Home > Blog Posts > Applying For A $10,000 loan? Here’s The Crucial Information
Applying For A $10,000 loan? Here’s The Crucial Information
January 29, 2020● 7 minute read●
What is a $10,000 loan?
A $10,000 loan is a personal loan that you can borrow for, as the name suggests, $10,000. The repayment period will differ from lender to lender. Many lenders will also require security or collateral for loans of $10,000. Before you apply with a lender, make sure you check the repayment period and read your contract carefully to see whether you’re happy with the loan terms.
When you apply with Jacaranda Finance, you can use our handy loan repayment calculator. Select how much you’d like to borrow and for how long. We’ll give you an estimation of your possible repayments as a weekly, fortnightly and monthly payment schedule. To get started, scroll up and try out our online calculator. Remember, submitting an application is always free.
What do I need to know before applying for a $10,000 loan?
Before you apply for a $10,000 personal loan here are the 6 things you should consider:
- Understand your credit score and credit history
- Know your income
- Be aware of other monthly, fortnightly or weekly payment obligations
- Pinpoint your assets and liabilities
- Know your employer’s contact information
- Make sure you’re applying for a loan for the right reasons and you believe you can comfortably meet your repayment requirements
The information not only helps you prepare for your loan application but also paints a better picture of your financial wellness. This may help you assess whether a $10,000 loan is right for you.
1. Understand your credit score and credit history
Getting acquainted with your credit score and credit history is an essential step in understanding your finances. According to MortgageBusiness.com.au, 73% of Aussies are in the dark about their credit score. This can lead to disappointment if your application is rejected, or you may be surprised by a high-interest rate. If your lending history isn’t stellar, we can still consider applications for bad credit loans.
Before you submit a $10,000 loan application, know what to expect and where you stand by requesting a free credit report. For more information on how to request your credit score, visit the MoneySmart website.
2. Know your income
Often a lender will determine your suitability for a loan by assessing your income, so you may need to prepare documents for proof of income. When you apply with Jacaranda Finance, there is no need to submit any physical paperwork; we access all the information we need electrically. We simply ask for your internet banking details which are encrypted with third-party software.
3. Other monthly, fortnightly or weekly payment obligations
Your income makes up only one part of the loan assessment. Lenders can also look at your other commitments. This includes additional loan repayments, regular bills, rent and even ‘buy now pay later’ payments. It’s normal to have other obligations; however, it’s good to be aware of what they are and how they can affect your loan application.
4. Pinpoint your assets and liabilities
Your potential lender may look at your assets or liabilities as part of their assessment process. Assets are things you own that have worth, like investment accounts and properties, and liabilities are financial obligations, something that costs you money – like loan debt or a mortgage. Make a list of all your possible assets and liabilities, so you know what your lender could assess.
5. Know your employer’s contact information
Your potential lender will most likely ask for your current employer’s contact information so it’s handy to gather the details you need. This could include your employer’s mobile number and email address.
6. Do I need a $10,000 personal loan?
This one we can’t answer for you. Some crucial things to ask yourself is, what will I be using the loan for and how much is it a necessity? Can I comfortably make repayments? Will this loan in any way put me in financial jeopardy?
If you don’t reasonably believe you can afford your loan repayments we would advise exploring other avenues before applying.
How much can I borrow for a personal loan?
Loan amounts will differ from lender to lender; however, most lenders provide a range of small to large loan amounts.
Before you apply with Jacaranda, take a look at the flexible loan options we provide:
|Loan type||The loan amount||Loan term|
|Unsecured||$300 to $2,000||3 to 6 months|
|Unsecured – Secured||$2,000 to $4,600||13 to 24 months|
|Unsecured – Secured||$5,000 to $10,000||13 to 24 months|
Found an option that suits you? Great! Then, scroll up and use our loan calculator to begin your application.
Can I get a $10,000 loan online?
Different lenders have different criteria when applying for cash loans online up to $10,000. So, before you decide to submit an application, make sure you qualify!
To qualify to apply with Jacaranda Finance, you simply need to meet the following requirements:
- You must be over 18 years of age
- Be an Australian citizen or permanent resident
- Have a regular income for at least 3 months into a personal account
- Have an active mobile number and email address
If you meet these requirements, then you’re ready to submit an application! Just scroll up to get started with short term loans up to $10,000.
What documents do I need to borrow money?
When you need the money and quick, you don’t want to get bogged down in paperwork. With Jacaranda, you don’t need any physical documents to apply for a $10,000 personal loan. You simply need the following information:
- Personal contact details (e.g. active mobile number and email address)
- The reason for your loan
- Internet banking details
- MyGov information (if you’re receiving Centrelink)
- Employment contact details
If you have any questions about the information we require to assess your cash loans application, please contact our friendly team. We’re here to help.
How do I apply with Jacaranda Finance for a $10,000 loan.
Our application process is 100% digital. Here’s what to do next:
- Apply online right here through our website
- We assess your application
- If approved, the money can be in your account in 60 seconds*
Step 1: You apply online
Begin your application by scrolling up and using our loan calculator to select how much you wish to borrow and for how long. You’ll see an estimation of your repayments to help give you an idea of what your loan will cost. Once you’re happy with your proposed loan terms, you can hit the ‘Apply Now’ button. You’ll be taken straight to our application where we’ll ask you to fill in a few more details.
Step 2: We assess your application
After we receive your application, our team will get straight to work. Our team aims to assess your application in 60 minutes.* If we need any more information from you, we’ll contact you directly.
Step 3: Money in 60 seconds*
If your application is approved, we’ll send you a contract to review, sign and sign digitally. After we receive your signed contract, we can have the money in your bank and ready to use in 60 seconds*! Think it’s too good to be true? See what our clients have to say:
“…Once I was notified my application was approved the funds were in my account INSTANTLY, and this was on a Saturday.” – Teneil on Trustpilot.
How much would a monthly payment be on a $10,000 loan?
The $10,000 personal loan rates will depend on the lender and your financial situation. At Jacaranda, we’re transparent about our rates before you apply. You can see how much a $10,000 dollar loan monthly payment may be via our ‘How it Works’ page or by using our loan calculator located at the top of this page.
Can I get a $10,000 loan with no credit check Australia?
As part of responsible lending practice, lenders do conduct credit checks on $10,000 loan applications. If you’re searching for no credit check loans, you may be worried about your credit score. Fortunately, you can breathe a sigh of relief with Jacaranda. We have a fresh take on bad credit. While we still conduct credit checks as part of our commitment to responsible lending, we look at more than just your credit score. We also assess your current relationship with money, including your income and spending habits.
So, if you’re looking for a $10000 loan with bad credit, Jacaranda Finance is the award-winning lender that may be able to help out. Scroll up and use our loan calculator to begin your application.
Ready to apply?
Great! You have all the tips and info you need to begin your $10,000 loan application. So, scroll up and use our loan calculator to get started!
Jacaranda Finance is a lender. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
Apply for a smaller $2500 loan with Jacaranda Finance today!
Written by Jacaranda Team