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Good and bad credit history borrowers can apply for a variety of loans up to $10,000 - secured, unsecured, short-term, long-term and business. These loans will vary in their eligibility criteria and in their cost. Make sure to consider the purpose of the loan before applying for a $10,000 loan, as this can change the way that the loan is structured and may affect the cost of repayments.
What to consider
Lenders usually 'personalise' rates for borrowers based on factors such as their credit score, expense history, employment status, income and asset ownership. Borrowers with bad credit history will usually be charged a higher interest rate than borrowers with good credit.
Lenders that specifically cater to customers with bad credit history are usually 'short-term' lenders, with most offering between 1-2 years to repay the loan. If requiring a loan, prospective applicants who know that they have poor credit histories should consider applying for a smaller loan amount, where possible, as shorter loan terms for larger funds mean higher monthly repayments.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
There are several types of $10,000 loans that are designed for specific purchases or borrowers. These include:
Loans for large purchases
Loans for large purchases (such as car loans) can often be backed by the asset.
For bad credit borrowers, some of the higher costs associated with having a low credit score may be mitigated by asset security, as this reduces the risk of default to the lender. It's important to know that by leaving an asset as security a loan customer gives the loan provider the right to repossess the property in case of default, to cover the loan costs. Borrowers should only leave asset security if they are sure that they will not struggle with repaying the loan.
Loans for life expenses
Other types of secured personal loans for expenses such as medical bills, renovations, weddings or holidays, rather than concrete assets, may be secured using the equity in a person's home.
Bad credit history borrowers looking for personal loans of up to $10,000 for non-concrete purchases who are unable to provide asset security may also be able to apply for a loan using a guarantor.
If someone is unable to supply a guarantor, there are still some lenders who offer bad credit history unsecured loans, provided that customers can show proof of earnings. Be aware that these will likely have very high costs and fees attached.
Business loans
If borrowing on behalf of a business, there are lenders who are willing to look past blemishes on a borrower's credit history if the business in question is financially stable. These loans may not require asset security, as some can be secured against unpaid invoices.
A $10,000 loan taken out for business purposes is very different to one taken out for personal use. Business loans usually come with higher maximum loan amounts, with some lenders able to approve loans of up to $500,000. These loans are generally available to both established businesses and startups.
Even with mitigating factors such as asset security, a guarantor and/or a financially stable business, any borrower with bad credit history will likely be charged a higher rate than a borrower with good credit and should make sure that they can afford the repayments, before applying for a loan.
Borrowers with good credit
Borrowers with good credit will generally have more options available to them if they're looking at borrowing $10,000. They'll likely be able to apply with a traditional lender such as a bank and enjoy lower rates and fees than if it were a bad credit loan. They may also find that their current bank offers same-day funding to existing customers. Depending on a person's income and other financial circumstances, they may be eligible for a secured or unsecured loan. For customers with blemishes on their credit histories, taking steps to improve their credit prior to applying for a loan may be beneficial.
Securing a loan
Secured loans are less risky for lenders as they can use the asset to recoup their losses should someone default on the loan. Because of this, these loans come with lending criteria that are more flexible than if the loan was unsecured. Typical assets used to secure a loan include a vehicle or equity in a property, but some lenders also allow for other things such as jewellery.
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Compare $10,000 loans for bad credit borrowers
Having bad credit history can often make applying for loans more difficult. However, there are lenders who are willing to provide loans to applicants with less-than-perfect credit histories, and some finance providers that specifically cater to bad credit borrowers. It should be noted that these loans usually come with high fees, such as expensive establishment, late payment and default fees, and high interest rates attached. This is because borrowers with low credit scores pose more risk to lenders.
Swoosh Finance
Swoosh Finance
From
47 %p.a.
variable rate
From
66.03 %p.a.
comparison rate
Borrow up to $4,584
Loan term up to 1 years
Instant online decision
100% confidential application
Swoosh Finance
Swoosh Finance offer fast, reliable, and hassle-free secured loans up to $4,584 for when you are in need of money.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Other brands you can consider for a bad credit loan up to $10,000
Lender
Loan amount
Repayments
Criteria
Find out about products
MoneyMe
$500 to $50,000
Repayment terms of between 1 month and 5 years are available depending on how much you borrow.
You'll need to be over 18, an Australian resident and currently employed. A good credit history will help your application.
Fair Go Finance
$2,250 to $10,000
Loan terms up to 3 years.
You'll need to be earning at least $500 a week and be 18 years old, a permanent Australian resident and in regular paid employment.
Calculate how much repayments will be on a $10,000 loan
Calculating repayments prior to submitting a loan application is an important step in any financial journey, as it allows applicants to factor the cost of a loan into their lifestyle and budget before making a commitment.
Loan Repayment Calculator
*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.
How to compare $10,000 loans
When considering what loan to apply for, it's important to compare loan features, as some lenders will have more competitive options than others. Here are some things to look at:
Fees. What fees will be charged with this loan? Remember to consider the ongoing fees as well as any charges you will have to pay at the onset.
Turnaround time. The time it takes to get a loan approved and for the funds to be transferred will differ between lenders.
Repayments. How can the loan be repaid (direct debit, by phone, online)? Are there penalties for early repayment? How long is the loan term? Consider before applying.
A checklist for bad credit borrowers
Calculate the repayments. Consider the higher end of the interest rates on offer by the lender and calculate how much repayments would cost if you were offered this rate. If it's too much, consider waiting until your credit score has improved before applying.
Review the eligibility criteria carefully. Do this before you apply to make sure you're eligible. Look for things like minimum income, employment requirements, etc. Rejected applications reflect badly on your credit record.
Submit all necessary documents. Check what documents are needed and make sure you're able to send everything required.
Consider asset security, a joint application or a guarantor. These can improve the approval rate of applications.
Matt Corke is Finder's head of publishing for rest of world and New Zealand. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.
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You'll receive a fixed rate between 5.35% p.a. and based on your risk profile. Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a. Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Hi, I urgently need between $6000 and $7500.
My credit score is around 550, I have a boat that I could use as collateral and possibly a guarantor. I have a full time job. and can afford up to $150 per fortnight. will there be someone who can help me?
The page offers us a list of lenders that you could reach out to. The loan amount may depend on your qualification to get approved by the loan. Having collateral or a guarantor raises your chances of getting the loan amount you are looking for. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
I work full time with a great wage and have been with the company for over 7 years but I have a bad credit due to a bad separation over 7 years ago, am I able to get a car loan?
I am sorry about what happened to your credit record. Anyway, there are lenders that can consider you for a car loan despite you having bad credit. Please refer to our bad credit car loans page. The page will guide you on how to compare car loans for bad credit. Please take note that bad credit car loans usually have higher interest rates than regular loans and will often have higher fees as well.
After comparing please, click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
Tips on being approved if you have bad credit
Review the eligibility criteria: Do this before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Submit all necessary documents: Check what documents are needed and make sure you are able to send everything that is required.
Consider a joint application or guarantor: This can help get your application across the line.
Once you’re all set, you can choose the lenders on the page provided.
Hope this helps! Feel free to message us anytime should you have further questions.
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
You can take out a loan even if you have bad credit, however, this would be with non-traditional lenders.
Before you even apply for a loan, review the eligibility criteria you need before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Make sure that you submit all necessary documents. Check what documents are needed and make sure you are able to send everything that is required. You may also consider a joint application or guarantor. This can help get your application across the line.
There are usually certain requirements you’ll need to meet and you may be required to secure the loan with an asset. Some lenders may also allow you to submit a joint application if you don’t meet the criteria, so find out about all the options you have to help your chances of being approved. The interest rate on these loans is usually set on an individual basis.
You can choose from the lender’s list in the information above. Hope this helps! Feel free to message us anytime should you have further questions.
I need a loan of 10000 to 15000 i am currently unemployed as i have a broken neck and my credit score is 666 i have a guarantor to help this along. But dont know who would be the best to go through someone please help me
Thanks for your questions and for contacting finder.
Sorry to hear that you’re unable to work. Hope you get better soon!
No need to worry as we have guarantor loans available for your review. A guarantor loan is asking someone to guarantee your loan and to take on your debt if you default on your loan. If you agree to go guarantor on someone’s loan, you become legally responsible for the debt if they become unable to manage their repayments.
If you are a guarantor and you apply for further credit of your own, you will need to list the guarantee on your application. You may also have put up an asset to guarantee someone’s loan, such as equity in your home or a car, and you will no longer be able to use that asset as your own collateral for credit.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
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Do you really need a loan today?*
Hi, I urgently need between $6000 and $7500.
My credit score is around 550, I have a boat that I could use as collateral and possibly a guarantor. I have a full time job. and can afford up to $150 per fortnight. will there be someone who can help me?
Hi Andrew,
Thank you for reaching out to Finder.
The page offers us a list of lenders that you could reach out to. The loan amount may depend on your qualification to get approved by the loan. Having collateral or a guarantor raises your chances of getting the loan amount you are looking for. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I work full time with a great wage and have been with the company for over 7 years but I have a bad credit due to a bad separation over 7 years ago, am I able to get a car loan?
Hello Sarah,
Thank you for your comment.
I am sorry about what happened to your credit record. Anyway, there are lenders that can consider you for a car loan despite you having bad credit. Please refer to our bad credit car loans page. The page will guide you on how to compare car loans for bad credit. Please take note that bad credit car loans usually have higher interest rates than regular loans and will often have higher fees as well.
After comparing please, click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
how do i apply for a loan
Hi Doris,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
Tips on being approved if you have bad credit
Review the eligibility criteria: Do this before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Submit all necessary documents: Check what documents are needed and make sure you are able to send everything that is required.
Consider a joint application or guarantor: This can help get your application across the line.
Once you’re all set, you can choose the lenders on the page provided.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
Hi,
I’m looking for a loan of about $10,000 so I can pay for my wife’s visa and unfortunately I’m still in my part 9 with only a year to go.
Hi Chris,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
You can take out a loan even if you have bad credit, however, this would be with non-traditional lenders.
Before you even apply for a loan, review the eligibility criteria you need before you apply to make sure you are eligible. Look for things like minimum income, employment requirements, etc.
Make sure that you submit all necessary documents. Check what documents are needed and make sure you are able to send everything that is required. You may also consider a joint application or guarantor. This can help get your application across the line.
There are usually certain requirements you’ll need to meet and you may be required to secure the loan with an asset. Some lenders may also allow you to submit a joint application if you don’t meet the criteria, so find out about all the options you have to help your chances of being approved. The interest rate on these loans is usually set on an individual basis.
You can choose from the lender’s list in the information above. Hope this helps! Feel free to message us anytime should you have further questions.
Regards,
Nikki
I need a loan of 10000 to 15000 i am currently unemployed as i have a broken neck and my credit score is 666 i have a guarantor to help this along. But dont know who would be the best to go through someone please help me
Hi Luke!
Thanks for your questions and for contacting finder.
Sorry to hear that you’re unable to work. Hope you get better soon!
No need to worry as we have guarantor loans available for your review. A guarantor loan is asking someone to guarantee your loan and to take on your debt if you default on your loan. If you agree to go guarantor on someone’s loan, you become legally responsible for the debt if they become unable to manage their repayments.
If you are a guarantor and you apply for further credit of your own, you will need to list the guarantee on your application. You may also have put up an asset to guarantee someone’s loan, such as equity in your home or a car, and you will no longer be able to use that asset as your own collateral for credit.
Hope you find this information useful.
Thanks and best regards,
Nikki