$10,000 loans

Generally speaking, fixed-rate personal loans tend to have slightly higher interest rates than their variable-rate alternatives. However, with a fixed-rate loan, you get the certainty of a set repayment amount for the duration of your loan, which can make budgeting easier.

Most fixed-rate loans allow you to make extra repayments, but there’ll usually be a cap on how much extra you can pay off.

When using Mozo’s comparison tool to compare $10,000 personal loans, you might have noticed that listed next to each loan are two interest rates: the main headline interest rate and a comparison interest rate. 

The comparison rate takes the loan's main interest rate into account, plus any other fees you might pay, making it a more accurate representation of the actual loan cost. 

If you’re after business financing, head to our business loan section, which features loans specifically for businesses and includes specialist providers who only deal with small business lending.

If you’re a business owner, then go check out our business banking hub to explore a range of financing options to help your small business thrive.

Personal loan amounts can vary depending on how much you need to spend, so don’t feel like you’re tied to a $10,000 loan if it’s not exactly what you need. In fact, most lenders will accommodate loan amounts from as little as $1,000 to as much as $70,000. 

So, whether it be for a home reno or medical emergency, there are lots of loan options available for different needs.

Most lenders now offer online loan applications, so you can get started today by clicking through to a provider's website via the blue ‘go to site’ buttons in the personal loans comparison table above.

From here, you’ll generally need to supply some personal information to meet any eligibility prerequisites and to help ensure your personal loan (or personal loan refinance) application runs as smoothly as possible. 

If you’re applying for a $10,000 loan with a provider you don’t have a previous banking relationship with, you’ll likely need to identify yourself via a driver’s licence or passport.

You’ll also need to prove that you’re “good for the cash”, which means you’ll need the following information on hand:

• Proof of income (recent payslips or tax return)

• List of other assets and liabilities

• Proof of employment

• Loan amount and loan term requested

Depending on the lender, personal loan terms (the duration of your loan) can be as short as 1-year or as long as 7-10 years.

The amount of time you choose to pay your loan off will determine how much interest you accrue. Generally, the longer the loan, the more interest you’ll pay, but the smaller your monthly repayments will be. Here’s an example:

Example:

• LOAN X: According to our personal loans repayment calculator, a $10,000 personal loan with a 9.00% p.a. interest rate, paid off over 7 years, will accrue $3,515 in interest and a monthly repayment of just $161.

• LOAN Y: On the other hand, a $10,000 personal loan at 9.00%, paid off over 2 years, would accrue just $964 in interest but would mean a monthly repayment of $457.

As with any loan or credit card, you’d want to avoid unnecessary interest charges – which a shorter loan term might be able to help you do. However, it’s important not to overstretch your budget and only go with a loan term that you’ll be able to afford.

To help you decide what loan term your budget can handle, use our budget calculator to help crunch the numbers.

Many loans let you make extra repayments, so if you end up going for a longer loan term, then repaying more than what’s required (if you can afford to) might help you pay it off faster and save on interest.

If time is of the essence in your hunt for a $10k personal loan, then here are some other options:

Peer-to-peer lenders:

One option could be to look into peer-to-peer lenders. These lenders typically offer competitive personal loan interest rates and terms. Some even offer same-day loan approval, so you could have the funds in your Australian bank account by the end of the day. Learn more by reading our peer-to-peer lending guide. 

Traditional lenders:

Prefer to stick to a more traditional lender or financial institution? There are a range of big banks and credit unions that offer online applications and speedy approval processes. If eligible, you could potentially get conditional approval in a matter of minutes and have the cash sent to you within 48 hours.

Calculating the regular repayments on a $10,000 personal loan will depend on a few important factors, such as the loan term, interest rate, and any fees. This is why it’s so important to shop around for an interest rate (whether it be fixed or variable) to find a competitive option.

You can use our personal loan repayments calculator to plug in your exact loan details to get an idea of what your monthly repayments might look like. 

If you’re looking for a loan of a different amount, you may want to check out $5,000 personal loans or $50,000 personal loans.