$10,000 loans

Looking to borrow $10,000 for a used car, new outdoor entertainment area or possibly a wedding? Mozo helps you to compare personal loan options so that you can find a loan that best meets your borrowing needs.

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Fact Checked

How fast can I get a $10,000 personal loan?

Nowadays, pretty quick. Almost all personal loan providers in Australia will let you apply online and some even provide conditional approval in minutes. If everything adds up with your application from there, you could have official approval and $10,000 deposited into your Australian bank account within a day or two.

What interest rate can I get on a $10,000 personal loan?

Interest rates on $10,000 personal loans can get pretty low, especially with some peer to peer lenders, but there are a range of other factors that go into calculating the interest rate you’ll be offered.  For example, if you’ve shown you’re a responsible borrower in the past you’re likely to get a cheaper interest rate whereas if you’ve got a chequered credit history, you might get a higher interest rate for your loan. 

Can I get a $10,000 loan with bad credit history?

Yes, in many circumstances you’ll be able to get a loan but you might end up paying a higher interest rate than someone with a better credit profile but it will depend on the lender as each loan provider has their own loan approval criteria.

$10,000 personal loan comparisons on Mozo - last updated 3 August 2021

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    No Fee Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 17.95% p.a.
    5.95% p.a.to 17.95% p.a.based on $30,000
    over 5 years

    Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.

    No fees. No limited time, no exceptions, no worries. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.

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    Go to site
    Details
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    Mozo Experts Choice 2021
    Low Rate Personal Loan (Fixed, Unsecured)

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 8.48% p.a.
    6.07% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.

    OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.

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    Details
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    Mozo Experts Choice 2021
    Personal Loan

    Unsecured, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.45% p.a.to 19.99% p.a.
    5.45% p.a.to 19.99% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,340.57 including fees.

    Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.

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    Go to site
    Details
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    Personal Loan

    Unsecured, Fixed, Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.39% p.a.to 7.49% p.a.
    6.39% p.a.to 8.19% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.

    With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.

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    Unsecured Personal Loan

    Excellent Credit, Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.95% p.a.to 8.49% p.a.
    5.95% p.a.to 14.01% p.a.based on $10,000
    over 3 years

    Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.

    Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes

    Compare
    Go to site
    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.35% p.a.to 24.79% p.a.
    6.14% p.a.to 25.74% p.a.based on $30,000
    over 5 years

    Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.

    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'll likely qualify.

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    Go to site
    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.to 19.95% p.a.
    6.76% p.a.to 20.26% p.a.based on $30,000
    over 5 years

    Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.

    Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $64,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!

    Compare
    Go to site
    Details
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    Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    5.75% p.a.
    5.96% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.

    Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.

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    Details
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    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    9.39% p.a.
    9.64% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.

    Borrow from $5,000 to $50,000. No account keeping fees. Free extra repayments and redraw facility. Apply online for fast approval (usually within 24 hours). Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021.

    Compare
    Go to site
    Details
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    Personal Loan

    Fixed, Unsecured

    interest rate
    comparison rate
    Monthly repayment
    6.99% p.a.to 18.99% p.a.
    7.91% p.a.to 19.83% p.a.based on $30,000
    over 5 years

    Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.

    Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Personal loans Awards

*WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Personal loan lenders we compare at Mozo

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FAQ

No matter what you plan on spending the money on, if you are borrowing $10,000 there are a few things you’ll need to know about personal loans and developing good money habits. Read on as we answer some of the most FAQs below.

What will my monthly payments be with a $10,000 loan?

Calculating the monthly repayments on a $10,000 personal loan depends on a few important factors, like the loan term and interest rate as well as any fees. This is why it’s so important to shop around for an interest rate - whether it be fixed or variable - that is among the most competitive in the market. Our repayments tool above allows you to plug in your exact loan details to get an indication of the monthly repayments you’ll have to make with any of the loans listed in our tables. An alternative option is to use our personal loan repayments calculator.

What is the best loan term for a $10,000 loan?

Personal loan terms can be as short as one year or as long as seven - or in more extreme cases can span as long as 10 - and whether you choose to pay your loan off over one year, two years or five years will have an impact on how much interest you accrue. The rule of thumb is the longer the loan, the more interest you’ll pay, but the smaller your monthly repayments will be. Let’s look at an example to help get your head around this equation.

LOAN X - A $10,000 personal loan at 8.00%, paid off over seven years accrues $3,092 in interest and the monthly repayments are just $156.

LOAN Y - A $10,000 personal loan at 8.00%, paid off over two years accrues just $855 in interest but the monthly repayments are $452.

Of course, with any loan or credit card, you want to avoid unnecessary interest charges and while a choosing a shorter loan term can help you do that, it’s important you don’t overstretch your budget, leaving you with regular repayments you simply can’t make. So to help you decide what loan term your budget can handle why not run a refresh using our budget calculator to help crunch the numbers.

One of the other important factors to consider is that many loans will let you make extra repayments so if you do find that you’ve taken out a longer loan term, but can afford to make higher repayments than what’s required you should. Every extra dollar you put into the loan is less interest you’ll have to pay.

I need a $10,000 loan fast. What are my options?

If time is of the essence in your hunt for a $10,000 personal loan, one option is a peer to peer lender. Not only do these lenders offer competitive rates and terms on their personal loan products, in most cases they approve loans on the same day you apply, meaning you can have the funds in your Australian bank account by the end of the day. If you want to find out a little more about these new kids on the block, check out our guide to peer to peer lending

But if you want to stick to a more traditional lender or financial institution, there are still a range of big banks and credit unions that, with their online application and approval processes, can provide conditional approval in a matter of minutes and have the much-needed cash sent to you within 48 hours.

Is a credit card better for a $10,000 loan than a personal loan?

It all comes down to the interest rate you’ll be paying on that $10,000 loan and for how long and what you are using the funds for. If you are using the money to buy something new like a car, holiday etc, there are a number of low rate credit cards with interest rates below 10% and these could be a good option if you are diligent in paying down the balance each month (and not adding to it). The benefit of a personal loan is that you do have set monthly repayments so you are unlikely to have your debt linger around for a longer period of time than required. 

If on the other hand, you’re thinking about a personal loan to consolidate your credit card debt, you could consider getting a  0% balance transfer period on a credit card. 

Should I get a fixed rate loan on $10,000?

Generally speaking, fixed rate personal loans have slightly higher interest rates than their variable rate alternatives, but with a fixed rate loan you have the certainty of a set repayment amount for the duration of your loan. Knowing your exact repayments can be a real benefit to managing a budget. You’ll generally also be able to make extra repayments with fixed rate loans though there may be a cap on how much.

What’s the difference between the interest rate and the advertised comparison rate?

Shopping around for a $10,000 loan is made a whole lot easier with Mozo’s comparison tables, but you’ve probably noticed that we list both the interest rate and comparison rate beside each product. While finding the lowest interest rate possible is a good idea when you shop around, it’s also important to see how comparison rates stacks up. The comparison rate takes into account the fees on that particular product along with the interest rate, so you get a more accurate idea of the true cost of a loan. 

I run my own small business. Can I get $10,000 loan?

If you are looking for business financing then head on over to our business loan section. This page is for personal loans whereas the loans featured in the business section are for businesses and include specialist providers who only deal with small business lending.

So if you own your own business why not head over to our business banking hub to explore a range of financing options to help your small business thrive.
Is $10,000 the maximum you can borrow?

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 which means that no matter what you need to fund - whether it be a home reno or medical emergency - you can get the right amount of cash for you.

What do I need to apply for a loan?

Most lenders now offer online loan applications so you can get started today by clicking through to a providers site via the blue ‘go to site’ buttons in the table above.

From here, it’s important you have a few pieces of essential documents on hand so that your personal loan (or personal loan refinance) application runs as smoothly as possible and also be sure that you meet any eligibility prerequisites. If you’re applying for a $10,000 loan with a provider you don’t have a previous banking relationship with, you’ll have to identify yourself via a driver’s licence or passport as well as prove 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


If you looking for a loan of a different amount, you may want to check out $5000 personal loans, or $50000 personal loans.

Personal Loan Reviews

Great Southern Bank Unsecured Personal Loan (Fixed)
Overall 1/10
Avoid at all costs!

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Read full review

Have had multiple loans with CUA before they changes their name without notifying their customers. Have had terrible dealings trying to close out my account which was actually paid in full over 12 months prior. Apparently I hadn't called after making the final payment so the account remained open and interest grew. I received a 'new' final payout figure of $153.00 (Interest). I have not received a statement for over 12 months so had no idea I had monies owing. Turns out this is to 'save paper'. I'm all for saving the environment, don't get me wrong! When most banks go paperless they chose to send statements via email. When I paid this final amount the day I got the figure, it took 2.5 days to clear and now I owe 10c in interest. I'm not willing to make this 10c payment on principal and I've been placed on hold for 36 minutes and still waiting... I would suggest you avoid this joke of a bank at all costs!

Price
6/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Richard, Victoria, reviewed 8 days ago
ING Unsecured Personal Loan
Overall 1/10
Very very bad new look rate check

Very bad service with new look I don’t like. Different credit score

Read full review

Very bad service with new look I don’t like. Different credit score

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Vidya, New South Wales, reviewed 15 days ago
ING Personal Loan
Overall 1/10
Too bad this new credit score based personal loan.

Too bad this new credit score based personal loan. I am getting different score than with actual score. Too bad I should get 8.99 interest rate but I am getting 10.99. Very very bad.

Read full review

Too bad this new credit score based personal loan. I am getting different score than with actual score. Too bad I should get 8.99 interest rate but I am getting 10.99. Very very bad.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Vidya, New South Wales, reviewed 15 days ago

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