$10,000 personal loan guide: how to borrow $10k

Right first things first, how do you actually find a $10,000 personal loan? Well, the best place to start is to get initial rate estimates online to weigh up your options. You’ll want to make sure that any rate estimate you get only uses a soft credit check and doesn’t impact your credit score - just like the rate estimates at Wisr. This allows you to find out your personalised interest rate and mull over your options before you actually apply for a personal loan. 

Take a little time to decide what’s most important to you before you start so you have a clearer idea of what you’re looking for. For instance, you may be on the hunt for the lowest interest rate available to you, or you may be after the longest loan term to lower your monthly repayments. 

Want to dig a little deeper? Check out our complete guide, What is a personal loan?

Not sure which option is right for your needs? Let’s have a quick look at their features and benefits. 

Personal unsecured loans

A personal unsecured loan is a loan that’s not tied to an asset, like a car. You simply borrow a fixed amount and repay it in regular instalments, plus interest, until the end of your loan term. Wisr offers personal unsecured loans starting from $5,000. 

• Loan is not tied to an asset

• Can be used for any worthwhile purpose

• Repay over 3, 5 or 7 years

• Choose to pay weekly, fortnightly or monthly

Secured vehicle loans

A secured vehicle loan is a loan that’s secured against the vehicle you’re purchasing. This means that if you were to stop making your loan repayments, your lender could repossess the vehicle to recover their costs. That said, as it gives the lender a little more security, you may find that you’re able to get a lower interest rate with a secured vehicle loan. Wisr offers secured vehicle loans from $10,000. 

• Loan is secured against a vehicle 

• Can be used for vehicle purchases, such as cars, trucks or campervans 

• Repay over 3, 5 or 7 years

• Choose to pay weekly, fortnightly or monthly

Want to know more? Dig into our Smart Guide, Secured or unsecured? That’s the question.

Pretty much anything! A $10,000 personal loan can be used for any worthwhile purpose. Popular uses of personal include:

• Debt consolidation

• Buying new or secondhand vehicles

• Home renovations

• Funding travel or holidays

• Paying for weddings 

• Covering medical bills

Your eligibility for a $10,000 personal loan will come down to a few factors, but primarily a lender will look at:

• Your credit score - this gives a lender an idea of how likely you are going to be able to keep up with your loan repayments. The better your credit history, the more likely you’ll be eligible for a personal loan and the better your interest rate is likely to be. 

• Your income surplus - all responsible lenders will take a look at your income, spending and liabilities (i.e. your other financial commitments such as mortgage or credit card repayments) to see how much you have left over each month and make sure you can afford to take on a new loan. If you have a bigger income surplus, the more likely that you’ll be approved for a loan.

This will ultimately depend on your lender and your loan contract. Here at Wisr, we offer loan terms of 3, 5 and 7 years. We also allow you to set the repayment frequency to what works best for you, whether that’s weekly, fortnightly or monthly.

We get it - maths isn’t everyone’s cup of tea. But to get a good idea of whether you can afford to take on a $10,000 personal loan, you’ll need to run a few numbers. 

First, take a look at your bank statements to see how much you’re roughly spending each month. You’ll then need to subtract this number from your income to find out how much you have left over. 

From here, you’ll be able to decide how much you can comfortably afford to repay each month. The next step is to use our personal loan repayment calculator. This will give you a good indication of how much your monthly repayments might be with a personal loan.

As we mentioned earlier, knowing what’s important to you is essential when comparing personal loans. Here’s a quick round of what you’ll need to consider to work out if a personal loan is right for you.

• Monthly repayment amount: making sure your loan is affordable is essential, however whether you decide to go for the smallest monthly repayment available will come down to you and your circumstances. You may find that you can comfortably afford to pay a little more and repay your loan a bit quicker. 

• Loan term: your loan term goes hand in hand with your monthly repayment amount. If you choose the shortest loan repayment term, you’ll pay off your loan quicker and pay less interest overall. If you choose the longest loan term, your monthly repayments will be smaller but you’ll pay more interest in total. 

• Interest rate: the interest rate that you’re offered will come down to you and your credit scores. That said, it may vary slightly from lender to lender, so it’s worth getting a personalised rate estimate in advance to give you a clearer idea of what to expect. 

• Fees and charges: it’s always a good idea to read a loan offer carefully so you’re aware of any additional fees or charges that you could incur throughout the course of your loan contract. Here at Wisr, we don’t charge any extra or early repayment fees, so you can repay your loan in full at any time, at no extra cost.

• Extra benefits: there may be extra benefits of choosing one lender over another that are worth considering, such as having an easy-to-use app to manage your loan progress or a human customer service team that you can contact, if needed.

Ready to apply for a $10,000 personal loan? If you already have your rate estimate, you simply choose a loan offer that’s right for you and fill out a loan application. 

You’ll need to be able to submit your last 3 month’s worth of bank statements and a form of ID to go alongside your application. If you’re self-employed, you’ll also need some additional documents. For more details, check out our guide to personal loans for self-employed applicants. Just note that once you submit your application, a hard credit check will be made to complete the assessment process. 

Want to get the ball rolling? Get a rate estimate for a $10,000 Wisr personal loan now without affecting your credit scores.