Editor's choice: Upstart personal loans
- Work and education get you better rates
- Fair credit OK
- No prepayment penalty
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|Provider||Good for …||APRs|
|Credible||Comparing multiple offers with competitive rates for individuals with good credit.||4.99% to 35.99%|
|LendingClub||Bringing on a cosigner for better rates and terms.||10.68% to 35.89%|
|Even Financial||Comparing $35,000 loans for most credit types.||4.99% to 35.99%|
|Monevo||Extra-short or extra-long loan terms friendly to a wide range of credit types.||3.49% 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 19.99%|
How much a $35,000 loan costs mainly depends on two factors:
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.
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.
|Monthly payment||Total amount repaid||Total interest charges|
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.
Ready to apply for a $35,000 loan? Follow these five steps:
Typically, you need to meet the following requirements to qualify for a $35,000 loan:
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.
When comparing $35,000 loan offers, follow these tips to score a competitive deal:
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.
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