The credit score that is needed for a $10,000.00 loan is a credit score above 640 for fair approval.
Although a credit score of 670 or higher, which is Good and Very Good, will improve your chances of approval for the $10,000.00 loan significantly.
Having a higher credit score will also often mean you get better interest rates on the $10,000.00 loan.
Most lenders require and prefer a credit score of 720+ for optimal terms of the $10,000.00 loan.
However some online lenders for a $10,000.00 loan accept scores as low as 560 to 600 for higher rates.
Online lenders such as SoFi and Upstart for example, often have different minimums than traditional banks, and lenders also check your debt to income ratio and income.
The length of time it takes to pay off a $10,000.00 loan is from 1 year to as long as 10 years and sometimes longer depending on your monthly payments and interest rates.
Most common loan terms for $10,000.00 loans is between 3 years to 5 years, with a payment of $200.00 to $310.00 per month and some $10,000.00 loans can take 5 years and even 10 years to pay off.
The higher the monthly payment you can make on the $10,000.00 loan, the faster you will pay it off.
For example paying off a $10,000.00 loan with a 15% APR takes around 1 year with a $903.00 monthly payment.
Paying off a $10,000.00 loan at typical rates takes around 3 years, with a payment of $310.00 per month.
For another typical rate, paying off a $10,000.00 loan can also take around 5 years at around $200.00 per month.
And paying off a $10,000.00 loan with a 15% APR, with a monthly payment of around $193.00 or $157.00 per month at a 5.5% APR.
With minimum payments, like on a credit card, it could take over 10 years to pay off the $10,000.00 credit card debt.
A $10,000.00 loan per month over 5 years would cost between $190.00 to $230.00 per month.
The monthly cost of the $10,000.00 loan over 5 years will also depend heavily on the APR or annual percentage rate.
Lower APRs or annual percentage rates mean lower monthly loan payments.
And higher APRs or annual percentage rates mean higher monthly loan payments.
For example if you get a $10,000.00 loan over 5 years at a 10% APR or annual percentage rate, the payments are often around $212.00 per month, which totals the loan to around $12,748.00.
Although if your $10,000.00 loan over 5 years has a higher APR or annual percentage rate such as 13%, then the monthly loan payments go up to $228.00 per month.
And over the 5 year time period of the $10,000.00 loan and a 13% APR or annual percentage rate would mean you pay over $3,600.00 in interest on the $10,000.00 loan.
The biggest factor in the loans APR, is a lower rate which means lower monthly payments and less total interest paid on the $10,000.00 loan.
Your credit score also factors into the APR you pay as well as your payments, as excellent credit scores get lower loan rates, and lower credit scores like fair and bad credit scores means you pay higher rates and fees on your loan, which make your loan payments much higher, such as $255.00 per month at 30% APR.
And some loans also include origination and or other fees, which can increase the total actual cost of the loan.