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.
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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:
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 |
LendEDU rating: 5.0 out of 5
Credible is a top-tier marketplace that links borrowers with a broad spectrum of lenders. We’re fans of its intuitive platform, which simplifies the loan comparison process and makes it straightforward for users to gauge personal loan options.
This feature is beneficial for individuals prioritizing a wide selection of choices, allowing them to navigate through offers to find rates that best suit their needs. By providing access to a diverse range of lenders and interest rates, Credible is a valuable tool for those looking to optimize their loan conditions with minimal fuss.
LendEDU rating: 4.8 out of 5
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.
LendEDU rating: 5.0 out of 5
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.
LendEDU rating: 4.9 out of 5
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.
LendEDU rating: 4.8 out of 5
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.
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:
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.
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 |
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
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.
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.
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.
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.
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.
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.
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.
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.
| 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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