The monthly payment on a $10,000 loan ranges from $137 to $1,005, depending on the APR and how long the loan lasts. For example, if you take out a $10,000 loan for one year with an APR of 36%, your monthly payment will be $1,005. But if you take out a $10,000 loan for seven years with an APR of 4%, your monthly payment will be $137.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it’s built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $10,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Monthly Payments on a $10,000 Personal Loan
| Payoff period | APR | Monthly payment |
| 1 year | 15% | $903 |
| 2 years | 15% | $485 |
| 3 years | 15% | $437 |
| 4 years | 15% | $278 |
| 5 years | 15% | $238 |
| 6 years | 15% | $211 |
| 7 years | 15% | $193 |
The length of your repayment period will help dictate how much you pay in interest, along with your APR. For example, paying off a $10,000 loan with a 15% APR over the course of one year will cost you approximately $830 in interest, while extending the same loan's payment period to seven years leads to $6,200 in interest.
If you’d like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub’s free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be, and you’ll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was last updated on 12/12/23 and it was first published on 08/31/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Requirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
How much is a $10,000 personal loan a month? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 3 | $311.02 |
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $466.52 |
| $15,000 | 5 | $311.67 |
13 more rowsRepresentative example
| Loan amount £10,000 | Monthly repayments £193.02 | Length of agreement 60 months |
| Total amount repayable £11,581.20 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
1 more rowRequirements will vary across lenders. However, qualifying for a $10,000 personal loan typically requires a credit score that exceeds 640, an active checking account, and a steady, verifiable income, among other factors.
What is the monthly payment on $9000 personal loan? ›
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.
How much do banks usually give for personal loans? ›
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
What income do I need for a 10k loan? ›
Each partner lender has its own credit score requirements. However, Upstart may still work with you if you don't have enough credit history to generate a score. In addition, you must have a minimum of $12,000 in verifiable annual income and meet other basic criteria.
How to get 10k immediately? ›
You can apply for a loan of ₹10,000 on KreditBee even if you have a low CIBIL score. The chances of getting a personal loan with a low CIBIL score are lower but it is possible to get a loan as there are other factors considered while giving out a loan by KreditBee.
How big of a loan can I get with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Monthly payments for a $7,000 personal loan
| Loan duration | Average monthly payments ($7,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $826.51 | $646.88 |
| 13–24 months | $367.03 | $318.62 |
| 25–36 months | $264.41 | $221.24 |
1 more rowJul 19, 2024
The monthly payment on an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804.
What is the best place to get a personal loan? ›
If you're new to credit, the best place to get a first-time personal loan is your current bank or credit union.
How much is the monthly payment on a $70,000 personal loan? ›
According to Bankrate, the average credit card interest rate is almost 21%, as of June 26, 2024. And, the average personal loan interest rate is 12.35%. If you took out a $70,000 10-year personal loan at 12.35%, your monthly payments would be $1,018.51.
How much is the monthly payment for a $80 000 personal loan? ›
Cost to repay an $80k loan
| Loan term | APR | Monthly payment |
|---|
| 2 years | 8% | $3,618 |
| 3 years | 9% | $2,544 |
| 4 years | 10% | $2,029 |
| 5 years | 11% | $1,739 |
2 more rowsThe monthly payment on a $40,000 loan ranges from $547 to $4,018, depending on the APR and how long the loan lasts. For example, if you take out a $40,000 loan for one year with an APR of 36%, your monthly payment will be$4,018.
