Should I take out a long or a short loan term for $10,000?

Choosing how long you want your loan term to be, for a $10,000 loan or any other amount, depends on your budget and your goals. A shorter term means more expensive repayments but less interest payments, making it cheaper overall. A longer term is more affordable month-to-month but more expensive in the end. A loan that lets you make extra repayments could be the best of both worlds, as you can both take out a long loan term and pay down your principal when you have spare cash.

Is it better to choose a fixed rate or variable rate for my $10,000 loan?

Choosing between a fixed rate or a variable rate is a matter of preference, for both $10,000 loans and other loan amounts. Variable rates may be lower, but those interest rates could rise over the life of your loan. Fixed rates are predictable, however could start out higher and tend to have limits or fees for early repayments.

What credit score will I need for a $10,000 loan?

The higher your credit score the lower the interest rate you can get. Borrowers with Excellent or Good credit scores have a much easier time borrowing larger loan amounts. But you can still get a $10,000 personal loan with a lower credit score. But you will have a higher interest rate. Your chance of approval also depends on other factors like your income and expenses.

Need a $10,000 loan in Australia?

11 of 199 results

Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 5.95% to 26.95%	Comp. Rate (p.a.) 5.95% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $303.99	Borrow up to $50,000 for any worthwhile purchase and pay no establishment or ongoing fees without providing collateral. You can also benefit from a more competitive interest rate if you have a strong credit score.	Go to site View details Compare product selectionCompare	loading
ING Personal Loan Most LovedFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.19% to 19.99%	Comp. Rate (p.a.) 7.03% to 20.78%	Application Fee $199	Monthly Fee $8	Monthly Repayment $319.15	No early repayment fees and same-day funding for existing ING customers. Eligibility: Applicants must be 18+, Australian/ NZ citizen or permanent resident of Australia, and earning at least $36,000 a year (before tax) with PAYG payslips.	Go to site View details Compare product selectionCompare	loading
Revolut Unsecured Personal Loan Fixed1 - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 6.99% to 24.49%	Comp. Rate (p.a.) 6.99% to 25.32%	Application Fee $0	Monthly Fee $0	Monthly Repayment $308.73	Limited Time Offer: Apply in-app and access your funds in minutes if approved. New User Offer: Get a A$50 cash reward when you make your first repayment within 90 days of joining Revolut. Offer ends 31 Dec 2026. T&Cs apply.	Eligibility: Must be an Australian/NZ citizen or permanent resident, employed for 3+ months, earning at least $2,000/month, with a recommended Equifax credit score of 500+.	Go to site View details Compare product selectionCompare	loading
OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000) ExclusiveFixed1 - 7 Years $20,000 - $100,000	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $303.99	Finder exclusive: Receive a $100 eGift Card if you have Excellent Credit (as determined by OMM’s credit assessment and scorecard), apply via Finder by 30 November 2026, and settle by 15 December 2026. For loans between $20,000 and $100,000 only. T&Cs apply.	Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Unsecured Personal Loan ExclusiveFixed2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $339.12	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $326.06	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Unsecured Personal Loan ExclusiveVariable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $339.12	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Variable Rate Personal Loan Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $326.06	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Jacaranda Finance Unsecured Personal Loan Fixed25 Months - 3 Years $3,000 - $15,000	Interest Rate (p.a.) 27.95% to 29.95%	Comp. Rate (p.a.) 44.50% to 46.50%	Application Fee $13.50 - $950	Monthly Fee $26	Monthly Repayment $478.64	Go to site View details Compare product selectionCompare	loading
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $303.99	No monthly or early exit fees. Loan amounts range from $5,000 to $75,000, and up to $100,000 for home improvement projects and motor vehicles. Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $334.45	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading

Showing 11 of 14 results

When comparing $10,000 personal loans you should think about the interest rate, fees, loan type and loan term.
Most personal loans come with personalised interest rates based on your credit score.
Choosing a $10,000 personal loan or $10,000 credit card limit depends on your needs and ability to keep up with costs.

How do I compare $10,000 loans?

When comparing $10,000 personal loans, make sure you consider the following:

Feature	Explanation
Interest rate	The percentage of the loan the lender charges you for borrowing. A lower rates means lower monthly interest charges.
Fixed or variable	A fixed interest rate locks you into a single interest rate for the entirety of the loan. Variable rates can change, either go up or down.
Fees	Many loans charge a one-off establishment fee as well as a monthly service fee. Other fees to watch for include early repayment fees, early break fees, and redraw fees.
Loan term	How long you have to repay the loan, with most personal loans allowing you to borrow for up to seven years. Choosing a shorter loan term means you pay more back each month, but also reduces the amount of interest you pay over the life of the loan.
Security	Borrowers often use secured personal loans when buying a car. The car is security for the loan if you can't repay it. But many lenders offer competitive unsecured loans that don't require any security.
Repayment schedule	Many loans allow you to choose from weekly, fortnightly or monthly repayments.
Loan purpose	Most unsecured loans are for "any worthwhile purchase", and can be used for anything from weddings to holidays, to electronics or a car. Some loans, such as green loans or debt consolidation loans, must be used for a specific purpose.

How much will a $10,000 loan cost per month?

Your monthly repayments will depend on your interest rate, any fees and your loan term. Most personal loans offer personalised interest rates where your interest rate is personalised based on your credit score, with higher scores being offered lower rates.

This makes it hard to guarantee how much your loan repayments will cost. You can use this month's best rates to calculate an estimate using our personal loan calculator.

Personal loan statistics in November 2026

The lowest unsecured rate is 5.76% and the average is 10.98%.
The lowest secured rate is 5.67% and the average is 9.36%.
The average Australian is carrying $20,139 in personal loans (including car loans).
Most people take out personal loan terms of 4 years.
28% of people say they're concerned by the amount of debt they have.

*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of October 2026.

Calculate the cost of your $10,000 loan

Your personal loan details

Loan amount

Term

Repayment type

Interest rate

Monthly fee

Interest only period

Payment frequency

Extra monthly repayments

Overview of your loan

Once the interest only period ends, your estimated repayments will be

(including extra )

Total loan repayments:

Total interest / fees payable:

Compare personal loans

By making extra monthly repayments of

Your loan term could reduce by:

You could pay less interest, saving:

See as a table

Years remaining	Principal remaining

_{Calculator Assumptions: The above calculations are worked out assuming you're paying off a principal and interest loan where the interest rate remains the same over the life of the loan. The repayment amounts do not take into account any additional fees or charges that may be charged to your loan (e.g. application fees).

Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan.}

What types of $10,000 loans are there?

Personal loans

With a personal loan, you can get access to funding to pay for a variety of large purchases or expenses. These can include medical bills, home renovations, weddings or holidays. Personal loans can either be secured (by an asset such as your home or car) or unsecured. The amount you can borrow varies from $2,000 up to $200,000. Secured loans usually have higher borrowing limits than unsecured loans as they are less risky to the lender.

Car loans

Car loans can be either secured or unsecured, and the money is limited to the purchase of the car. Borrowers with poor or limited credit history can increase their chances of approval by going for a secured car loan. As with any secured loan, there is always the risk of losing the asset if you're unable to meet your repayments.

Business loans

If you're looking to borrow for business purposes, you can explore the option of a business loan. These loans typically come with higher borrowing limits than personal loans with amounts up to $20,000,000. How much you can borrow will depend on the lender, the type of business loan, your annual turnover, your company's credit rating and the purpose of the loan.

Our expert says: Choose your loan term wisely

"Taking out a $10,000 loan will likely be a years-long commitment, but the longer you make your loan term the more money you will pay in interest. On the plus side, you'll probably be able to better manage your monthly repayments.
As an example, a $10,000 loan with an interest rate of 7% over 3 years will make your monthly repayments $309 a month and you'll pay $1,116 in interest over the loan. If you paid that same loan off over 6 years, you'd pay a lower repayment of $151 but you'd pay $2,678 in interest on top of your loan amount.
The decision is for you to weigh up. Take a look at how much you can comfortably afford each month (and by comfortably I mean with extra cash left over for those emergencies that can crop up). The sooner you can pay off the loan, the better, but not if it will put you in financial stress with the repayments."

Rebecca Pike

Editor, Money

$10,000 loan vs credit cards

$10,000 is a large amount of money for most people. It's a large personal loan, but it's a massive credit card debt.

Personal loans have lower interest rates on average than credit cards, and scheduled repayments with a set end date.

With credit cards, it's possible to build up a large debt and take years to pay it off. The interest charges can really start to add up.

Is a credit card with a $10,000 limit ever a better option?

If you can qualify for a card with a $10,000 limit you (hopefully) have a reasonable income and an Excellent credit score.

Even so, the card won't let you spend $10,000 in one go. But you could use a card like this to cover multiple transactions over time.

If you're diligent about paying them off, and take advantage of interest-free periods, you could avoid paying huge amounts of interest.

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, renovating your home or heck just ready to let loose with the spending - we got you.

FAQs about $10,000 loans

Choosing how long you want your loan term to be, for a $10,000 loan or any other amount, depends on your budget and your goals. A shorter term means more expensive repayments but less interest payments, making it cheaper overall.
A longer term is more affordable month-to-month but more expensive in the end. A loan that lets you make extra repayments could be the best of both worlds, as you can both take out a long loan term and pay down your principal when you have spare cash.
The higher your credit score the lower the interest rate you can get. Borrowers with Excellent or Good credit scores have a much easier time borrowing larger loan amounts. But you can still get a $10,000 personal loan with a lower credit score. But you will have a higher interest rate.
Your chance of approval also depends on other factors like your income and expenses.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder database
2. Finder's Consumer Sentiment Tracker

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.

Written by

Rebecca Pike

Editor, Money

Add to Preferred Sources

Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

Rebecca's expertise

Rebecca has written 253 Finder guides across topics including:

Home loans
Personal Loans
Car Loans
Cost of living
Budgeting

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123 Responses

JesseSeptember 22, 2017

I want to borrow 10,000 to buy a car. I have finished paying off a 60k loan yet no one wants to lend. I am on ABN at the moment with steady work. I float between ABN and wages and have been for over a year. I do not have 20% deposit so no one wants to lend. I have paid off 120k worth of loans in the last ten years. Can anyone help?

JonathanSeptember 22, 2017

Hello Jesse,

Thank you for your inquiry.

As someone who has an ABN, your options can be applying for a regular personal loan or a low-doc loan. A regular personal loan is a full-document required type of loan that would need tax returns, financial statements and etc. while low-doc loans would have very minimal paperwork. Usually, a low-doc loan would have higher fees in exchange.

You can read our full-guide called self-employed personal loans. The page contains the list of lenders you may qualify for. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with your loan application or get in touch with their representatives for further assistance. Please review its eligibility requirements and the loan terms before applying.

Hope this helps.

Cheers,
Jonathan

kennyAugust 5, 2017

is westloanservice@yahoo.com still the best loan service now

ArnoldAugust 5, 2017

Hi Kenny,

Thanks for your inquiry.

Not quite sure about that but there are a lot of different sources that will lend you a loan. Please check our list of personal loans to find the right financial product for you. Be sure to read through the terms, conditions, and features to make an informed decision.

Hope this information helped.

Cheers,
Arnold

ChristinaJuly 27, 2017

My partner moved in Australia last year (he is Australian but lived in another country).so his credit score is low. Can he get a loan for 10000 $ ? He has already a credit card and a university loan for his studies.

Finder

HaroldJuly 28, 2017Finder

Hi Christina,

Thank you for your inquiry.

Loan approval may vary depending on the lender. Should you need to improve your husband’s credit score you may want to read the guides listed below.
1. Improve Your Credit Score
2. Five ways to improve your credit rating

I hope this information has helped.

Cheers,
Harold

PatriceJuly 25, 2017

Do you think I could borrow $10,000? I keep getting notes that I can get $500 And that’s all. But I need $10,000.

LiezlJuly 25, 2017

Hi Patrice,

Thanks for reaching out.

The loan amount that you’ll be approved for will be determined by the lender based on your financial capacity and risk as a borrower. Before applying for a loan, please make sure you confirm that you meet the eligibility criteria, as rejected loan applications can further harm your credit score.

Cheers,
Liezl

ChastityApril 19, 2017

I made a mistake and gave my sister-in-law let her use my credit score to get a car loan and a credit card and I need help to pay it off she won’t do it can you help me thank you.

Finder

HaroldApril 25, 2017Finder

Hi Chastity,

Thank you for your inquiry.

I’m sorry to hear about the problem you’re having. I know this can be tough, but the best is to talk it out with her. Once you get into an agreement, you can both work together to pay off the debt incurred.

If you wish to learn more, please read our guide on how to deal with debts.

I hope this information has helped.

Cheers,
Harold

More guides on Finder

Wisr Secured Personal Loan
If you’re looking to buy a new or used car you could borrow up to $147,000 with a secured personal loan from Wisr.
Unity Bank Fair Rate Personal Loan
The Unity Bank Fair Rate personal loan features personalised, variable interest rates based on your credit score. It can be used for any general purpose between $1000 and $90,000.
MoneyPlace Secured Personal Loan
Latitude Financial Services Fixed Rate Personal Loan
A fixed rate secured personal loan from Latitude Financial Services with personalised interest rates.
Harmoney Personal Loan
An unsecured personal loan with interest rates tailored to your risk profile.
Jacaranda Finance Personal Loan
Find out how you can apply for a Jacaranda Finance personal loan.
Westpac Flexi Loan – Unsecured Personal Loan
The unsecured Westpac Flexi Loan offers flexible loan terms and repayment options, helping you to pay off your debt sooner. As a flexible line of credit, you can also enjoy unlimited withdrawals without penalty to ensure the loan fits your needs.
Westpac Unsecured Personal Loan
An Unsecured Personal Loan from Westpac can help you finance a dream holiday or pay off an existing debt. With a fixed interest rate and flexible repayment terms, you can tailor this loan to suit your budget. Find out if you're eligible to apply.
NAB Unsecured Variable Rate Personal Loan
Get a variable rate personal loan with personalised rates and same-day funding.
NAB Unsecured Fixed Rate Personal Loan
The NAB unsecured 10k+ personal loan allows you to borrow money for the consolidation of debts, a holiday trip or a new car. Learn more about the features and benefits of this loan and how to apply online.

Need a $10,000 loan in Australia?

If you want to borrow $10,000, look for a personal loan with a low interest rate and fees. Get a better deal by improving your credit score.