How to Get a $35,000 Personal Loan

Personal loans can come from online lenders, banks, and credit unions. To qualify for a personal loan, you often need a steady source of income, a good credit score, and a low debt-to-income ratio. 

Borrowers take out $35,000 personal loans for many reasons. Unlike other types of loans, personal loans don’t require the money to be used for a specific purpose. Common uses include medical expenses, consolidating debt, or renovating a home. 

In this article, we’ll show you how to get a $35,000 loan, the monthly payments you may expect, and the pros and cons of a $35,000 personal loan. 

What lenders offer personal loans for $35,000? 

Lenders may offer large personal loans, but this doesn’t mean they’ll all approve every borrower for that amount. To qualify for a $35,000 personal loan, you’ll need a strong income and credit score, as well as a low debt-to-income ratio. 

Once you’ve found lenders that offer $35,000 loans, your next job is to compare them. Make sure you compare the annual percentage rates (APRs), which represent the total cost of a financial product and incorporate interest rates and fees. 

For personal loans, the primary fee you need to compare is the loan origination fee, which is a loan processing fee. One lender may have a higher interest rate but a lower or no loan origination fee, which can make it the cheapest option. 

While we’re on the topic of fees, keep an eye out for predatory lenders. Here are characteristics to watch for:

• Charge high fees and interest over 36%—sometimes triple-digit APRs
• May require balloon payments
• Create a cycle of debt to pay off the previous loan with a new loan

For a $35,000 loan, we recommend taking a look at the five lenders below. Each lender has predictable payments and charges APRs under 36%.  

Lender	Rates (APR)	Loan amounts
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.49%	$5,000 – $100,000
Upgrade	8.49% – 35.99%	$1,000 – $50,000
Upstart	7.8% – 35.99%	$1,000 – $50,000

Credible – Best marketplace

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LendEDU rating: 5.0 out of 5

• Compare prequalified rates¹
• User-friendly platform
• Extensive variety of lenders and interest rates

Credible is a marketplace that shows borrowers prequalified rates from online lenders following one quick form.

This service benefits borrowers by allowing them to navigate prequalified offers to find the best terms. By providing access to a wide range of lenders and interest rates, Credible is a valuable tool for those considering multiple lenders.

LightStream – Best for excellent credit

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LendEDU rating: 4.8 out of 5

• Superior rates for exceptional credit profiles
• Fast loan approval
• Zero fees

LightStream caters to individuals with credit scores of 740 and higher, offering them some of the most competitive rates available. This lender distinguishes itself with a guarantee of no fees, including no origination, application, or prepayment penalties, making it an ideal choice for cost-conscious borrowers. 

The expedited approval process is another highlight, ensuring that qualified applicants can access their funds without unnecessary delays. For those who have maintained excellent credit, LightStream provides a rewarding experience with advantageous loan terms and streamlined service. 

Because LightStream doesn’t allow borrowers to see their rates without a hard credit check (called prequalification), we think this lender is best for those with excellent credit who are confident they’ll be approved.

SoFi – Best for good credit

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LendEDU rating: 5.0 out of 5

• Complimentary financial consulting
• Exceptional customer service
• Prequalify and see rates with a soft credit check

SoFi is an excellent option for borrowers with credit scores of 670 and up thanks to its holistic approach to lending. Beyond offering favorable loan terms, SoFi sets itself apart by providing free financial advice, a service that adds significant value for individuals looking to manage their finances wisely. 

The lender’s reliable customer support ensures that borrowers have a dependable resource for any inquiries or issues that arise. This combination of attractive loan options, valuable financial insights, and supportive customer care makes SoFi a standout choice for those who not only seek competitive financing but also wish to enhance their overall financial health.

Upgrade – Best for fair credit

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LendEDU rating: 4.9 out of 5

• Competitive rates for credit scores of 580 – 669
• Transparent fee policy
• Convenient mobile app

Upgrade is tailored to borrowers with fair credit, providing accessible loan rates that reflect their creditworthiness. The lender’s transparent fee structure eliminates surprises, allowing borrowers to understand the costs associated with their loans. 

The sophisticated mobile app enhances the borrowing experience by offering convenient access to loan management tools. Upgrade’s commitment to clarity, combined with its tech-forward approach, positions it as a leading option for individuals with fair credit seeking a straightforward and efficient loan process.

Upstart – Best for little to no credit

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LendEDU rating: 4.8 out of 5

• Welcomes applicants with minimal credit history
• Flexible loan terms
• Leverages artificial intelligence for loan decisions

Upstart is terrific for individuals with a sparse credit history, offering a pathway to obtaining personal loans that might otherwise be out of reach. The platform’s use of artificial intelligence in loan processing allows for a more nuanced assessment of an applicant’s creditworthiness beyond traditional metrics. Its minimum credit score is 300—the lowest possible.

This innovative approach enables Upstart to offer flexible loan terms tailored to the unique circumstances of borrowers with limited credit experience. By embracing technology to expand access to credit, Upstart not only facilitates the loan application process but also helps borrowers embark on building or improving their credit profiles.

How to get a $35,000 personal loan

To qualify for a personal loan, you must meet the lender’s credit score requirements, which can vary depending on where you apply. You also need a stable source of income and a debt-to-income ratio (DTI) low enough to support additional debt. The lower your DTI, the better. 

The steps to get a personal loan are:

1. Check your credit report and credit score: Check your credit scores and credit reports. You have three credit reports—one each from TransUnion, Equifax, and Experian. You have a credit score from each credit bureau. Check your credit reports for errors. If you find any, begin the dispute process. 
2. Compare lenders: Comparing lenders used to take a fair amount of time, but online quotes make it easier than ever. Just keep your credit score in mind while rate shopping. The rate shopping window varies depending on the scoring model, but strive to keep your search for preapprovals to under 14 days. This will ensure every credit check counts as just one inquiry because credit bureaus and lenders understand the need for rate shopping.
3. Gather supporting documents: Any lender you apply with may require supporting documents, which may include a government-issued ID, employment verification, bank statements, and proof of income.
4. Apply: Complete the loan application online, and submit any required documentation. You can often apply for a personal loan in a short time, especially if you gathered all the necessary paperwork prior. 
5. Approval: Your application must go through the underwriting process to verify that you’re eligible for the full loan amount. The time it takes depends on the lender. 
6. Review and sign loan offer: Once you’re approved, your lender will provide documents you must review and sign. The primary document you’ll need to sign is the loan agreement, which outlines the interest rate, fees, and repayment schedule. 
7. Loan disbursement: Many personal loans are funded within a few business days, if not sooner. Some lenders may need one to two weeks. Most lenders deposit the loan amount into the borrower’s checking account.
8. Monthly payment: Once you get the full loan amount, you’ll start making monthly payments until you repay the loan in full. To avoid late payments, consider signing up for automatic payments each month. 

How to repay a $35,000 personal loan 

A $35,000 personal loan requires fixed monthly payments until the loan matures. The amount you pay month to month on a $35,000 personal loan depends on your interest rate and loan term.

Overall, you’ll pay less money in interest for shorter loan terms than longer terms. If you want to pay less in interest, one strategy is to make extra payments. This results in less interest because you’ll reduce the principal with the extra payment. 

Interest accrues based on the loan balance. When you make extra payments to reduce the loan balance, you’ll pay less money in interest over the life of the loan.

What are the payments on a $35,000 personal loan?

Various factors affect how much you’ll pay month to month for a $35,000 personal loan, including your chosen loan term and your interest rate. As you can see in the table below, the biggest factor isn’t your interest rate. Instead, it’s your loan term. 

How aggressively you choose to pay off your personal loan makes the most impact on how much you’ll pay each month and overall in interest. If you’re concerned about interest rates, keep in mind that the amount you borrow is also one of the factors that affect your rate. 

Your lender may offer different rates depending on the loan amount. For most borrowers, the larger the loan amount, the higher the interest rate. 

Here’s what the payments could look like on a $35,000 loan with different rates and terms:

Loan term + rate	Monthly payment	Total interest
2 years at 12%	$1,648	$4,542
3 years at 12%	$1,163	$6,850
5 years at 12%	$779	$11,714
7 years at 12%	$618	$16,900
2 years at 15%	$1,698	$5,729
3 years at 15%	$1,214	$8,679
5 years at 15%	$833	$14,959
7 years at 15%	$676	$21,733
2 years at 19%	$1,765	$7,344
3 years at 19%	$1,283	$11,187
5 years at 19%	$908	$19,476
7 years at 19%	$757	$28,528

Pros and cons of a personal loan for $35,000 

A personal loan for $35,000 has benefits and drawbacks you’ll want to consider. 

Pros

• Use for a variety of expenses and obligations

• May not require collateral 

• Fast disbursement

• Often lower interest rates than credit cards

• Fixed, predictable payments 

Cons

• May harm your credit score

• Higher rates than other loan products

• Monthly payments will leave less cash for other expenses

• May need to opt for a longer repayment period, which will increase the total cost of the loan

• May require collateral

Other ways to borrow $35,000 

If you can’t qualify for a $35,000 personal loan, several alternatives may help. 

For example, if you own your home, a home equity loan or line of credit may be a better option. Because the loan is secured with such a high-value asset, interest rates are often lower than personal loans. 

Another option may be to get a personal loan with a cosigner or co-borrower who has a strong credit score. In either case, you’re both responsible for the loan payments. If you default on payments, it will lower both of your credit scores.  

FAQ

What is the minimum credit score required to qualify for a $35,000 personal loan?

To qualify for a $35,000 personal loan, lenders often look for a credit score of 660 or higher. This minimum may vary depending on the lender’s criteria and whether it’s a secured or unsecured loan. Unsecured loans generally require a higher credit score.

Can I apply for a personal loan if I’m self-employed or have irregular income?

Yes, you can apply for a personal loan even if you’re self-employed or have an irregular income. Lenders may require proof of a consistent income over a specific period, which you can demonstrate through tax returns, bank statements, or other official financial documentation.

How long does it take to receive the funds once I’m approved for a personal loan?

The time it takes to get funds after approval varies by lender. Some lenders offer same-day or next-day availability; others may take several business days.

Are there any restrictions on how I can use a personal loan?

Typically, there are no specific restrictions on how you can use a personal loan. You can use it for debt consolidation, home improvement, medical bills, and more. We always recommend using personal loans responsibly.

What happens if I miss a payment on my personal loan?

If you miss a payment on your $35,000 personal loan, it may result in late fees, increased interest rates, or a negative impact on your credit score. Dealing with this situation by making the missed payment can limit any potential damage.

Can I pay off my personal loan early, and are there any penalties for doing so?

Most lenders allow you to pay off your $35,000 personal loan early. However, some may charge prepayment fees, so it’s important to understand the terms of your loan agreement.

How do lenders determine the interest rate for a $35,000 personal loan?

Lenders determine the interest rate for a $35,000 personal loan based on a number of factors, including your credit score, income level, repayment history, and the lender’s market rates at the time of the loan.

Recap of lenders offering $35,000 personal loans

Lender	Rates (APR)	Loan amounts
Credible	7.49% – 35.99%	$600 – $200,000
LightStream	7.49% – 25.49%	$5,000 – $100,000
SoFi	8.99% – 29.49%	$5,000 – $100,000
Upgrade	8.49% – 35.99%	$1,000 – $50,000
Upstart	7.8% – 35.99%	$1,000 – $50,000

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¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.