rate, that won't include your origination fees (if there is any). Always ask for the APR on the loan because that includes origination fees.

"I reviewed the fee policies of about a dozen companies that offer personal loans online. Most of them charge an origination fee. That fee can range from nothing to as much as 8% of the loan and is based on creditworthiness and the length of the loan term. Borrowers who are deemed a credit risk will pay a higher origination fee..." read full article

from Mike Cetera @ Bankrate

4.) Know Your Monthly Budget

It's so important to know your actual monthly expenses and actual income. So often people don't really know how much they spend each month. If your income can't cover your living expenses now, you sure can't afford another loan payment.

"After you've determined your monthly take-home, divide it by 2. For most people, the number that you calculate is the upper limit of how much you should spend on all your "necessary" expenses. These include housing, transportation, groceries and utilities. If you don't typically use a set amount for your groceries, allocate a reasonable amount now, a number that you can easily stick to..." read full article

from Laura Shin @ Forbes

 

Expert Video On Money Management

Why a Budget is Crucial

Tap image to watch video.

Dave Ramsey Video on Money Management - Initial Static Image



Case Studies: $10000 Loans

These case studies may be useful in that you might see yourself in these stories and get a better understanding on what you can do to deal with bad credit and money management.

Case study #1: $10000 loan with bad credit

Case study #2: $10000 loan with good credit

 

List of $10000 Loan Providers

1.

Service Description:
NetCredit Installment Loans
(From Enova International)

Head Office:
175 W Jackson Blvd, Chicago, IL 60604

Website:
www.enova.com

Loan Maximum:
$10,000 as per state law

Loan Minimum:
$1000

Term:
6 months - 5 years and/or as per state law

Collateral:
unsecured and secured loans

Funding Time:
varies by borrower & loan type

APR/Total Costs:
35 percent to 160% or as per state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA social insurance #, credit score > 550

Tap for their list of states serviced and more...

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view map location #1 for NetCredit

 

2.

Service Description:
CashUSA Installment Loans

Head Office:
848 N Rainbow Blvd #4422, Las Vegas, NV 89107

Website:
www.cashusa.com

Loan Maximum:
$10,000 or as allowed by state law

Loan Minimum:
$500

Term:
3-72 months or as allowed by state law

Collateral:
unsecured & secured loans

Funding Time:
minimum one full business day

APR/Total Costs:
dependant on borrower's score & state

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income of $1000 per month after taxes paid, proof of permanent United States citizenship

Tap for their list of states serviced and more...

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view map location #2 for CashUSA

 

3.

Service Description:
OneMain Financial Personal Loans
(From OneMain Financial Holdings, LLC)

Head Office:
601 Northwest Second Street, Evansville, IN 47708

Website:
www.onemainfinancial.com

Loan Maximum:
$30K or as per state law

Loan Minimum:
$1,500 or as per state law

Term:
2 years - 60 months or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
17% - 36% or as applicable by state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, proof if USA citizenship

Tap for their list of states serviced and more...

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back to comparison index

view map location #3 for OneMain Financial

 

4.

Service Description:
We Find Lenders Bad Credit Loans

Head Office:
35400 Bob Hope Drive, Rancho Mirage, CA 92270

Website:
www.wefindlenders.com

Loan Maximum:
$200K or as per state law

Loan Minimum:
$300 or as per state law

Term:
1 year - 30 years or as per state law

Collateral:
unsecured and secured loans

Funding Time: as per lender

APR/Total Costs:
as per lender & state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, proof of steady income, proof if USA citizenship

Tap for list of states serviced and more...

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view map location #4 for We Find Lenders

 

5.

Service Description:
Even Financial Personal Loans

Head Office:
43 West 24th Street, New York, NY 10010

Website:
www.evenfinancial.com

Loan Maximum:
$100K or as per state law

Loan Minimum:
$1000 or as per state law

Term:
2 - 7 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
5% - 36% as per lender & state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA citizen

Tap for their list of states serviced and more...

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view map location #5 Even Financial

 

6.

Service Description:
Payoff Personal Loans

Head Office:
3200 Park Center Drive, Suite #800, Costa Mesa, CA 92626

Website:
www.payoff.com

Loan Maximum:
$35K or as per state law

Loan Minimum:
$5000 or as per state law

Term:
2 years - 5 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
6% - 25% or as per applicable state laws

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, USA citizenship, credit score of 640+ (barely in the bad credit upper range), no delinquencies with other creditors in past 90 days, 3 years credit history with debt to income % not greater than 50%, must not be carrying installment loans with other creditors at the time of application process with them

Tap for their list of states serviced and more...

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view map location #6 for PayOff Loans

 

7.


Service Description:

Lending Club Peer-To-Peer Loans

Head Office:
71 Stevenson St #1000, San Francisco, CA 94105

Website:
www.lendingclub.com

Loan Maximum:
$40,000 or as per state law

Loan Minimum:
$1000

Term:
3 - 5 years

Collateral:
unsecured and secured

Funding Time:
variable

APR/Total Costs:
varies by customer score and state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking account, steady monthly income, proof of US citizenship

Tap for their list of states serviced and more...

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back to comparison index

view map location #7 for Lending Club

 

8.

Service Description:
Credible Loan Network
(from Credible Operations, Inc)

Head Office:
22 4th St 8th floor, San Francisco, CA 94103

Website:
www.credible.com

Loan Maximum:
$100K or as per state law

Loan Minimum:
$1000 or as per state law

Term:
2 - 7 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
approx. 5% - 36% varied from lender & state law

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, USA citizenship, good to excellent credit

Tap for their list of states serviced and more...

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back to comparison index

view map location #8 for Credible Loans

 

9.

Service Description:
FreedomPlus Personal Loans

Head Office:
2114 E Rio Salado Pkwy, Tempe, AZ 85281

Website:
www.freedomplus.com

Loan Maximum:
$100K or as per state law

Loan Minimum:
$35,000 or as per state law

Term:
3 months - 12 years or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
5% - 30% or as state law requirements

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, United States Citizen, DTI (debt to income ratio) forty percent or lower, good to excellent credit

Tap for their list of states serviced and more...

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view map location #9 for FreedomPlus

 

10.

Service Description:
LightStream Personal Loans
(Division of SunTrust Bank)

Head Office:
9606 Aero Dr, San Diego, CA 92123

Website:
www.lightstream.com

Loan Maximum:
$100K or as per state law

Loan Minimum:
$5000 or as per state law

Term:
2 years - 60 months or as per state law

Collateral:
unsecured and secured loans

Funding Time:
variable

APR/Total Costs:
variable by state law & credit score

Requirements:
over 18 years old, not in bankruptcy or debt settlement, have checking or savings account, steady income, proof of USA citizenship

Tap for their list of states serviced and more...

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back to comparison index

view map location #10 for Lightstream

 

 

Bad Credit Borrower Case Studies

$10000 Loan With Bad Credit: From Cincinnati OH

Marion from Cincinnati was looking to get approved for $10000 loan so she could pay off the balances listed below:

$2000 Visa card
$3000 Amex card
$1500 Master card
$2500 Discover card
$1000 Cash Advances

These balances are tiny in the grand scheme of things, but when added up they do rise to a level for concern; especially for someone who has a low salary like Marion. She works as an attendant at an Exxon station not far from her house.

Althought $10K is a lot of money for her, but most traditional banks are not keen to go through the effort of approving a loan for that amount. Of course not all banks and credit unions think this way, but it did cut down her options for a traditional approval.

She was unsuccessful in getting approved for the $10000 with her own bank branch. She also went to a credit union and applied for the loan - she was denied approval there too.

She did eventually succeed in getting approved with a bad credit lender online. The rates weren't nearly as low as she wanted, but with her FICO score being in the low 600 range, she didn't have any other options (well...none she could see at the time).

However, the rate she was approved for was low enough that it beat the rates of her current balances. So let's take a look at the final calculation in Marion's example:

• Debt Consolidation Amount = $10,000
• Interest Rate = 16.45%
• Term Length = 36 months / 3 years
• Monthly Payment = $353.80
• Total Paid Back = $12,736.66
• Total Interest = $2,736.66

It's not the worst deal possible for Marion since her credit score was low at the time of applying. With a credit score that low she wouldn't likely get approved with any traditional lenders in Ohio (or any State).

The private lender who provides loans to people with low credit scores won the deal in the end. The 16.45% rate was extremely competitive. Marion wanted a rate more in the range of 6%-7% but that wasn't going to happen without a co-signer or some form of security.

In the end she felt lucky to even get approved.

Nation wide lender #1 @ 21.23%
Nation wide lender #2 @ 16.45%
OH State lender #1 @ 25.65%
Oh State lender #2 @ 19.45%
Cincinnati lender @ 15.56%

Marion was quick to pay off all of her creditors. She couldn't wait to get rid of all her unsecured credit card debt, and was thrilled to get rid of the cash advance company that was breathing down her neck at the time.

In the end, this experience was for Marion was OK, but she has a long way to go. She had to stick to a tight budget and get more organized with her personal finances. She has to try and find a way to make more money and spend less.

It's sounds so simple, but it's actually very hard to completely change your lifestyle habits (right Dave Ramsey). You have to be determined to change your financial future and work towards your vision.

It's about making the difficult choices.

$10000 Loan With Good Credit: In Scranton PA

Edmund wants to start his own consulting business and needs a $10k loan to help cover some of the items he needs to get his business started.

He has already spent about $4000 and plans to spend another $6000 to properly prepare. Luckily in his case he has good credit.

He is working out of his home, and needed to purchase a computer, some equipment and furniture to get his fledgling business off the ground.

Edmund retired about one month ago and decided to continue working on a contract basis. He left his job with no computer and no software that he could use.

He also had to incorporate his small business, arrange for business cards, letter head, buy a desk, a filing cabinet, a computer, specialized software, and hire an accountant.

By the time he is done he will have spent almost $10k which he is charging to his credit cards. He will need to consolidate all of his debt into one loan with a low interest rate.

Edmund already has a contract that will keep him busy for at least a year. His contract is based on milestones met, which in turn determines when he will be paid.

The first milestone is due in 2 months and as long as it's met, he will send in an invoice and be paid within the next 30 days.

This $10000 loan will bridge the time between when he is paid for the 1st milestone and also help him consolidate his credit card bills.

This loan with a five year term, and 4.6% interest rate for would cost him the following:

• Loan Amount (principal) = $10000
• Interest Rate = 4.6%
• Term Length = 2 year
• Monthly Payment = $436.75
• Total Paid Back = $10,481.91
• Total Interest = $481.91

Normally it is very difficult for small business proprietors to obtain a loan. However, Edmund, is retired and on a full pension with benefits from his company.

He also has a good credit rating, equity in his home, and very little other debt. In other words, he is a good credit risk, and as long as he is willing to personally guarantee this loan, he will likely be approved.

As part of his application, Edmund was willing to provide a copy of his initial contract, which also indicates the milestone deliverables along with estimated cash flow.

Based on this contract he will be able to repay the loan in less than one year, even though he asked for a five year term.

The longer term request was simply to keep the monthly payments low until he is able to repay the loan from the proceeds of the contract.

Although Edmund is retired he still wants to keep working and what better way to continue working than on a contract basis.

He can decide when he wants to work, what projects he takes on, and when he wants a break. Although there is some risk, and he does have to spend some of his own money up front, he is achieving his dream of being his own boss.

Conclusion

I hope this helps you make a smart decision when looking for a $10K loan. Try to get approved with your local bank or credit union first. If you can't succeed in getting approved because of a low credit score, you may need to find an online company willing to take your business. But beware, don't take out another loan (from any lender) with a crippling APR.

Hope you stay well, and good luck.

Sincerely,

Lance Somerest M.S.F


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About the Author:

Lance Somerset holds a degree from the University of Illinois. His expertise is in the field of personal finance, and is a fact checker for various online outlets in the United States. He was raised in Chicago, and now resides in Rancho Mirage, CA. Visit Lance on Quora if you would like to ask him a question.

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