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

1
Justen Says:
August 4th, 2010 at 3:26 pm
need a loan asap for dept consolidation and sons surguery
2
Thaddeus Lewis Says:
November 1st, 2010 at 5:37 pm
I need a loan willing to pay high interest rate on the loan. I don’t have excellent (or even good) credit, but the loan is for an investment property that I will get back money at closing and can pay the loan back quickly. In need of this loan by tomorrow by noon. Thank you – also, I am located in Virginia and will submit a promissory note that will protect the lender along with property.
3
amber Says:
December 23rd, 2010 at 11:15 am
I need $9000.00 to pay past bills my credit is bad due to my soon to ex.not being responsibile I’m applying for disibilty so if you could help I would appreciate thank you for your time.
4
Eric Says:
December 28th, 2010 at 2:51 pm
I am not going to give you a sob story this how it it is just make enough money to grt by but credit shot need to get a 10k loan for my son who is going to loose his drivers licens indefinatly because he got into an accident and my ex lovely ins (Geico) wont cover the claim so now he needs to reiburse the lady that he hit so much fun. He works but if he looses hi license he looses his job so now we need to get 10k asap we live in NH Thanks for any input
5
Joan Says:
February 10th, 2011 at 3:59 pm
My Husband and I need a re-finance/home loan for 80,000.00. House on 5 acres. We are 49 and 51. We had perfect credit for 20 years. Owned a successful Restaurant. Financed numerous homes and cars. Then we went to prison for 6 years on drug trafficking charges. Credit went in the toilet. (score is currently around 600) Came home in 2009 and attempted to start over. We found someone to owner-finance a home and property for us for 3 years. We have 2 years left. We paid 10,000.00 down and have made another 5,000 worth of improvements. I own and operate a tropical plant nursery and my husband works for a major automotive dealership. We have income. We also have a 75.000.00 tax lien from the state of north carolina. (We pay our taxes, this is a drug tax.) This is the only negative account/collection on my credit today. We make payments on this debt to the state faithfully each month, but that doesn’t get rid of the lien, and no lender will deal with us because of it. Our case manager at the State revenue dept says we can offer the state a settlement in 2 years. By then, our purchase agreement with the homeowner will have expired. I run my business from this property, built greenhouses, the works. If we lose it, we lose our business too. Any advise or strategy suggestions would be appreciated.
6
kelly Says:
February 23rd, 2011 at 6:47 pm
Need 1000 dollars my credit is terrible because of loans taken out by me for an ex boyfriend. Need money to pay off my school so that I can pay off my college and get my degree. Please help.
7
ALBERT Says:
February 24th, 2011 at 2:25 am
Hi, im from singapore and i need a loan of 10k asap, i will pay back monthly installment each month faithfully. Appreciate if you able to help. Please kindly get back to me at this email giaxuan.loh23@gmail.com . Thanks
8
Dezeita Says:
March 5th, 2011 at 1:05 pm
Hi, I am in need of a loan for 7,500 for my business. I will be able to pay it off within the year. Please help me thank you.
9
Ken Says:
March 22nd, 2011 at 8:21 am
I need a 10K loan asap. I am a month and a half from getting my bachelors. Please help.
10
Shanika J. Says:
March 23rd, 2011 at 12:49 am
I am in desperate need of a 5k loan to keep from being evicted, get my car back from repossesors and to pay off past due bills I now have a full time job and can re-pay the loan in good timing. Please help.
11
Vincent G. Says:
March 25th, 2011 at 8:01 pm
Hi I need a personal or car loan. My vehicle died on me about a week ago & I am stuck as of what to do. My credit was descent until Igot injured at work & work never took care of my medical bills. I have an attorney working on it for me & i’m pretty positive i’ll win the case. But for now i’m in a rough spot b/c it screwed up my credit. Please try and help. Thanks, Vincent
12
Colleen Says:
March 29th, 2011 at 11:31 pm
Looking for a $5000 loan by April 6th to pay bills. Just bought a house in August and was engaged until recently and got behind being on my own. Bad credit score, but make decent money. Should be able to catch up with that lump amount. Thank you!
13
Betty B. Says:
April 3rd, 2011 at 9:44 am
I need to borrow 14000 I want to pay of some bills and do some repairs on my home but I have bad credit I draw social security and have been for 4 yrs now I hada bad car wreck and I am still going to drive. All the time and I carried my husband on my insurance his job did not offer any and I had worked my job as shift manager for 24yrs worked at the same company for 32 years.

But long story short I had allot of medical bills more then I could keep up with and my husband had seven surgeries from catching sudimonious from having blood work done at the emergency room has had to have blood veins removed and it has damaged the muscles and nerves in his arms and he has signed up for his disability I draw 1893 a month which is enough to live off of since I own my own trailer and land but o have three payments a month that is costing me 538 a month which this loan would help me to repair some things for my home and pay off the 3 bills that are so high in payments a month thank you for your response.
14
scott Says:
April 19th, 2011 at 7:12 pm
i need a thousand dollar loan asap its for a newer vehicle to get myself to and from work i live in south dakota my credit isnt good but a thousand dollars would not be difficult to pay back over a year or so even with a higher interest
15
Tara Says:
June 9th, 2011 at 9:28 am
I need a loan for 13000.00. I make good money but have bad credit. I want to have the payments come directly from my bank account on pay day.
16
Bryan Edwards Says:
June 12th, 2011 at 4:58 pm
I need a ten thousand dollar loan to buy a used truck 2002 dodge dakota quad cab 4×4 in excelent condition at a local dealership i have bad credit but we are working on paying things off i really need this truck and i need a payment at 200.00 or less sometime in the next couple of weeks with no down payment or collateral thank you for your time and help i live in monticello ky 42633 my wife and i both work at the same place full time 40 hours a week or more
17
Don M. Says:
June 28th, 2011 at 7:54 am
I need a loan in the amount of 10k. I can make monthly payments up to $400. I am starting a small businees and I need working capital. I live in North Carolina and will be able to pay the loan off early.
18
Lisa L. Guerrero Says:
July 9th, 2011 at 3:36 pm
I hope to God that everything that i just read are true. And if it is and u can help me then God Bless You and the Company for which you work. My name is Lisa and i am looking at borrowing 25k with the intrest of 11 for 5years. I get paid between the 1-5 of each month. I am employed with the state and will give you a promise that i will pay you back. If that is not good enough then i will let you do an automatic withdrawl from my account every month until i have paid you off. Thanks for everything and hope to hear from you ASAP.
19
Ruby Says:
July 19th, 2011 at 11:21 pm
Can you please help. We need a loan for around 10k they fixing to disclose on house and take only car we got – so please help.
20
Dan Says:
July 21st, 2011 at 9:19 am
I need to barrow about 10k to pay off all my stuff and get a car for college I got layed off from a state agenci so I am fully funded to go to school my wife works 40 hours a week and we own our home I wanna pay off my van and buy a small car to finish my college.
21
Joe Says:
July 21st, 2011 at 4:29 pm
- how much I need to borrow……………. $14000
- when do you need the money…………… 8/15/11
- what kind of loan product you want……. 8347.00 for payoff house 5653.00 for bill consolidation
- what State you reside in…………….. Indiana
22
Matthew Says:
July 22nd, 2011 at 7:39 pm
I need a 10k loan can pay back in 4 months with 11% interest.
23
Candie Says:
July 27th, 2011 at 1:06 pm
How much I need to borrow: 3500 Dollars
what I need the money for: college and to save my home
what kind of loan product: debt consolidation
what state you live in: Ohio

I need this loan: Deadline date is August 3rd.
24
Christopher Says:
August 4th, 2011 at 11:09 am
i am in need of a 15,000 loan no money down and pay back in 3-4 months i have stock for and investors and a full business plan i am building my company on technology and a club/restaurant in two states i have all paper work needed investors welcome i am willing to payback up to 20,000. I have little to no credit – any help would be nice.
25
Chris Says:
August 4th, 2011 at 11:11 am
i am in need of a 15,000 loan no money down and pay back in 3-4 months i have stock for and investors and a full business plan i am building my company on technology and a club/restaurant in two states both Texas and Virginia i have all paper work needed investors welcome i am willing to payback up to 20,000 i have little to no credit any help would be nice.
26
Ron Says:
August 8th, 2011 at 7:46 am
Hi, I am looking to borrow only $5,000 for a 10 year loan paying by month. If you can help me out, that would be great! Thank you.
27
Hawanya Says:
August 10th, 2011 at 7:52 am
I am seeking a loan for 5K to complete car repairs and complete 2 professional training courses.
I want pay off loan in 1-2 years. Can you help me?
28
Erika Says:
September 6th, 2011 at 5:29 pm
I am a single mother and I am trying to rent a home for my children and myself. I work almost 6 days a week and being that I have no assistance from the father I have found myself struggling to save money.
I am looking for someone to grant me a loan of no more than $3,000-$4,000.00 and I intend to have it ALL paid back no later than Feb/Mar 2012. I am currently living with my sister w/ my 3 kids and myself in her 2 bedroom townhouse and mind you, she has her family of 5. Maybe now you can understand why I am SOOOO despret to get out. I feel like I am imposing in her privacy. Is there anyone that knows of anyone that will help?
29
Malachi Says:
September 11th, 2011 at 11:05 pm
I am seeking a 10k loan fast. I need it for my wedding and to get some minor expenses under control. I have steady income and can be very dependable. Any help would be greatly appreciated.
30
Carmen Says:
September 30th, 2011 at 5:25 pm
Hi my name is Carmen. I need a 10800 dollar loan at 11% for five years to buy a car that is being sold at 45% of its blue book value. Please help!
31
Kevin A. Says:
October 7th, 2011 at 5:04 pm
how much you need to borrow: $10,000
- when do you need the money: latest 10/13/2011
- what kind of loan product you want: personal unsecured loan
- what State you reside in: Maryland
32
Travis Says:
October 16th, 2011 at 7:01 am
how much you need to borrow: $100,000
- when do you need the money: latest 10/19/2011
- what kind of loan product you want: personal unsecured loan
- what State you reside in: Texas
33
Thomas Says:
November 22nd, 2011 at 7:13 am
how much you need to borrow: $15,000
- when do you need the money: latest 11/23/2011
- what kind of loan product you want: personal unsecured loan
- what State you reside in: Ohio

Will pay the loan back in December willing to pay 50% interest.

Please reply ASAP
34
Todd Says:
November 30th, 2011 at 5:47 am
I need help as soon as possible the monthly payments will not be such problem my credit has not been to good but im married and me and my wife make ok money wach month the problem is im american i dont have a bank account but my wife is swedish and does have one please any kind of help would be apreciated.
35
john Says:
December 19th, 2011 at 12:15 am
Looking for a $15000 short term loan ASAP, will replay on or before jan 31 2012! Got in a bind and will pay a max of $0.45 on the dollar. Also I have $ 30,000 worth of ATMs as collateral.
how much you need to borrow: $15,000
- when do you need the money: latest 12/23/2011
- what kind of loan product you want: personal unsecured loan
- what State you reside in: texas

Will pay the loan back january 31st 2012 willing to pay 50% interest.

Please reply ASAP
36
Lillian Says:
January 3rd, 2012 at 9:51 am
how much you need to borrow: $10,000
- when do you need the money: latest 2/1/2012
- what kind of loan product you want: personal unsecured loan
- what State you reside in: California
37
Mike Says:
January 8th, 2012 at 8:42 pm
Starting up a new business and working currently in the medical aesthetic industry .. Ive been doing fine working just had a few road blocks thrown at me.. 1st the postal service didnt deliver any of my packages that were suppose to be delivered to Doctors and I spent over 2k in postage. They told me i should of paid .70cents more for tracking.. Great postal system we have.. 2nd I paid back over 12k to people I owed so that set me back a little. I dont owe anyone anything and I am just trying to get ahead again. Let me know if you know of anyone that I could do a small business or personal loan for 10k-15k to get back up and running .. My commissions are more then that and I have some residual payments coming into my account every month so I could afford a payment to the lender back. Id use the money for my expenses go back to Fed Ex again, also use it for expenses to see and sell other doctors and to improve my business site, marketing, and company profile. feel free to contact me anytime.. My personal credit is not good I thought about a business credit loan or something but most all places want a personal guarantee and if my personal credit isnt good then that kind of rules that out.
38
Louie Says:
January 19th, 2012 at 5:51 pm
Amount needed- $4000.00 date needed by- January 23 will pay back in 2 years at 25% interest per year. Would greatly appreciate the help. Thanks.
39
Anthony Says:
February 2nd, 2012 at 3:02 pm
Need a loan of 10k to develop a mobile app cannot get into details on here but it will be very profitable and could return loan by july of 2012.
40
Paula Says:
February 2nd, 2012 at 5:34 pm
- I need to borrow: $10,000
- I need the money: latest 3/15/2012
- I want a loan product type: personal unsecured loan
- I live in the State of: NV
Would be ok with the 5 yr plan.

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 bi wkly.
And if able to pay off sooner no
Restrictions.
41
Gerald Says:
February 8th, 2012 at 9:44 pm
Needed $10,000 3/20/2012
Personal unsecured loan
5yr plan biweekly
can pay off sooner!
State: Tennessee
42
Michael Says:
February 10th, 2012 at 5:25 pm
every time i apply for a loan, i get the run a round, i have so many bills and upcoming foreclosure car repo. because my credit is bad and i try to get 20,000.00 nothing i tried all of those payday loans etc. i need help bad
43
Joseph Says:
February 19th, 2012 at 8:38 am
I need help.
44
Laurie Says:
February 22nd, 2012 at 7:38 am
I am in desperate need of a $10,000 loan to get out of a payday loan nightmare. My father is dying from lung cancer and I have had to help my parents which is causing my finances and credit to suffer I stupidly took some payday loans and now cannot get out of the trap.

I can pay monthly for 5 yrs. Make good money – just suffering through some bad times.
45
Danielle Says:
March 12th, 2012 at 12:02 pm
I want a 10k loan to purchase a motorcycle but I have bad credit. I work full time and make 38k/year and I do not have anything that I have to pay because I live with my boyfriend and he pays all the bills. What are my options I need a loan asap and I live in IL.
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.
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.
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.
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
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.
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.
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