With a £10,000 personal loan you can make significant home improvements, pay for a wedding or buy a new car. Find out what loans you’re eligible for with Asda Money without impacting your credit score.
To make a significant upfront payment now a £10,000 loan can give you the cash injection you need. By borrowing the money upfront and paying it off in instalments, you can budget and manage your money. Whatever your reasoning for borrowing, you can check your eligibility for a £10,000 loan with Asda Money.
We have a panel of trusted UK lenders that will help find you the right loan for you. Your eligibility for a loan is checked without affecting your credit score, and you’ll get an online decision in minutes.
How does a £10,000 loan work with Asda Money?
We have a carefully selected number of trusted lenders that make up our lender panel. With just one initial eligibility check you’ll be able to see all the available £10,000 loans that match your requirements.
We make sure we search the panel to find the right loan for you. You can then compare all the available £10,000 loans to find the one that fits you and your circumstances.
When can a £10,000 loan help?
A £10,000 personal loan can help with a variety of things. Many people borrow £10,000 to:
- Pay for their wedding: The costs of weddings in the UK continue to increase, so £10,000 could really help.
- Make home improvements: £10,000 could secure a new kitchen, bathroom or go towards a house extension.
- Buy a car: A £10,000 car loan can buy or go towards your new car.
- Consolidate debt: Borrowing £10,000 can help you consolidate multiple smaller debts into one debt with one monthly repayment. Just remember that, by consolidating, you may extend the term of your debt and increase the total amount you repay.
Types of Loans
- Unsecured personal loans (we offer access to these at Asda Money)
- Usually a small, fixed rate loan for personal use
- For amounts between £1,000 and £25,000
- The amount you can borrow and the rate you see is based on things like your personal circumstances and credit score
- Secured personal loans also known as homeowner loans (we don’t offer access to this type of loan)
- Typically sums over £15,000 and repaid over longer periods of 5-30 years
- What you can borrow and the interest rate depends on your credit history, your assets and personal circumstances
- When you borrow with a secured loan, lenders want security in the form of an asset, usually your home. This can be repossessed if you don’t keep up your payments on any debt secured against it.
- Guarantor loans (not offered with Asda Money)
Guarantor loans may be offered by some lenders if you have bad credit. Guarantor loans work by asking a friend or family member to guarantee that they will pay back the loan if you can’t afford to do so. Tread carefully with guarantor loans, as although you get access to the money they can put significant financial pressure on your friends or family.
How much will a £10,000 loan cost?
How much a £10,000 loan costs you depends on a few factors.
You need to be aware of the interest you pay when you take out a loan. The interest rate or APR is decided by each lender. The rate they offer you will depend on your financial viability for borrowing. Lenders use your credit rating and financial history to understand this. The higher the interest rate, the higher amount you will have to pay over the course of your loan.
The length of your loan also affects the overall cost. By selecting a longer term to pay off your loan, your monthly payments will be smaller. But you’ll pay interest over a longer time, which will cost you more in the long run. So, a £10,000 loan over 5 years could be more expensive than a £10,000 over 3 years.
£10,000 loans with bad credit
Money problems or debt in your past may have left you with a poor credit rating. £10,000 loans with bad credit are available, but there will be a smaller pool of lenders willing to lend to you.
You will likely have to pay higher interest rates too.
In some cases, you may not be able to borrow the full £10,000. For larger sums, you can look into secured loans against your home or guarantor loans, where a friend or family member with better credit agrees to be liable for the sum if you can’t pay it back.
Will a £10,000 loan affect my credit score?
When you complete an eligibility check for a £10,000 personal loan with Asda Money it doesn’t affect your credit score. We provide you with access to a panel of trusted lenders by performing an initial soft search. You see all the available lenders for your circumstances with only a soft search registered on your credit file which doesn’t affect your ability to gain credit.
If you decide to apply for one of the offers from a particular lender, that lender could then complete a hard credit search. This search will show up on your credit file.
Alternatives to a £10,000 loan
Rather than simply checking your eligibility for a £10,000 loan you may consider a specific loan that is more tailored to your circumstances. For example, a debt consolidation loan if you have a number of debts.
To borrow smaller sums, a credit card is another option to consider.
Frequently asked questions
- What is the monthly repayment on a £10,000 loan?
What you pay each month for your £10,000 loan depends on the amount you’re looking to borrow, the APR you’re offered and the amount of time you need to repay your loan. These three elements will determine how much you’ll need to repay each month.
- Can I get a £10,000 loan without a guarantor?
Yes, you might get a £10,000 loan without a guarantor. The loans offered by our panel of lenders will all be unsecured loans.
- Can I get a £10,000 loan without a credit check?
No, when you check your eligibility for a £10,000 loan with one of the lenders from our panel, you will be subjected to a soft credit check. If you then proceed with a lender, they may then run a hard credit check before making their final decision.
- Can I pay back my £10,000 loan early?
You may be able to pay back your £10,000 loan early. This depends on the loan agreement with the lender. They will sometimes charge an early repayment fee and you should always read the T&C’s before completing your loan.
About our trusted provider, Aro
Asda Personal Loans is in partnership with Aro which is a trading style of Freedom Finance Limited, who are a leading credit broker, to offer our customers a different solution to borrowing money and finding a loan. They were awarded Best Consumer Credit Broker in the 2020 Consumer Credit Awards – voted for by customers.
We work alongside Aro so we can provide our customers with their very best loan offer from a panel of handpicked trusted lenders.
With an eligibility check, a panel of carefully selected lenders can provide you with a loan tailored to your needs. It’s also a safe way to find a loan without negatively affecting your credit rating.
ASDA Money is a trading name of Asda Financial Services Ltd who are an Introducer Appointed Representative of Aro which is a trading style of Freedom Finance Limited (company number 06297533) of Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR. Aro acts as a credit broker and not as a lender and is authorised and regulated by the Financial Conduct Authority (FRN 662079).
Please note: If you take out a loan we will receive commission. This will be a fixed amount or a percentage of the amount you borrow depending on which lender you choose.
Terms and conditions apply. UK residents, aged 18 and over. If you take out a loan or credit card, Aro receive payment from the lender. Aro receive different amounts from different lenders and the payment received will be either a fixed amount or a percentage of the amount you borrow. We will not charge you a fee for our services. If you take out a loan, ASDA Money receive commission from Aro and it will be either a fixed amount or a percentage of the amount you borrow, depending on which lender you choose.