If you are applying for a $10,000 loan for 5 years, it is likely to be a personal loan. Personal loans are loans that you make to use for a variety of purposes such as a medical emergency, to pay off a debt, to purchase something important, etc. They are fixed-rate unsecured loans that are typically paid off in biweekly or monthly terms.
A $10,000 loan will cost you from $193.28 to $361.27 every month for 5 years. According to the latest market research, most online lenders offer their loan services with APR ranging from 5.99% to 35.99%, depending on the loan amount requested, loan repayment period, and loan types.
If you would like to take out a personal loan, there are various online lending networks such as iPaydayLoans, WeLoans, and CocoLoan. These online loan platforms can help you quickly connect with their network of reputable online lenders within the US and you can get up to $35,000 with competitive rates and bad-credit-friendly requirements.
Monthly Payments for a 5-year $10,000 Loan
Below are some of the common examples of monthly repayments of a 5-year $10,000 personal loan. The APRs in the table are the most frequently used data based on borrowers' feedback.
| APR | Monthly Payment | Total Interest | Total Cost |
| 5.99% | $193.28 | $1,596.89 | $11,596.89 |
| 12.99% | $227.48 | $3,648.77 | $13,648.77 |
| 19.99% | $264.88 | $5,892.99 | $15,892.99 |
| 26.99% | $305.29 | $8,317.61 | $18,317.61 |
| 35.99% | $361.27 | $11,675.90 | $21,675.90 |
Securing An Installment Loan With Bad or No Credit
It may be hard to secure an installment loan with bad credit, but it’s not impossible. Here are tips and hints to increase your chances of getting approval for your loan:
- Get a secured personal loan
If you provide collateral for your loans, such as a real estate title or a car title, it might convince the lender to approve your loan, the reason being that in the event that you are unable to pay them back for the loan, they’ll still have something valuable they can take from you. You need to make sure to consider your repayment ability beforehand so you won’t have to undergo the risk of losing your valuables.
- Get a co-signed personal loan
You can choose to add someone with a higher income or a higher credit score to your loan application to either increase your approval chances or to get a lower rate on interest. Many young students will consider their parents to be their co-signer in order to secure student loans, while adults will also secure large amounts personal loans with a co-signer for higher approval rates.
- Try to lessen the loan amount
Lenders typically avoid providing loans that may be too much for the borrower to pay back. You’ll have more chances of qualifying if you apply for a smaller loan amount. You can combine a smaller loan with other alternatives for borrowing so you can cover your expenses.
$10,000 Personal Loan Alternatives
There are other ways you can secure a $10,000 personal loan besides approaching an online lender. The following are other alternatives you can try out:
- Pawn Shop Loans - As long as you can offer something valuable as security, then a pawnbroker can offer you a secured personal loan. However, most lenders will only lend you about 25% or less of the total value of the item, so you need to be smart with the item you choose.
- Home Equity Loan - A home equity loan can be an alternative if your mortgage debt is less than the value of the property. Home equity loans are usually with higher loan amounts available and lower interest rates. We always recommend borrowers make sure to weigh the benefits and risks of using your home as collateral.
- Vehicle Title Loan - This is similar to a home equity loan, except in this case, your vehicle’s title is used as collateral. One of the most significant advantages of getting car title loans is that you can still drive your car while repaying the loans. However, in the event that you’re unable to repay your debt, the lender can claim ownership of your vehicle.