$10,000 loans

Mozo helps you to compare $10,000 personal loan options so that you can find a loan that best meets your borrowing needs. Start here!

RG146
Fact Checked
10000 personal loans

$10,000 personal loan comparisons on Mozo - last updated 31 May 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    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.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    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.

    Compare
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

    Compare
    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    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.

    Compare
    Details
image of houses

Need the help of a personal loans expert?

We've partnered with LoanOptions.ai to help you get the personal loan that suits you.

Learn more
Search now

^See information about the Mozo Experts Choice Personal loans Awards

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.

Hey, before you continue…

Lenders on our site have strict lending criteria. We want you to find the right loan so before proceeding with a loan application, be sure that at a minimum you:

If you don’t know your credit rating, try using our rate matcher tool, where we run a free credit check to help you find a loan you may qualify for.

Personal loan lenders we compare at Mozo

Save with deals from the following well-known brands and many more...

See more personal loan providers

Personal loan resources

Reviews, news, tips and guides to help find the best personal loan for you.

So, you want to take out a $10,000 loan to fund a big upcoming expense. Whether it be to fund a small home reno or go towards your dream destination wedding, there are a few things you should know before applying for a personal loan.

First, 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 ^10.58% p.a. for a $10,000 loan.

But that’s not all there is to look for in a $10k personal loan. Let's 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 taking out a loan for this amount.

Types of $10,000 loans

When taking out a $10,000 personal loan, you’ll need first to determine what type of loan you’re after. Do you want a fixed or variable interest rate? Are you after an unsecured or a secured personal loan? Let’s review.

Fixed-rate personal loans:

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.

Variable-rate personal 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 a tonne of 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.

Unsecured personal loan:

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.

Secured personal loan:

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. 

Pros & cons of a $10,000 personal loan

Let’s take a look at some of the different advantages and disadvantages of a $10,000 personal loan:

Pros of a $10,000 personal loan:

  • Smaller loan size: This could be ideal if you require funding for a small project.

  • Lower repayment amounts: Your regular repayment amount could be lower with a loan size of $10,000.

  • Quicker to pay off: It’ll probably be quicker to pay off a $10k personal loan than a larger loan.

Cons of a $10,000 personal loan:

  • Financial commitment: By taking out a $10k personal loan, you’ll need to ensure you’ve always got enough money in your bank account to meet your regular repayments.

  • Risk of default: Missing your repayments could negatively affect your credit score. 

  • Restricted loan size: If you can only get approval for a $10,000 personal loan, this might be unsuitable for larger projects.

Alternatives to a $10,000 personal loan

Trying to decide whether or not a personal loan is right for you? Here are a couple of other alternatives to a $10,000 personal loan:

Credit card:

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

Car loan:

Looking to take out a loan to buy a new or used car? Then a car loan could be another finance option to consider. While a car loan is technically a personal loan, its function is specifically for purchasing a car.

Most car loans are secured loans, so your new vehicle will be used as a security asset against the loan. However, there are some unsecured car loans out there (usually with much higher interest rates).

Picture of JP Pelosi
JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

$10,000 personal loan FAQs

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

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.

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

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. 

I run my own small business. Can I get a $10,000 loan? What do I need to apply for a loan?

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.

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. 

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

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 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

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

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.

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

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.

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

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.

Personal Loan Reviews

Newcastle Permanent Unsecured Personal Loan
Overall 9/10
Good

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Read full review

Overall they are good but they don't take into account people work and can't answer phone calls even after you've asked to email instead

Price
7/10
Features
7/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Shaye, New South Wales, reviewed 16 days ago
Commonwealth Bank Unsecured Personal Loan
Overall 3/10
At least help us out with ATM fees

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Read full review

Overall I'm not too happy with the banks in general. I think they are greedy and don't offer much incentives

Price
2/10
Features
3/10
Convenience
4/10
Trust
3/10
Less
Justin, Western Australia, reviewed 16 days ago
Commonwealth Bank Personal Loan
Overall 6/10
Easy service but not the best fees

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Read full review

Commonwealth bank being the largest bank has the comfort of being reliable and was also willing to provide a loan when other banks were not. Customer service is easy to get in contact with. I wouldn't say the fees are the best in the market though.

Price
5/10
Customer service
6/10
Convenience
9/10
Trust
7/10
Less
Joshua, Victoria, reviewed about 2 months ago

More personal loan reviews