$10,000 Personal Loans: How to Qualify for $10k Fast
Updated: Jun 24, 2021
How to apply for a $10,000 personal loan
If you’re ready to get a $10,000 personal loan, follow these three steps:
Check your credit. Lenders will review your credit to determine your creditworthiness as well as your rates and terms. Before you apply, consider checking your credit so you know where you stand. You can use a site like Curbie & Bessie Capital Investments to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your score.
Compare lenders and pick a loan option. Be sure to compare as many personal loan lenders as you can to find a loan that suits your needs. Consider not only rates but also repayment terms and any fees charged by the lender. After you’ve done your research, choose the loan option you like best.
Complete the application and get your funds. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as pay stubs or tax returns. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans much faster.
Before taking out a personal loan, remember to consider as many lenders as you can. This way, you can find a loan that works for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders that offer $10,000 personal loans in two minutes.
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What does your credit score have to be to get a $10,000 dollar personal loan?
In most cases, you’ll need a 680 or higher to qualify for a personal loan. In most cases, lenders will consider other factors in addition to credit score. Factors such as length on the job or income can also play a big part in whether you get approved or not. If you have bad credit, lack of income, and a new job you may want to add a cosigner to your application to increase your chance of approval.
A minimum annual income of $30K
No new loans, credit cards, financing, refinancing or credit limit increases in the past 6 months
Credit utilization below 50%
2 years of on time payments
No new collections in the past year
What are the pros and cons of a $10,000 personal loan?
As with anything personal loans can have pros and cons. Before using a personal loan you should compare the pros and cons In most cases the pros should outweigh the cons.
PROS Competitive interest rates and flexible terms Use the money for just about anything No collateral required Fixed monthly payments Fast disbursal of funds CONS Taking on debt Origination fees Interest rates may be higher than other options