Compare $10,000 personal loans
When looking to take out a loan, it’s always important to compare as many options as possible, which you can do here with Savvy. You can compare $10,000 personal loan offers from a range of lenders across Australia to find the right one to suit your needs today.
I want to borrow:
Over how long?
|Harmoney Unsecured Personal Loan|
Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.More details
|Plenti Unsecured Personal Loan (Excellent Credit)|
Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.More details
|Wisr Unsecured Personal Loan|
Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.More details
|OurMoneyMarket Unsecured Personal Loan|
Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.More details
Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
The features and benefits of a $10,000 personal loan
With comparison rates starting at 6.14% p.a., you can lock in an affordable rate for your personal loan by comparing your options and save hundreds.
Part of the flexibility that personal loans bring is allowing you to choose the term over which you make repayments, from as short as one year up to five to seven.
You also get to decide whether to make contributions on a monthly, fortnightly or weekly basis, which you can structure around your income requirements.
You’ll have the freedom to pay out your loan ahead of schedule if you wish to, giving you the ability to save a significant amount of money overall.
There’s no requirement for you to put up a valuable asset of yours to serve as collateral for your loan, making it a more freely accessible product for those without suitable security.
Why so many Australians choose Savvy when comparing
Ways to maximise your personal loan approval chances
Improve your credit rating
Perhaps the most effective way to enter the application process with the best chance of approval is to have a good credit score. This reflects your past borrowing and servicing of debt with a numerical figure, with higher scores meaning a positive track record and a greater sense of trustworthiness inherent in you as a borrower.
You can improve this by paying off your outstanding debts, lowering credit card limits and getting rid of any you don’t need.
Frequently asked $10,000 loan questions
More about $10,000 personal loans explained
How long will it take for my $10,000 loan application to be approved?
While many personal loans can be approved within just two hours and funded in 24, the reality is that there are a variety of factors which can impact the time it takes to process your loan application. Some of these are in your hands as the applicant, while others are down to the processing power of your lender. On top of having a strong borrowing profile, the variables which can impact the speed of your application include:
- Your loan’s affordability: whether your lender deems the loan you’ve applied for to be clearly affordable for you based on your financial situation can have a bearing on how long it takes to approve. If they can see it’s within your capabilities as a borrower, you’re more likely to be approved straight away, rather than having them take more time to assess further documentation or counteroffer with a lesser amount.
- Whether you have your documents handy: a common reason for delays in the personal loan application process is applicants not having the correct documentation. This may be due to mistakenly submitting an older payslip or simply not providing copies of everything they need. Without all of your documents, your application can’t be formally assessed, with email or phone correspondence further dragging out the process. Double-check your lender’s required documents before you start the process to avoid this happening.
- The time of day and week you apply: although it may not seem significant, applying earlier in the day can make a difference to your application. By submitting your forms in the morning, you can often move closer to the front of the queue and have your chances of processing taking place over multiple days reduced. The same applies to the point of the week: a Friday afternoon application may drag out over a weekend, but Monday applications are far less likely to.
How can I increase my borrowing power?
There are several ways you can go about increasing your borrowing power when applying for a loan of $10,000, which are important to consider if you’re a lower income-earner who may struggle to support its repayments. It’s important to review these before entering the application process, as some or all of these can help you get approved for the size of loan you need. Fortunately, to gain an idea of what you might be able to borrow, you can also make use of our borrowing power calculator. Some of the factors which can impact your overall borrowing power are:
Work on maximising your credit rating
In the same way as increasing your chances of overall approval, your credit score will also factor into your lender’s calculations when it comes to determining how much you’ll be able to borrow. Because it indicates your level of reliability over the past few years when it comes to paying off other loans and bills, a higher score will lead to a lender being more confident in your ability to manage and repay a larger amount. If you’ve repaid a similar loan previously, such as car or personal finance, that will go a long way towards enabling you to borrow the amount you need.
Maintain stable employment and income
Perhaps most important to lenders is your ability to consistently support your loan’s repayments across the entirety of your term, so they’ll want to be certain of your job and income stability. Any clear risk of losing your job or having your hours reduced will reduce your borrowing power (and chances of approval) significantly, as lenders won’t want to take a major risk in lending to you. Showing that your employment is safe (such as a few years in the same job) and income is consistent will help you get approved for a $10,000 loan, particularly if you’re full-time or part-time.
Reduce your expenses
Running over your finances with a fine-tooth comb will help you see where your money is going each week or month. Doing this can help you cut down on any unnecessary expenditure which could otherwise hamper your ability to borrow larger sums of money. For instance, if you have a gym subscription you don’t really use or are spending $300 a month on new clothes alone, reducing both of these can free up more funds in your disposable income to dedicate to the payment of a $10,000 loan over the period you’re most comfortable with.
Build your savings where possible
If you’re in a position to, increasing the amount you have available in your savings can also positively affect your chances of approval for a larger sum. This is because lenders like to see savings as a potential back up in the event your existing income stream dries up. This gives you something to fall back on in the time between your old job and your new one. This is also because routinely saving your money rather than spending it all shows a similar level of discipline which is required for paying off a personal loan.
Compare loans with lower fees and interest
Finally, comparing your options thoroughly can potentially help you save hundreds of dollars. Lenders will run borrowing power calculations based not only on the principal amount you’re asking for but also the interest and fees which are included in each repayment. If they determine you can only borrow $10,000, for instance, the actual loan you’re approved for may end up being closer to $7,000 or $8,000 when interest and fees are taken into consideration. When comparing loans with Savvy, look for offers with the most competitive rates and lowest fees, particularly in terms of the establishment (up to $595) and ongoing charges (up to $10 per month).
What type of personal loan is best for me?
In most cases, when applying for a $10,000 loan, your best option will be to choose a standard unsecured personal loan. These are the most widely accessible finance type, with a more vast range of lenders offering them compared to secured finance. More borrowers can qualify for unsecured finance also, as secured loans come with stricter criteria surrounding the value, age and condition of the asset you put up as collateral (typically your car). It may be the only choice between the two regardless of this, though, as some lenders enforce a minimum of $15,000 to $20,000 on their secured loans.
The other main option for a borrower is a personal line of credit. These act as a more flexible alternative to the standard personal loan in that you can withdraw funds when you need them up to a set limit. These arrangements have no set end date, potentially staying open as long as they’re viable, and only charge you interest on the amount you withdraw. However, interest is typically higher on these loans and fees can be charged even if you don’t use them in a given month. A personal overdraft on your bank account is effectively the same, enabling you to withdraw beyond a balance of $0, except it comes without any mandatory repayments.
Ultimately, though, the right personal loan for you will depend entirely on your individual circumstances and how you wish to obtain and repay your funds. You can compare an array of options all in one place with Savvy to help you get off on the right foot today.