Here on the site you can read how it works for different loan amounts that you may be interested in borrowing. We are now going to look at what applies to those who want to borrow USD 10,000. Quickly you can say that you have two different choices and it is either a micro loan or probably more usually a private loan.
Micro loan of USD 10,000
It is still not very common for lenders who lend money in the form of micro loans to lend such a large sum. Then it may also be that some of these loan institutions require that you have taken a previous loan with them in order for them to accept an application.
If you find a lender that offers loans of this kind, you should know that such a micro loan is clearly shorter than a similar private loan. The maturity is usually 90 days or 60 days. This means that the loan must be repaid in either two or three payments. Thus, an amortization should be made at USD 3 333 or USD 5,000 per month. The total price of a micro loan can often be lower than a longer private loan, however, the costs will be a month higher.
Private loan of USD 10,000
Unfortunately, when it comes to a private loan, you cannot choose all lenders who lend money in this way. The large banks, for example, have rules that say that the minimum loan amount they offer is around USD 20,000. You may thus have to turn to the slightly smaller lenders, many of whom have chosen to focus on smaller loans.
Such a loan often has a fairly high interest rate and you can expect to repay the money within a few years. Calculate with a maturity of a maximum of 4 – 6 years.
Where to find lenders
Under this article you can find suggestions for a number of lenders that lend USD 10,000 to their customers. You will find, for example, both those who do this in the form of micro-loans and private loans. You also get an idea of what it will cost you to borrow the money.
If you then want to get a more detailed comparison of the costs, the tip is that you visit our department for specific loan comparisons. There is more information on costs and the like for both private loans and micro loans.