With Credit24, getting a $10,000 personal loan is easy and stress-free. We provide transparent unsecured personal loans and lines of credit. We’ve put together a list of frequently asked loan questions to help you choose a loan that best suits your needs.
What can large personal loans be used for?
You can use large personal loans for most things. Our Australian customers use our personal loans for a variety of purposes, such as:
- Bond or moving expenses, wedding expenses, and holiday expenses
- Motor vehicle or car financing
- Renovations, home improvements, or appliances
Are you eligible to apply for large personal loans?
To be eligible to apply online for a Credit24 $10,000 loan, you’ll need to:
- Be 18 years of age or older
- Be a permanent resident of Australia or an Australian citizen
- Have regular employment and money that is paid directly into your bank account
- Earn a minimum of $1,000 per month
- Have a reasonable credit and financial history
The application process requires you to provide Credit24 with additional information, including:
- Your email address and mobile phone number
- Your latest bank statements over three months acquired via Illion’s secure bank data portal. Find out more about this safe and secure method here.
- Your driver’s licence details
- Your passport number or Medicare Card, if required
What might my monthly repayments be with a $10,000 loan from Credit24?
Your monthly repayments for a $10,000 personal loan depend on factors like your credit history, interest rate, loan term, fees, and other loan amounts.
For a large loan of $10,000, the annual percentage rate (APR) goes up to a maximum of 47.8% and a minimum of 24%. The comparison rate falls between 24% and 47.8%. Your loan term may be a minimum of 365 days and a maximum of 36 months.
What’s great is that larger loans do not have an establishment fee. Lastly, the loan cost is the monthly interest we charge on the amount you borrowed.
How do I compare $10,000 loans?
When you compare personal loans, you might want to keep a few things in mind. Factors that influence a different comparison rate include the following:
- Interest rate. This is the loan percentage that lenders charge you. It is essential to look at the different comparison rates, and this generally includes the typical loan fees plus the interest rate.
- Fees. Many loans charge a monthly service fee and an establishment fee. Other fees include early break fees, early repayment fees, and redraw fees.
- Fixed or variable. A fixed-rate loan requires you to pay a single interest rate throughout the loan. Depending on the market, variable rates may go up or down during your loan’s lifetime.
- Loan term. Loans terms represent the amount of time you have to repay the loan. Many personal loans let you borrow funds for seven years maximum. The repayment term of short-term loans is usually between 6 months and three years.
- Repayment schedule. Many loans give you a choice to pay back monthly, fortnightly, or weekly so that your cash flow matches your repayments.
- Security. This involves an asset your lender may repossess if you cannot repay your loan. A secured loan poses few risks for the lender because it includes lower interest rates. Many personal loans have higher interest rates because it does not require security.
- Loan purpose. You can use unsecured loans for weddings, holidays, and electronics. But you must use green loans or debt consolidation loans for specific purposes.
- Turnaround time. To gain money fast, you must select a personal loan that only takes minutes to be sent into your bank account. However, these loans require more interest.
How can I increase my borrowing power?
When evaluating loan eligibility, lenders look at a number of factors, including your:
- Credit score: A high credit score shows lenders that you have a good track record of paying back loans and bills and increases your chances of being approved for a larger loan.
- Job stability and income: Having a stable job and a consistent income stream gives lenders peace of mind that you’ll be able to repay the loan.
- Spending habits: Being mindful of your spending and keeping expenses under control shows lenders that you’re responsible with money and capable of repaying the loan.
- Savings: A savings cushion is a backup plan in case of job loss or unexpected expenses and demonstrates your financial responsibility to lenders.
What type of $10,000 personal loan is best for me?
The best $10,000 personal loan type depends on your specific financial situation and needs. One of the options is the standard unsecured personal term loan. Most people turn to unsecured personal loans because secured loans involve stricter lending criteria regarding your collateral asset’s condition, age, and value.
Alternatively, you can use a personal line of credit, and this option is more flexible and allows you to withdraw funds at any time up to a set limit.
Ultimately, the right personal loan depends on your financial situation and how you want to obtain and repay your loan.
How long will it take for me to receive my $10,000 loan?
You typically receive the funds within 24 hours if your loan application is approved. If your loan is approved before 3 PM on a weekday, you may receive the money within one hour, depending on the financial institution where you have a bank account.
