There are many options when you need a $10000 loan. However, the options are slightly different from a loan in a smaller amount such as a loan for 3000. The main difference is that you won’t be able to obtain a pay day loan (the cap for these type of loans is usually $5000), and it will most likely be more difficult to obtain a loan from a friend of family member – $1000 ok, $10000 maybe not. But there are some great options available, depending on what you need the loan for.

The first and usually best option is to obtain a loan from a bank or credit union. You will need to have an adequate credit score to get a loan from one of these institutions. If you don’t have a great credit score or sufficient income to secure the loan, you may want to consider getting someone to co-sign the loan with you. If you are applying for the loan in order to run a small business you can look into the SBA guaranteeing your loan as well. The bank will review every aspect of the loan with you – they get nothing from lending to someone who won’t pay it back – and they will offer competitive market rates.

Another options is one of the peer to peer lending sites that are springing up everywhere. They have flourished despite the economic downturn. You basically apply for a loan from average people who will review your credit and decide whether or not to lend to you. With this option the lenders can also distribute the risk by only lending you part of the sum will someone else lends you some more, someone else some more etc.

Of course, there if the old stand by of borrowing from friends and family. If this options works for you great!. Just remember to be careful, reliable, and draw up and stick to a contract.