It seems to me that if you need a personal loan for 10,000 dollars you could find ways of borrowing the money in such a way that it doesn’t burden you with extremely high interest (we have a phone number for borrower’s who need to consolidate over $10,000 dollars, but we’ll get into that later)
One of the ways you can keep your APR limited, is to ensure your credit rating is solid and expansive. I’ll explain the expansion of your credit in a moment, but first let talk about borrowing 10000 dollars when you have a bad credit rating.
If you have a FICO score that is under 700 you will be penalized with a high APR (and sometimes more expensive closing fees) so let us say for this scenario, you have a FICO score of 700. The lending terms on ten thousand dollars is as follows. Please keep in mind that I’m only using the loan calculator I have at the bottom of this page. (handy for quick calculations for any loan amount).
$10,000 Loan With a FICO of 700 – APR 11%
FICO = 700
Loan = $10,000
APR = 11%
Term = 5 Years
Monthly Installments
————————————————————————
Interest per year on average = $559.062
x 5 years interest = $2795.31
Total gross amount to pay back the lender = $12795.31
Monthly Installment Payment = $210.33
You can see in this first example how much you are punished for having a bad credit rating. Over the five year term you are almost paying back the entire loan in half again. In this case the $5,500 is a steep payment to make over 5 years. This is how banks make their money and this is how you loss your money. For our 10,000 dollar loan amount used in this example you can really see how a high interest rate can result in a serious windfall for the bank or lender. This is a prime reason why, if you can, you want to borrow the money from a family member or friend with no interest.
For the next example we’ll use a borrowing and lending scenario where the borrower has an excellent credit rating and relationship with the bank. Their current FICO score is a whopping 770 – which most consumers will never have in their lifetime. For a credit score that good you need be a business owner or merchant that has carried substantial credit lines in the past – and has done so for many years.
$10,000 Loan With a FICO of 770 – APR 3%
FICO = 770
Loan = $10,000
APR = 3%
Term = 5 Years
Monthly Installments
————————————————————————
Interest per year on average = $152.472
x 5 years interest = $762.36
Total gross amount to pay back the lender = $10762.36
Monthly Installment Payment = $176.92
As you can see, this borrower gets a much better deal. It’s all based on risk assessment by the lender – in this case the bank. In this case it is most likely that the borrower will have some sort of LOC (line of credit) that is very close to prime, and sometimes lower than prime. This kind of borrower would likely never go to the bank for a relatively small $10,000 dollar loan. These borrowers would simply withdraw the 10,000 dollars from their LOC account and pay it all back in due time. To have a guaranteed LOC account you almost always have to have some sort of collateral in the form of equity. The $10,000 is completely secured by your equity as wrapped up in your LOC.
For the 3rd example we’ll use a credit score of 600 which many consumers and borrows have these days. The calculation of numbers really explodes in these worse case examples, so hang to your hat – this is going to get ugly.
$10,000 Loan With a FICO of 600 – APR 17%
FICO = 600
Loan = $10,000
APR = 17%
Term = 5 Years
Monthly Installments
————————————————————————
Loan Calculation Results at 17%
Total Amount to be payed: $14,320.02
Total amount of interest $4,320.02
Payments by monthly installment: $235.40
As you can see in this example the borrower is paying almost half as much back in interest over the principal loan. If you need a $10,000 loan you had best be doing it another way if you have a really bad credit score as demonstrated here.
Reference: Picture of $10,000 bill found on Pennylicious
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August 23rd, 2009 at 11:59 pm
Hello Webmaster
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If this proposal is liked by you and if you are interested in the link exchange, please contact me at susanthomas2006(at)gmail.com.
Thank you very much in advance to take your time to read this mail.
Waiting for your positive reply,
Regards,
Susan
August 26th, 2009 at 6:21 pm
Hello Susan,
I emailed you yesterday.
September 8th, 2009 at 10:28 pm
[...] the total Mary needs to pay off these two payday loan is $9,316.09. She needs a $10000 loan from a reputable lender. She gets a loan with an interest rate of 6% over 3 years, and paid once a month payment [...]
October 21st, 2009 at 2:47 pm
For a 10000 loan amount what would my payments be if I had the loan for 10 years, and paid once a month.
November 22nd, 2009 at 12:15 am
[...] wouldn’t need the loan would I”. The same old Catch-22 plays for a 5000 dollar loan, a 10000 dollar loan, or even a 200000 dollar loan. One thing for sure with a 200K loan, you won’t likely get the [...]
January 15th, 2010 at 10:26 am
Been looking for a $10,000 loan this last week. I don’t need to tell you that it’s hard when you have trouble with your credit score.
I can’t find anyone that will lend me ten thousand dollars – can you help?
January 15th, 2010 at 10:39 am
Hi Wayne,
Yes. It’s difficult to find someone (or bank) to lend $10,000, and any amount of money, these days with the banks being so stingy. If you want to borrow ten thousand dollars then I would seriously look at finding a local credit union that you can make an appointment with.
Sit down and give them all your information so that they know you are a credible borrower, and prove to them you are not a high risk, and that you WILL pay back the loan as per their terms.
Questions;
Do you have collateral of any kind?
Are you employed?
How long have you been at the same address?
How long have you been employed by your current employer?
Do you have dependents to support?
Are you married?
Are you making all your payments on time with the current credit you have?
All of these questions have to be answered if you want to get approved ($10000 or even $5000).
You can alwsys look at this way too; Put yourself in their shoes and ask yourself if you would lend money (or extend credit) to someone with the exact same personal financial history.
If you want a completely unsecured loans for ten thousand dollars then it’s even more difficult, and the interest rate will be much higher.
If you have steady job, and some collateral you should be able to get approved. If you have a cosigner then it will makes things better for you as well with the banks.
If you have a co-borrower, then it’s even easier, because the co-borrower (assuming the co-borrower has a solid credit rating) is responsible for the loan with you together. The bank will approve a 10000 dollar loan with no hassles at all if they know that SOMEONE will be paying them back with interest. They have to make money on the loan or they are not interested at all. Brutal for people with bad credit these days, so you have to use co-borrowers or co-signers to get approved.
You can do a search in are search box at the top of the page to find out more about the difference between co-borrowers and co-signers. Most people don’t fully understand the difference.
Good luck from all of us at CLF.
June 6th, 2010 at 11:24 am
[...] if you need a $10,000 loan we will use a cost of borrowing rate much more in line with a common personal loan. The interest [...]
November 18th, 2010 at 12:48 pm
I NEED FOR SOME ONE TO LEND ME MONEY IN THE AMOUNT OF$1500.00.SERIOUS PEOPLE ONLY.CHRISTMAS IS COMING AND I NEED THE MONEY TO BUY MY KIDS CHRISTMAS GIFTS.I WANT HAVE THE MONEY FOR THAT PURPOSE DUE TO ME GETTING LAID OFF WORK.ANY ONE INTRESTED PLEASE EMAIL ME AND MAY GOD BLESS YOU.
December 2nd, 2010 at 9:46 pm
If I recieved a loan for 10,000 to purchase a home, and wanted it paid off in 18 months what would my payments be?
January 26th, 2011 at 11:33 am
I have a good credit but no collateral that is of high value. Is it possible that I could receive a 10,000 dollar loan and pay it off in 10 years and still have a low interest rate?
March 5th, 2011 at 3:17 pm
need $15,000
starting capital for quick return
live in oregon
need it by tuesday 3/8/2011
March 21st, 2011 at 12:20 pm
I used to have a high 700s credit score, had an accident & soon after went through a divorce. Had to file bankruptcy in 2006. Has been dismissed for almost 4 years now. Can’t find anybody that will give me a second chance. Need $10000.for a truck purchace for my bussiness.Any help would be gretly appreciated.
April 19th, 2011 at 7:35 pm
Need 10,000 loan for bills and home improvements. I love in Il. Would you be able to help.Would like to have fairly soon. Thank You.
April 22nd, 2011 at 7:14 pm
I need to borrow 6,500 for a loan on a car.. and my credit score for all 3 companies (tranunion, equifax, and experian) is above 300. is this possible and what do you think the interest would be over 2 or 3 years?
April 27th, 2011 at 7:33 pm
like to borrow 15000 to pay off two other loans to have just one payment maybe get the loan for 60 months
April 27th, 2011 at 10:23 pm
Yes I would like to borrow (10.000.00)
May 5th, 2011 at 3:09 pm
Thank you for the infomation.
Now how do I apply for the loan?
the payments would be reasonable with my credit rating.
May 9th, 2011 at 10:20 pm
Just closed a bankruptcy end of march. Have a score of 637 need 10000 to consolidate some debts not included in bankruptcy need it asap. every site I go to wants to give me a payday loan and that is not what I need
May 17th, 2011 at 8:45 pm
I DESPERATELY NEED A $10,000 LOAN, I CAN PAY $300 A MONTH ON IT FOR 5 YEARS,IF ANY CREDIT UNION OR BANK NEAR SACRAMENTO-STOCKTON AREA. I HAVE 659 CREDIT RATING, AND 2 JOBS..MAKE $2200 A MONTH.
May 27th, 2011 at 1:15 pm
Hello I am a young entrepreneur who has been inspired by the Creator to dissemanate facts and spiritual sayings to spread love to the Human race. I need $10000 to form my publishing and multimedia company. I need it it today and I will repay it back over 2 years, God is with me and will make this very uplifting and successful. Thank you
June 17th, 2011 at 8:31 pm
Need 10,000 to pay o0ff personal and Medical bills
California
personal loan
need asap
June 26th, 2011 at 7:37 pm
hello im mitchell and im 20 years old, i wanted to have your Professional opinon. i am looking for an approval for a 10,000 to 15,000 dollar loan. i am financially stable, i have a $500 credit card with my bank as of 2 monthes ago. so that is the only credit i really have to show for. i live independant and pay for my living. please guide me to land a successful loan thank you very much.
July 27th, 2011 at 8:35 am
I need it please
August 29th, 2011 at 8:27 am
I need help
September 7th, 2011 at 11:39 am
My husband and I need a 10,000 loan to finish a job. He owns his own company, and needs the remaining amount to finish it completely. The loan would be paid off as soon as the job is completed. We live in Missouri. Also, the loan will be paid in full if one wishes. This is not a scam. References upon request, and will be more than willing to sign any legal paperwork. Serious inquireies only. Thank you.
October 3rd, 2011 at 7:42 am
I need $10000 to buy a house and fix it you for me and my family to live in. We live in Scranton PA but the house is in Pottstown PA. thank you Jason 5709559528
October 10th, 2011 at 3:50 pm
I have good credit i would need 10,000$ for purchase of Volvo semi truck i would use it for a downpayment and i would pay back with no problems thank you .
October 20th, 2011 at 10:42 am
Hello
I need a $10,000 personal loan. credit rating is 700. I live in Pa. I would need it by the middle of November.
November 9th, 2011 at 4:33 pm
i need to borrow 10000 thousand to help buy a house
November 24th, 2011 at 5:41 am
I need to borrow $10-15K for 3-5 years with neg interest rate and bi-weekly payments. Need to pay off bills and find a new car with better gas milage. Credit score above 500 all three agencies and working on rebuilding credit.
December 19th, 2011 at 4:30 pm
I need to find a start-up loan of 10,000 dollars to start a new garage door business.My credit score is above 600 but I was recently laid-off work which is sparking me to venture out on my own. The area I am in does support this type of business and I know it can be successful if I can just get the seed money to get it off the ground. I am a veteran with poor credit and can’t even afford my start up costs to get the proper business and contractors licenses. I do have my first sale if I can get the business side of things in line. The money would be used securing an office/showroom location, materials and advertising and payroll cost while I build the business. I tried some sights online and was spammed horribly. Any information would be appreciated, I am unemployed right now and no one is hiring and I know I can make this work.
January 4th, 2012 at 2:45 am
Hi, I am so glad to find you, I have been praying night and day for help. We are about to lose our house which we have lived in for 12 years, we are about 3 years behind on most bills. We need about $20,000 to catch up everything. I work at the post office, but can only do 8 hours a day as I have fibromyalgia and cannot do any overtime, My husband is disabled, and only draws SSI, We are barely making it, and I would hate to lose my home. PLease if anyone could help, Thank you and God bless.
February 3rd, 2012 at 10:55 am
well my name is maurice and i live in maine withh my 3 year old and wife. The job merket here is less than bad and i have been finding ways to better the chances of my son going to college. I have built up my credit score so I can get an FHA loan on a house in colorado and have secured a job thier as well so I am working and saving as much money as possible but i can’t save money when work is slow. I am a honest loving father and husbund,a hard working man and am not looking for any free rides. I will work to pay any loans of buy cash or volontering what ever it takes.I just want my son to have a good life. PLEASE HELP!
April 13th, 2012 at 9:44 pm
Hi
My name is Cynthia and I need a 10,000$ loan! I actually need this to make a down payment on a townhome. I actually wat my parents to call a place their own. And not worry about them getting kicked out. So the loan would be perfect!!!
April 22nd, 2012 at 3:28 pm
Need to borrow 10000 to to catch up mortgage and bills can make the monthly payments easily but my credit just isn’t that great
May 7th, 2012 at 9:04 pm
WILL GLADLY PAY 17% ON 14500 LOAN FOR 5 years to get my ARREARS REDUCED TO ZERO FROM A BAD DIVORCE WHERE MY EX SPOUSE THREW MY SON OUT OF HER HOUSE AT 15> I OF COUSE TOOK HIM IN BUT CANNOT HANDLE THE EXPENSES AND HAVE FALLEN WELL BEHIND IN PAYMENTS. I want to repay my arrears to his mom and then file a motion to reduce the payments now that he lives with me but it is costly> I NEED TO REPAY THE 14500 IN ARREARS> I ILL GLADLY PAY 17% TO BE RID OF THIS OBLIGATION i MUST TAKE CARE OF
May 10th, 2012 at 2:14 pm
- how much you need to borrow =$15,000 to 20,000
– what type of loan you need = personal
– what State you live in = maryland
– how quickly you need the loan = as soon as possible. Hopefully before months end.
Need the loan to consolidate my car and other outstanding debt. If I dont get it consolidated to a combined much lower payment between $300-$400 a month I will not be able to make my rent payments. Which will put at me risk to being evicted and homeless. On top of it I need the money to fix my car since the service light has been on for over a month. Just need to get caught up on everything so I can keep my job, apartment and car to maintain my life. I have been trying for months to get a second job, been on 8 interviews but I can’t get a second job to work around my fulltime job that I have had for 14yrs. I have tenure there and was recently promoted but the increase was not enough to cover monthly expenses (utilities, rent, phone, car insurance, car payment, gas, groceries) plus debt. Need a loan to get it all together under one monthly smaller payment.
Thanks