A 10000 pound loan is beneficial in many ways. These may include consolidating multiple debts, managing unexpected emergencies, home improvements, vehicle purchases, boosting credit scores, handling costs of life events, and many more.
Most importantly, these are the perfect alternatives to high-cost payday loans. One can even use the loan amount to relocate or move. Why do you need that sort of loan? The reasons are simple: you get one-time large funding, predictable monthly instalments, affordable interest rates and staying away from the risk of losing collateral.
Bargainloans responsibly offers a 10000 pound personal loan. Therefore, we suggest you use the loan for financial benefit only, not for lifestyle. Be specific about the loan amount and avoid putting extra strain on your finances by extending the loan term unnecessarily.
Evade high-interest credit cards to fulfil a specific need. Instead, apply now for an easy loan to get £10000.
A £10000 loan in the UK is a lump-sum funding that you get upfront and repay over a fixed term. This is an unsecured loan, which keeps you away from the need to put property or assets as loan collateral.
- Key loan features
Fixed amount and term: You get exactly 10000 pounds and repay in fixed monthly repayments. Most of the time, you get the loan for a fixed 5 years.
Unsecured loan: To get the loan amount, you don’t need collateral and provide creditworthiness with income proof.
Fixed interest rate: There will be no effect of market fluctuations on the interest rate, as it will remain fixed. It generally remains around 6% to 9% for good credit borrowers.
- Common uses of £10000 loans
You can use the loan for:
- Loan cost
Choosing a shorter loan term will include higher monthly instalments but lower interest in total. On the other hand, the longer term involves lower monthly repayments but more interest overall. For example, if there is an APR of 6.1% for a 5-year duration, then your monthly payment will be £193. It means you pay a total repayment of £11,581.
You can pre-pay the loan, and we don't impose early repayment charges.
- Advantages and Disadvantages
| Pros | Cons |
|---|---|
| Fixed monthly instalments to make budgeting easier | Higher interest rate for a longer duration |
| Lower cost than credit cards | Late repayment fee is applicable |
| No asset is required | Loans can be denied for those with poor credit |
| Consolidate multiple debts | Loans are not suitable for business purposes |
You have to meet the specific eligibility criteria to get a 10000 pound loan for over 5 years. Still, it is very important to compare various loan providers to find suitable loan terms. Here is the typical qualifying criterion to get the loan for a longer duration:
Tips to get the best £10000 loan
Essential considerations
Here are the primary benefits of taking out a £10,000 personal loan:
Sufficient amount to fulfil any purpose
Once approved, you receive the exact £10k to fulfil any of your urgent financial purposes, such as consolidation of pending debts, emergencies, holidays or renovating a home. However, prevent yourself from asking for excessive amounts more than your actual needs.
Fixed interest rate
You get the loans at a fixed interest rate (between 6% and 9%). It is much cheaper than credit cards, where the interest rates remain around 20-22%. With fixed rates, you can better manage your household budget and keep loans affordable.
You know your monthly instalments
We keep the loan repayments fixed on a monthly basis. It will make it easier for you to manage them alongside regular household expenses. Besides, you also know the repayment date each month, and we give you an option of automatic deduction.
Consolidating debt becomes easier
Carrying high-interest debts like credit cards or overdrafts will dismantle your household budget. Consolidating them becomes mandatory, and you can do it with our debt consolidation loans available up to 10000 pounds and at lower interest rates.
Instant funding access
Online loan providers like us release desired funds to your bank account on the same day. This facility is beneficial during financial emergencies like house or car repairs, medical bills, celebrations, etc.
Flexible loan terms
You are going to get a 5-year loan, and therefore, repayments will be manageable with an easy monthly instalment of £10k. It will reduce the monthly burden as you know how much you have to pay till the loan term ends.
Risk-free loans:
As these are unsecured loans, you don't need to bother losing your assets if you default. Although defaulting is not a good thing, as it will impact your credit score, your assets remain intact. Besides, you can use loans for any financial purpose.
Loans improve your credit score
With easy and flexible terms, you can better manage the loan repayments that have a direct impact on your credit score. Therefore, these loans can work as credit score boosters, and they will open more borrowing opportunities in the future.
In a nutshell, a 10,000 personal loan can provide affordable monthly payments, lower interest rates and funding backup to clear off every debt. Moreover, it favours credit-building if you remain sincere during the loan term.
If you have past credit issues, it is still possible to get approval on 10000 pound loans for bad credit for over 5 years. However, you need to look beyond mainstream lenders, as they prefer individuals with good credit scores. Non-mainstream loan providers like Bargainloans can easily accept your loan application.
We give you multiple loan options to choose from with a lower credit profile. These may include:
Personal loans for bad credit: We can offer bad credit personal loans to those with imperfect credit ratings. It may include CCJs, bankruptcies or even IVAs. Moreover, you get a chance to apply for a 1000 pound personal loan that can stretch to £10000. However, high interest rates may be there.
Term loans: We have started our products with 12-month loans for those with poor credit scores. These are perfect for small financial needs and emergencies. This is not over, as we further offer 24-month loans and 36-month loans without any restrictions for those with lower credit.
No guarantor loans: If no one is there to support you in the loan acceptance, you can opt for our 10000 pound loan with no guarantor option. We approve the loan on your affordability, and you will repay the amount on your own. It will be crucial for your credit score improvement.
- How do I get guaranteed loan approval with bad credit?
Given below are the ways to have guaranteed approval on loans for poor credit people:
- What are the risks of 10000 pound loans for bad credit?
Options are there for 10000 pound loans for bad credit people, but they have a few risks also. These may include:
Want to know the process involved? Here is the step-by-step guide on how to apply for a £10,000 loan in the UK:
Check your credit score
Before submitting the loan application, you should request a free credit report by approaching a credit reference agency. A better credit score will fetch easier loan approval and lower APRs than usual.
Decide the loan amount and term
You will apply exactly for 10000 pounds. Therefore, you should avoid over-borrowing to avoid unnecessary interest rates. You get the loan for 5 years maximum, but it may extend up to 7 years, depending upon the conditions.
Compare for the best deal and pre-qualifying
Do not take loan comparison for granted as it is vital to get the genuine loan offer. You can even compare Bargainloans’s loans with any other direct lender in the UK. In fact, our soft credit check policy will make easier for you to pre-qualify for the loans.
Prepare necessary documents
Our loans do not involve unnecessary paperwork, but little documentation is definitely there. It generally includes:
Submit the loan application
Apply online by filling out our simple form and confirming the loan amount, term and purpose of borrowing. We carry out the soft credit check and a quick affordability assessment. We ensure our borrowers with an instant decision process for £10000 loans.
Review the loan offer
We send you a formal loan agreement, which involves APR, monthly instalments, applicable fees, and an 18-day cooling-off period in specific circumstances. You should carefully read the terms and conditions for accepting the loan offer.
Fund transfer on the same day
We instantly approve your loan for 10000 pounds and transfer the funds on the same day. Sometimes, delays can happen due to any error in your loan application or delay in your credit report. Still, in those circumstances, funds can be transferred within 1-2 business days.
Start repaying the loan
From next month, your loan repayments will start. You should ensure regular monthly payments to protect your credit score and improve it. After some time, you can pre-pay the loan without paying anything.
Ready to apply for £10000 loan? Instant funding is available with Bargainloans.
We may offer a loan for £10000 over 10 years, but only in rare circumstances. We primarily provide this loan for those with good credit ratings. However, collateral or guarantor becomes mandatory with specific terms and conditions.
Any credit score above 580 is considered eligible to get a 10000-pound loan. Some lenders like Bargainloans can accept applications for those with poor credit scores, too. Interest rates may be higher, but approval can be there on an affordable loan.
Yes, you have every chance of getting loan approval on the same day. However, it requires good preparation and sincerity from your end. We have a 98% record of same-day loan approval because we deal online and offer only affordable amounts to borrow.
It is very difficult to get a loan without a salary to borrow up to £10000. We need some income so that you can show your repayment capacity. Still, if you lack a full-time income, then we can approve your part-time income, too. Alternatively, you can add a guarantor with regular income to get the approval.
We have removed any credit score barrier and opened lending doors for everyone. This may include those with extremely bad credit scores. However, you have to pay higher interest rates and be attentive towards the proper loan repayments.