No matter what your credit history is like and no matter what you need the money for, you can apply and be approved for a $10,000 loan. See how to get approved for a short term loan and compare your options now.
Compare short term loans now
Borrow up to $5,000
Loan term up to 2 years
Instant online decision
100% confidential application
Swoosh Finance offer fast, reliable, and hassle-free secured loans up to $5,000 for when you are in need of money.
If you're looking for a $10,000 loan, there are lenders that offer a one-day turnaround time. This means if you apply for a loan and it's processed by a certain time, you can have the approved loan amount in your account on that same day.
Applicants with bad credit can access these loans through non-traditional lenders, while those in better credit standing may be able to apply with their own bank for quick approval. You can also compare bad credit loans up to $5,000 here.
What are your loan options if you want to borrow $10,000?
Whether you have good or bad credit, there are options available to you if you need to borrow a large amount of money. Loans up to $10,000 are available from both traditional and non-traditional lenders and can come in a variety of forms: secured, unsecured, short term, long term or business loans. The first step to taking out a loan is understanding your options.
If you have bad credit
There are brands that offer loans up to $10,000 for people with bad credit. 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.
If you have good credit
You’ll generally have more options available to you if you’re looking at borrowing $10,000 and have good credit. You’ll likely be able to apply with a traditional lender such as a bank and also enjoy lower rates and fees than if it were a bad credit loan. You may also find that your current bank offers same-day funding to existing customers. Depending on your income and other financial circumstances, you may be eligible for a secured or unsecured loan.
If you’re willing to secure your loan
Securing your loan with an asset may open up more loan options to you. Secured loans are less risky for lenders as they can use the asset to recoup their losses should you 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.
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 your repayments will be on a $10,000 loan
When borrowing a large amount of money, it's important to know whether or not you can afford the repayments. Use our handy calculator below to help.
How to compare your $10,000 loan options
When considering what loan to apply for, it’s important to compare features of the loan to make sure you apply for a competitive option. Here are some things to look at:
Fees. What fees will you 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 your loan approved and for it to arrive in your bank account will differ between lenders. Make sure the lender you apply with can get your loan amount to you when you need it.
Repayments. How can you repay your loan? Are you able to repay the loan early without penalty? These are things you’ll need to check before you apply.
Tips on being approved if you have bad credit
Review the eligibility criteria. Do this before you apply to make sure you're eligible. Look for things like minimum income, employment requirements, etc.
Submit all necessary documents. Check what documents are needed and make sure you're able to send everything required.
Consider a joint application or guarantor. This can help get your application across the line.
Matt Corke is the head of publishing in Australia for Finder. 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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