How much is a $10,000 loan for 3 years?
Representative example
You could borrow £10,000 over 48 months with 48 monthly repayments of £237.16. Total amount repayable will be £11,383.68.
| 8.00% | |
|---|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Representative example
You could borrow £10,000 over 48 months with 48 monthly repayments of £237.16. Total amount repayable will be £11,383.68.
With Personal Loan rates as low as 7.49% APR 1, now may be a great time to take care of your finances. Get started by checking your rates. Apply when you're ready. The Annual Percentage Rate (APR) shown is for a personal loan of at least $10,000, with a 3-year term 1, 2 and includes a relationship discount of 0.25%.
Long-term loans in Canada typically have financing terms from 3 years up to 10 years. These loans give you smaller monthly repayments than shorter-term loans, but you'll pay much more in interest over time. The amount of time you'll get to repay your loan will depend on how much you borrow.
Eligibility criteria for a $10,000 loan
Having no credit is just as bad, if not worse. Ideally, to get a loan you should have a minimum credit score in the mid-600s.
Sign your loan agreement and receive funds: Lenders can often make a quick decision on your application — sometimes the same day you apply. The money will usually hit your bank account within a few business days if approved.
Your credit score can make or break your ability to get a $10,000 loan. Generally, it can be hard to meet personal loan requirements if your credit score is below 640. That doesn't mean that it's impossible, but you may need to stick to bad credit loans (which typically have higher APRs).
Representative Example
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
It may be possible to get a $10,000 personal loan with no credit. But like loans for bad credit, lenders often charge higher fees and interest rates for no-credit loans as well, and that's if you can qualify. But a cosigner with good credit can help you get approved and even lower your rate.
Which type of loan is cheapest?
Secured loans typically offer some of the lowest interest rates due to the collateral provided by the property. The loan is secured by the home, gold, or any vehicle, which reduces the risk for the lender.
Does Taking Out a Personal Loan Hurt my Credit Score? Your credit score will take a slight hit when you apply for a loan, as the lender takes a hard look at your credit. However, if you make your payments on time, your credit score should improve.
| Bank | Minimum interest rate on personal loan (%) |
|---|---|
| HDFC Bank | 10.5 |
| State Bank of India | 12.30 |
| Bank of Baroda | 13.15 |
| Punjab National Bank | 13.75 |
Requirements for a $3,000 Personal Loan
Credit score: Some personal loan lenders, such as Upstart, allow you to apply with a very low credit score. However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700.
The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
Typical personal loan terms vary by lender, but are often two to seven years. Some lenders offer terms as long as 12 years, but that's typically if you've borrowed a large amount. A personal loan with a term of three years or less may be considered a short-term loan.
Online lenders are one of the best places to get a $10,000 personal loan. They can offer competitive rates, fast funding, and an easy approval process.
$10,000 Personal Loan Terms
Depending on the lender, the repayment periods typically range from 12 months to 84 months. You can shop around for a personal loan with terms that allow for affordable monthly payments. Keep in mind that a longer term likely means you will pay more interest over the life of the loan.
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Besides your credit, lenders also want to see that you make a steady income each year. Plus, they review your debt-to-income (DTI) ratio to ensure you're not already overextended with debt. Note that some lenders will let you apply with a co-signer or co-applicant, which could boost your chances of approval.
Do you need collateral for a personal loan?
Secured personal loans: Usually, you don't need collateral for a personal loan. But some lenders will allow you to put up an asset as collateral if you have poor credit and otherwise wouldn't qualify for the loan (or qualify with terms you'd find unacceptable).
| Lender type | Approval and funding time |
|---|---|
| Online lenders. | 1-3 days. |
| Banks. | Within a week. |
| Credit unions. | Within a week. |
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Apply for a secured loan
If you have something of value to offer as collateral, you might consider getting a secured loan that isn't a car title or pawn loan. There may be a credit check involved, but if your collateral is sufficient, it could help you to get approved.
| Loan duration | Average monthly payments ($5,000 loan) | |
|---|---|---|
| Poor credit | Excellent credit | |
| 1–12 months | $472.05 | $437.59 |
| 13–24 months | $323.27 | $230.60 |
| 25–36 months | $203.35 | $159.58 |
