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 April 2025
The lowest unsecured rate is 5.76% and the average is 10.91%.
The lowest secured rate is 6% and the average is 10.02%.
The average Australian is carrying $22,455 in personal loans (including car loans).
Most people take out personal loan terms of 4 years.
30% of millennials with a loan are concerned about their debt.
*The information in this update comes from Finder's loans database and Consumer Sentiment Tracker. Information is correct as of 11 March 2025.
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
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 $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.
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."
$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, rennovating 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.
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.
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.
Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. 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 219 Finder guides across topics including:
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.
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.
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.
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.
Finder's experts look into our database of over 170 personal loans each month to bring you our Top Picks across 5 key categories.
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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.
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?
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
is westloanservice@yahoo.com still the best loan service now
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
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.
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
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.
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
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.
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