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10K Personal Loan With Bad Credit (2K,3K,5K)

Many borrowers need a personal loan for 10K (ten thousand dollars), but the reasons why they need the loan is completely different depending on each individual situation.

Often if somebody has borrowed 2K, 3K, or 5K in the past they end up owing a lump sum of 10K or more.

Usually these loans taken prior have high interest rates attached to them is the borrower(s) had bad credit when they applied for the loan. This is not a good position to be in and by borrowing 10K they think they can have one payment per month to make instead of various other payments.

In other words, these borrowers are in essence getting a debt consolidation loan on their own accord instead of paying for an attorney or trustee to set up a payment schedule based on just a fraction of what is owing. These borrowers hope they can somehow get out from underneath their debt and not go through the shame involved when setting up a settlement plan with their creditors.

Most of these creditors are credit card companies, department stores, and their family banking institutions via lines of credit and overdraft accounts. Unfortunately many times the 10K they are trying to borrow is not even enough to pay off all of their loans.



Of course there are people who need 10K for other purposes, such as the purchase of a car, some home renovations, or a family vacation. Just did this is the case then you could be increasing your complete debt load even more putting yourself in a even more precarious financial position going forward, and it may be something you’ll regret later. You may end up being in a position where you can’t service the debt on everything you have borrowed and you are just prolonging the pain until you do have to get a structured settlement plan set up with your creditors through trustee.

10K Personal Loan at 11% for 3 Years

For a ten thousand dollar loans we will run the numbers so you can see home much it is going to cost you in the long run, and what it does for you in the short run. For this 10K loan we are going to use an Interest rate of 11% – for the sake of argument – and we’ll use a 3 year pay-back schedule with payments being at the beginning of each month. Below are the results.

Amount borrowed = 10K dollars
Interest rate = 11%
Length of loan = 3 years
Payment periods = monthly

10K Dollar Loan Results for 3 Year
Total Amount to be payed: 11,695.52
Total amount of interest 1,695.52
Payments: 320.43

You can see very clearly that you are paying a little bit over $500 a year in total interest payment charges. Your payments are reasonable at $320. This kind of loan is fairly common throughout the United States. Next we will look at a 10K dollar loan over 5 years at 7.5%.

10K Personal Loan at 7.5% for 5 Years

If you have a pretty good FICO score with the credit bureaus you can perhaps be approved for a loan at an interest rate of 7.5%. This is a considerably lower APR and will save you allot of money over time. For this loan you will be paying the bank back every 14 days (what they call biweekly) and you will be paying back the loan over a five year period. Of course this is also a loan for 10,000 dollars. See below. Take special note of how low the biweekly payment is here – only 91 dollars paid every two weeks!

Amount borrowed = 10K dollars
Interest rate = 7.5%
Length of loan = 5 years
Payment periods = biweekly

10K Dollar Loan Results for 5 Years
Total Amount to be payed: 11889.41
Total amount of interest 1889.41
Payments: 91.21

10K Personal Loan at 23% for 7 Years

If you have a bad credit rating, with a FICO score of 550 (as far as the credit bureaus say) then your interest rate is going to be much higher. The banks and private lenders will see more risk in lending to you and as a result they try to protect their interests by charging you, along with thousands of other borrowers, a very high interest rate.

This way if a few borrowers default on their payment(s) they will still be ahead in the long run.

Now watch how expensive this loan is over the full during of the 7 year term. See the most important part here is that the principal of the loan is 10K, and the interest on the note is over 8K. This is a very expensive form on lending in which the borrower is paying dearly at the cost of  borrowing point. The fees on a loan like this could be very high as well, so you will have to keep that in mind too. Often the lender in this case will be a private lender. 

Amount borrowed = 10K dollar
Interest rate = 23%
Length of loan = 7 years
Payment periods = monthly

10K Dollar Loan Results for 7 Years
Total Amount to be payed: 18144.67
Total amount of interest 8144.67
Payments: 213.05

FYI - I am not responsible for the picture in this post ;-)

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A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

Loan Amount:

Interest:

Years:

Days between payments:
30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!

This was written by . Posted on Monday, June 7, 2010, at 2:25 pm. Filed under 10K Loans. Tagged , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Post a comment or leave a trackback.

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52 Responses to “10K Personal Loan With Bad Credit (2K,3K,5K)”

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  1. 52
    Xavier Says:
    May 15th, 2012 at 5:57 am

    My name is xavier looking for a 10k loan to help pay off wedding expenses. My credit is fair all credit cards are payed off more the 75%. I need the loan ASAP for I have payments due this week i make 60k a year and repayment is not a problem I just need the lump some at the moment. Please help

  2. 51
    Angie Says:
    May 9th, 2012 at 6:38 am

    Dear Lender,
    I am 45 year old woman on a disablity who is in need for finacial help ASAP. My roommate that was sharing a house with me took off and left me with all the bills and rent. Went to see my mom that lives in another, when i came back to places almost all the appliances and furniture was gone. My car broke down, I was left to live on nothing, I had to pawn my stuff, like my musical equipment to pay for food, my mother is dying with colon cancer, i got ripped off from 4 lending companys, i sent them money via western union, i have all receipts and company names, all i wanted to do was to get the money to clear up my debts from the mess of the house i lived at plus the waster, hydro, cable, phone and whatever else, plus get a second hand car so i can drive to my mothers, its 35 mins to get there, also wanted to get my musical equipment back, i am a great musican and can a few extra dollars by doing so, i wanted to build my credit, and put the 16000.00 back into my mothers account for her furneral cost, like what does it take an honest person being ripped off by these scam artist, poor myself, just asking for help and i would pay it back, like this is not fair to people like me or anyone like thats terrible. I live in onntario canada, does anyone care at all, I can pay back each month 500 dollars, all i ask is to borrow at least 20,000 or 25,000, or if i get less as least i will have the money for my mother, thank you, hope to hear from you soon.

  3. 50
    carl Says:
    April 30th, 2012 at 12:42 pm

    I am seeking a business/personal loan in the amount of $9k. Loan will be used to refinance business loans. Current salary $225k net. Loan will be repaid in 90 – 120 days. I am also able to collateralize loan with 1% interest in my company until repaid. I’m seeking immediate funding. All income and collateral can be verified. My business is located in NYC.

  4. 49
    Carole C. Says:
    April 15th, 2012 at 2:36 pm

    I am looking to consolidate a few credit card loans and a signature loan.
    My credit score is approx. 667. The only reason my score is not higher is
    that I have school loans on my credit that actually my son and I will be
    paying together. I have also utilized the credit on most cards. Interest
    rates are high though and preventing me from making real progress.
    Needed: 10K (12K would be better)
    When: As soon as possible
    Residence: CA

  5. 48
    KC Says:
    April 4th, 2012 at 11:33 am

    I just posted a a couple of minutes ago and just wanted to add that along with taking care of my Mom the last 12 yrs before she passed very recently, I am also a volunteer firefighter and emt. On top of that I donate my time and services to a local Christian based homeless shelter where I perform free medical screenings to the homeless community. Just wanted to give a look into my character. I feel character should be just as equally weighted as a persons “credit score” which is spit out by a machine. It has no inclusion of the person or their character or the life circumstances they may have had to deal with in life. As I stated, a lot of my score has to do with taking care of my Mom the past 12 before her very recent passing. I don’t regret anything in my life or for what I did for my Mom. I have a heart and general caring for people. I risk my life running into burning buildings for strangers, what would you think I would do for a family member I love more than anything? It would be awesome if a company looked at the individual, not a # spit out by a machine.

  6. 47
    KC Says:
    April 4th, 2012 at 10:50 am

    My name is KC. I live in Columbus, OH. I am looking for a $10,000 unsecured loan. The money is needed right away and will be used for expenses incurred due to my Mom’s very recent passing and the rest will be used to both pay off a couple of bills as well as going back to school to finish my education. I’m 34 yrs old and I currently bring home $3000 a month from my employment and with a $10,000 loan I could afford a monthly payment of around $350. My credit however is not the best (550). A lot of that has to due with different things associated with my Mom’s illness the past 12 yrs that lead to her passing. Please let me know if there is anything you can do.

    Thank you & God Bless.

  7. 46
    Tim H Says:
    March 26th, 2012 at 7:20 am

    how much you need to borrow: $10,000
    - when do you need the money: latest 3/30/12
    - what kind of loan product you want: not sure wanted to do some debt consolidation and also some for a small business start up that is ready to go with just a little financing
    - what State you reside in: Alabama

    Not sure if this helps but just bought a truck and my credit is in the 600s also don’t really care about the interest rate as long as it is not something stupidly ridiculous like 50% and would like to pay it back over like 5 or 6 years on a monthly basis.

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