How do I apply for a Capital One personal loan?

The best way to get a $10,000 loan is to take out a personal loan from Navy Federal Credit Union, LightStream, or SoFi. These lenders offer personal loans of $250 to $100,000, with APRs as low as 2.49%, depending on an applicant's creditworthiness.

How to Get a $10,000 Loan in 6 Steps… read full answer

1. Check your credit score.
2. Check for personal loan pre-qualification to see your approval odds and potential rates.
3. Compare the terms of personal loans for which you have high approval odds.
4. Pick a loan and submit an application.
5. Wait for a decision.
6. Wait for the funds to be delivered (usually within 7 business days of applying).

Best $10,000 Loan Options

*According to either the lender or multiple third-party sources

There are several other ways to get a $10,000 loan, too. You could tap into your home equity, charge the amount to a credit card, or borrow from a friend or family member. There are some options to avoid, as well, including auto title lenders and pawnshops. It's important to learn about all the different ways to get a $10,000 loan before making your final decision.

Ways to Get a $10,000 Loan

Personal loan

Personal loans offer $1,000 to $100,000 in funding for 12 to 84+ months, depending on the lender. Their APRs typically range from 6% to 36%, and they may or may not charge an origination fee to open the loan. Personal loan credit score requirements typically range from 585 to 700+, but there are some options for people with lower scores (including secured loans).

Home equity

You can get a home equity loan or home equity line of credit (HELOC) to borrow against your home. You'll be able to borrow a percentage of the difference between your home's value and the amount you have left to pay on the mortgage. There's the potential for a lot of funding if you have a lot of equity. Home equity loans usually last for 5 to 30 years, have APRs of 4% to 8%, and tend to require credit scores of 680+. If you cannot repay what you owe, you risk foreclosure on your house.

Credit card

Depending on what you need money for, you may have the option to charge it to a credit card. Credit cards have a wide range of credit limits, depending on the card and your creditworthiness. You may want to check out WalletHub's picks for the best high limit credit cards.

Friends and family

You can always turn to someone you know to borrow money, and you're likely to get better terms than you would with a traditional lender. However, you also risk putting your relationship with that person in jeopardy if you can't repay what you owe.

Undesirable options

Auto title lenders give short-term loans based on the value of your car, using it as collateral. Pawnshops give you money for an item and let you pay it back with interest to reclaim the item. None of these options are worth pursuing except as a last resort because they are extremely expensive.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.

Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).

Easiest Banks to Get a Personal Loan From:

• USAA: Will lend to people with less than fair credit (scores below 640)
• Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
• American Express: 660 minimum credit score
• Discover: 660 minimum credit score
• TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)

These credit score requirements are either official info from the lender or the consensus of third-party sources.

The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.

You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.