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Mozo helps you compare $10,000 personal loans so that you can find one that best meets your needs. Start comparing here!
Excellent Credit, $5,000 - $75,000
Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
Read reviews and learn more about OurMoneyMarket personal loans
Your selected personal loans
Fixed
Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
Read reviews and learn more about NOW Finance personal loans
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Secured
Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-36 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 3 years. Representative example: a 3 year $10,000 loan at 16.95% would cost $14,952.03 including fees.
Read reviews and learn more about Jacaranda Finance personal loans
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Fixed
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
Read reviews and learn more about Harmoney personal loans
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Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
Your selected personal loans
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So you want to take out a $10,000 loan to fund an upcoming expense. Whether it be a small home reno or destination wedding, there are a few things you should know before applying.
Perhaps above all else, you’ll want to get an understanding of what a good personal loan interest rate looks like in today’s financial climate.
To give you an idea, Mozo’s database currently shows that for an unsecured personal loan across variable and fixed rates, the average rate is currently ^10.43% p.a. for a $10,000 loan. For a secured loan the average is 9.07%.
But that’s just the first step in your research. Let's also break down some of the different loan types you might come across when looking to borrow $10,000, along with some pros and cons of borrowing this amount.
When taking out a $10,000 personal loan, you’ll first need to determine what type of loan you’re after.
Let’s review the options.
Having a fixed rate personal loan means that your interest will stay at the same rate for a fixed period of time.
This could be great if you’re someone who likes to know exactly how much your regular repayments will be each time. The downfall is that fixed rate loans tend to have fewer features than variable rate loans.
With a variable rate personal loan, the interest rate is subject to change depending on fluctuations in the market. This means that your repayments might be more or less than a fixed rate loan.
However, you’ll likely get access to more features, such as the ability to make free extra repayments and possibly even a redraw facility, so you can redraw on those extra repayments should you need some extra cash.
While unsecured loans tend to have a higher interest rate than secured loans, they don’t require an asset (such as your car) to be used as collateral against the loan. But it’s important to note that there are still consequences for defaulting on your loan, including a damaged credit score and potential legal action.
A secured personal loan typically has a lower interest rate than an unsecured loan as a tradeoff for having to offer up a valuable asset as collateral. For instance, if you’re a homeowner, this asset might be your property. By having this security, lenders tend to offer higher loan amounts and longer loan repayment terms.
Let’s take a look at some of the different benefits and disadvantages of a $10,000 personal loan:
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🟢 Pros of a $10,000 personal loan:
🔴 Cons of a $10,000 personal loan:
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Calculating the regular repayments on a $10,000 personal loan will depend on a few important factors such as:
loan term
interest rate
and, any fees.
For example, on a $10,000 loan with a 10.43% p.a. interest rate over 3 years, your monthly repayments would be $325 per month, as per the Mozo personal loan calculator.
The total over 3 years = $1,689
By contrast, on a $10,000 loan with 8% p.a. interest rate over 3 years, your monthly repayments would be $313 per month.
The total over 3 years = $1,281
That’s $408 less to cover in repayments.
This is why it’s so important to shop around for an interest rate to find a competitive option. You can use our personal loan repayments calculator to get an idea of what your monthly repayments might look like.
You might also want to compare $5,000 personal loans or $50,000 personal 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.
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.
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.
There are several low rate credit cards with interest rates below 10% p.a., which could potentially be an alternative finance option if you’re diligent in paying down the balance each month (and not adding to it). Alternatively, if you’re thinking of taking out a personal loan to consolidate your credit card debt, you could consider getting a credit card with a 0% balance transfer period.
Customer service needs improving. Not real helpful in financial crisis or emergencies. Vague description of products and services
Read full reviewCustomer service needs improving. Not real helpful in financial crisis or emergencies. Vague description of products and services
Prompt! Straight forward Information was easy to understand
Read full reviewPrompt! Straight forward Information was easy to understand
Very hight acquisition rate
Read full reviewVery hight acquisition rate
Your selected personal loans