Some lenders cap their loans at this amount — here’s how to find a good deal.
6 top providers for $35,000 loans
|Credible||Comparing multiple offers with competitive rates for individuals with good credit.||5.34% to 35.99%|
|LendingClub||Bringing on a cosigner for better rates and terms.||6.95% to 35.89%|
|Even Financial||Comparing $35,000 loans for most credit types.||3.84% to 35.99%|
|Monevo||Extra-short or extra-long loan terms friendly to a wide range of credit types.||3.99% to 35.99%|
|SoFi||Additional perks to boost your career and financial wellbeing.|
|Marcus by Goldman Sachs||Debt consolidation for borrowers with strong credit.||6.99% to 24.99%|
How much does a $35,000 loan cost?
How much a $35,000 loan costs mainly depends on two factors:
- APR. Your APR is your loan’s interest and fees expressed as the percentage of the loan balance you’d pay over one year.
- Loan term. Your loan term is how long you have to pay back that $35,000. Since this amount is on the larger end for a personal loan, some of the shorter one- to three-year terms might not be available.
The longer your loan term, the less you’ll pay each month but the more time there is for interest to add up. To hit that sweet spot, use our calculator to find a loan term that gives you the highest monthly repayments you can comfortably afford.
How APR works on a $35,000 loan
Many lenders offer lower APRs for larger amounts like $35,000 — especially online lenders. So if you can qualify for a loan of that size, you might be eligible for lower rates than you’d get on a smaller loan. However, some work the opposite way, charging higher rates for larger amounts — especially credit unions.
Your loan term might also affect the rates you’re eligible for. While some offer lower rates for shorter terms, it’s common for short terms to come with higher rates. Ask your lender how your term affects your rates and keep this in mind when calculating the monthly cost.
Costs example: $35,000 loan with a 5-year term at 10.99% APR
|Monthly payment||Total amount repaid||Total interest charges|
How much do I actually get when I borrow $35,000?
How much you actually get in your bank account depends on whether your loan comes with an origination fee. Not all lenders charge origination fees, but those that do deduct this fee from your loan before you receive your funds.
Typically, origination fees run from 1% to 5% of your loan amount — $350 to $1,750 on a $35,000 loan. Some origination fees can get as high as 8% — $2,800 — though fees that high are uncommon.
You can generally expect to get between $33,250 and $35,000 when you take out a $35,000 loan.
How do I apply for a $35,000 loan?
Ready to apply for a $35,000 loan? Follow these five steps:
- Calculate what you can afford. Use our calculator to find out what rates and terms give you monthly payments within your budget and let these guide your search for a loan. Expect to pay at least $500 per month on a $35,000 loan.
- Research your options. Before doing a hard comparison, look for lenders that offer this amount. Do you have $35,000 in debt? You might want to look at lenders like Marcus that specialize in debt consolidation. Not sure you’ll get a great deal on your own? Consider lenders that accept cosigners or allow you to back your loan with collateral.
- Compare lenders. In addition to comparing rates and terms on your $35,000 loan, look at other features that might be important to you like speed and prepayment options to narrow down your list of potential lenders. Also, make sure you meet the eligibility criteria — some have minimum credit score or income requirements. And some might not be available in your state.
- Prequalify. Most lenders allow you to check what rate you might qualify for by filling out a quick online form based on a soft credit pull. This can help you make a more accurate cost comparison to find the best deal. If you find a lender you’re interested in on one of our tables, you can get started by clicking the Go to site button. Just remember you might not get the rates you prequalified for when you complete the full application.
- Apply. If you like one of the loans you’ve been preapproved for, follow the lender’s instructions to submit documents and complete the application. You can typically get your decision as soon as the next business day if you apply online.
Compare more $35,000 loans from online lenders
Am I eligible for a $35,000 loan?
Typically, you need to meet the following requirements to qualify for a $35,000 loan:
- Have good to excellent credit. You typically need to have a credit score of at least 670 to qualify for a loan of this amount.
- Have a low debt-to-income (DTI) ratio. Your DTI ratio shows how much money you have available each month after paying your bills. While most lenders won’t work with you if you have a DTI over 43%, you’ll likely need a DTI closer to 20% to get a $35,000 loan. You can use our calculator to learn your DTI.
- Be employed. While there are loans for people who receive funds from other types of income, to get this amount you’ll typically need to have a full-time job. And it might be hard to qualify if you work for yourself.
- Be a US citizen or permanent resident. While there are options for nonresidents, lenders like Stilt tend to have maximums lower than $35,000. You might have to find a qualified cosigner to get a loan of this amount.
- Be the age of majority. In most states, you have to be 18 or older to take out a loan. You have to be 19 in Nebraska and Alabama and 21 in Mississippi.
Can I still get a $35,000 loan with bad credit?
To qualify for a $35,000 loan, you typically need to have good to excellent credit.
Before you apply, check your credit score. If it’s lower than expected, there are steps you can take to correct any errors on your report and potentially bolster your score. Or, consider signing up for credit repair.
6 tips to find a good rate on a $35,000 loan
When comparing $35,000 loan offers, follow these tips to score a competitive deal:
- Consider a variable rate. A variable rate has the benefit of potentially going lower than the fixed rate. It can, however, fluctuate a good deal with the market. Find out if you can afford the upper end of the APR or if a fixed-rate loan is more sensible for your budget.
- Back your loan. Putting up collateral to secure your loan makes you less of a risk to lenders and can get you an overall more favorable deal.
- Take time to improve your credit. Your credit score needs to be in the good-to-excellent range for large loan amounts. If it’s not, it may be time to look at other options or work on rebuilding your credit score first.
- Apply with a cosigner. If you can’t meet the requirements on your own or know someone with stronger personal finances, consider applying with a cosigner to get a lower rate.
- Borrow less. Borrowing less can lead to paying less. You may even be able to get a better APR with some lenders. And even if it’s the same as what you were offered for a $35,000 loan, you’ll likely end up paying less in interest.
- Include all of your income. Returns on investments, child support and other benefits can count as additional income and should be documented in your application.
What can I do with a $35,000 personal loan?
From renovating your home to consolidating your debt, there are plenty of ways to use a $35,000 loan.
Fix up that home you just bought or love the one you’ve got.
While it may not be a fixer-upper, your new home could still probably use some love. A $35,000 can go a long way as a home improvement loan, especially if you’re going to finish that entire basement. A home equity line of credit (HELOC) or home equity loan may also be an option if you have enough equity in your home.
Get your debt into one place.
Consolidating your credit card debt and other unsecured debt can help you save on interest and potentially lower your monthly payments.
Get your business off the ground.
Business loans can have strict requirements for both application and use. If you need a little more leeway or you don’t qualify because your business is still new, you may be able to get a personal loan for your business.
Because a $35,000 loan is on the higher end of what most lenders offer, you generally need to have stellar credit and a low DTI ratio to qualify for an unsecured loan on your own. If you’re not sure you’re eligibile, you might want to consider a secured loan or applying with a cosigner.
You can check out our guide to personal loans to compare more lenders and bone up on the basics of personal loans.
Frequently asked questions