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Banks, credit unions and online lenders provide $35,000 personal loans. Personal loans from banks and credit unions have competitive rates, but they take longer to get and are harder to qualify for than personal loans from online lenders. If you’re looking to borrow $35,000, make sure your finances are in great shape, with a solid credit score, stable employment income and low existing debts.
Compare $35,000 loans from online lenders
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Where to get $35,000 loans
If you’re looking for a $35,000 personal loan, there are 3 types of lenders that can finance you.
Banks offer competitive interest rates, but the turnaround time to get a personal loan can be a few weeks. They also have strict eligibility requirements and generally only work with borrowers with good to excellent credit, especially for a loan as big as $35,000. To increase your chances of approval, make sure your credit score is above 660, you have a solid credit history and your monthly debt payments are less than 20% of your monthly income.
Banks offer fixed- or variable-rate personal loans. A fixed rate means your loan repayments will stay consistent throughout the term, while a variable rate means your repayments will fluctuate with the markets.
Your local credit union might offer loans up to $35,000, and they often have competitive rates since they’re non-profit financial institutions. However, you may be required to get a membership in order to get the personal loan. Applying for membership and waiting on funding could take weeks, so this isn’t your best option if you’re looking for a quick way to secure $35,000. Credit unions can also offer fixed- or variable-rate loans.
Compared to banks and credit unions, online lenders are quicker to fund loans. Their typical turnaround is between 1 and 3 business days. You usually don’t need to submit as many documents, and you can fill out the loan application in just minutes. This group tends to be your best bet if you have bad credit, or no credit at all, as they offer bad credit loans. However, keep in mind that poor credit means more risk in a lender’s eyes, which means steeper interest rates.
How much a $35,000 loan costs mainly depends on two factors:
Annual percentage rate (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 1- to 3-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.
Can I afford the repayments?
Calculate your personal loan monthly payment
Calculate how much you could expect to pay each month
Enter the amount you want to borrow under Loan amount.
Write the loan term in years (not months) under Loan terms.
Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
Hit Calculate.
Review your results.
How APR works on a $35,000 loan
The APR reflects how much it costs to carry a loan over an entire year and varies hugely among lenders in Canada. Rates usually start around 6% (lower if you’re the ideal client) and reach as high as 47%. Ultimately, the rate you’re charged is based on how much of a risk you pose as a borrower.
Factors such as your credit history, debt-to-income ratio, savings and income may be considered when determining the riskiness of your loan application. If you have a good history of repaying your debts, keep what you owe to a minimum and maintain a decent income, you’ll be much more likely to score a lower interest rate. Otherwise, you’ll likely be charged a higher rate to make up for the risk of you defaulting on the loan.
Your loan term might also affect the rates you’re eligible for. The longer your loan term, the lower your rate should be. This is because the longer the loan term, the more interest you’re paying over time.
Costs example: $35,000 loan with a 5-year term at 10.99% APR
Monthly payment
Total amount repaid
Total interest charges
$760.81
$45,648.62
$10,648.62
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 5 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 worth of debts? You might want to look at lenders like Fairstone that specialize in debt consolidation. Not sure you’ll get a great deal on your own? Consider lenders that accept cosigners or offer secured loans (loans backed by 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 province or territory.
Get pre-approved. Many 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 a good deal. If you find a lender you’re interested in on our comparison table, you can get started by clicking the Go to site button. Just remember you might not get the rates you were pre-approved for when you complete the full application.
Apply. If you like one of the loans you’ve been pre-approved 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.
Am I eligible for a $35,000 personal 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 660 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.
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.
Be a Canadian citizen or permanent resident. While car loans and mortgages are accessible to nonresidents, personal loans usually require you to be a Canadian citizen or resident.
Be the age of majority. In order to take out a loan, you must be at least the age of majority in the province or territory in which you live. This is 18 years old in Alberta, Manitoba, Ontario, P.E.I., Quebec and Saskatchewan. However, in B.C., New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut and Yukon, the age is 19.
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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. This is true even if you’ve declared bankruptcy, although you may have to wait a long while before you score is high enough to give your application a reasonable chance of being approved. Find out how to improve your credit score.
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.
Bottom line
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 eligible, 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 polish up on the basics of personal loans.
Frequently asked questions
You can, though you’ll likely need to have a longer loan term to qualify. Whether or not you’re eligible also depends on factors like your credit score, how much debt you currently have and your other monthly financial obligations.
Keep up on those repayments. Making timely, in-full payments can help you avoid any dings to your credit score. If possible, set up autopay so you don’t need to worry about making manual payments each month.
It depends. Some providers charge prepayment penalties that make paying it off early not worth the cost, but others won’t penalize you. Before you accept an offer, make sure you understand what to expect.
Yes, many lenders allow you to use a personal loan for business purposes. You’re personally liable for the loan though, as it’s under your name and not your business’s.
Yes. You can potentially use the funds from your loan to finance your wedding and pay for the honeymoon, or purchase a car and use the remainder to pay down a credit card with a high interest rate.
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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