$10,000 loans 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.
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How do I compare $10,000 loans?
There are a few things to look out for while comparing $10,000 loans. You should keep in mind the following when making comparisons:
| 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 depend on the loan you choose and the rate you are offered. The loan term, interest rate and fees largely determine how much you'll end up paying. If you opt for a risk-based loan, your interest rate will be personalised based on your credit score, with higher scores being offered lower rates.
The table above shows the monthly repayments for a $10,000 loan with a 3 year term. You can put in your loan details and get an indication of what your monthly repayments will be. You can also use a personal loan calculator.
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:
By making extra monthly repayments of
Your loan term could reduce by:
You could pay less interest, saving:
| 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. These 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 $100,000, depending on the type of loan. 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.
$10,000 loan vs credit cards
$10,000 is a large amount of money for most people. It's a large personal loan. 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, rennovating your home or heck just ready to let loose with the spending - we got you.
FAQs about 10,000 loans
More resources on Finder
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OurMoneyMarket personal loans
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Secured Personal Loans
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Pepper Money Unsecured Personal Loan
Find out more about Pepper Money's no fee personal loan and benefit from a competitive rate from 6.95% p.a., zero fees and loan terms of up to 7 years.
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How much can I borrow with a personal loan?
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Citi Ready Credit
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Unsecured personal loans in Australia
Compare unsecured personal loans from some of Australia's top lenders. Find the best deal on rates, fees and features in seconds.
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Fixed rate personal loans from 5.76% p.a.
We’ve written about fixed rate personal loans and what their advantages are.
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The best personal loans – 5 expert picks
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Low interest personal loans that’ll peak your… interest
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
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Refinance your personal loan
If you're sick of paying too much interest, find out how you can save money when you refinance your personal loan. There is a range of options available and you might get out of debt sooner.
Ask a question
Hi there,
I am looking for a loan of $10,000.00. Up until last month I was renting however my financial situation has changed and I am now living with a friend and have no monthly mortgage or rent to pay. Would this help my application for a loan?
Hi Rod,
Thanks for your question.
Your lender will assess your overall financial position, including any assets or liabilities that you may have. If you currently don’t have any liabilities or debts, then this makes your financial position stronger.
Cheers,
Shirley
I am looking to consolidate all of my bills. Total amount would be around $9000. A have received letters from debt collection agencies for a few of these bills so can only assume my credit rating is no longer good. I have been suffering personal hardship dealing with illness and this is the only reason why the bills are not yet paid. I am an apprentice mechanic with a low but guaranteed income. I applied for a personal loan through NAB several months back and got rejected and wish to not get rejected again only to make my rating worse. I need a loan and need the huge weight of having many bills to pay on my shoulders. I need for my health and wellness to be free of having many different bills and be able to focus on just the one repayment being the loan. What is my best bet?
Hi Molly,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not in a position to recommend specific products, providers and services. The lenders listed on this page will consider borrowers with bad credit, but please be mindful that the repayments are quite high and the loans are restrictive in nature.
If you would like free financial counselling you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday
If you’d like, you can also speak to some of these lenders directly on the phone to discuss your options.
Cheers,
Shirley