If you have an important financial objective or a big home improvement project coming up, a $40,000 personal loan is a solid way to reach that goal. You might be able to get a loan of that size from your regular bank or credit union, or you might want to look into online lenders. A good credit score is usually a requirement for loans of this size, but some lenders work with borrowers with lower scores.
Compare these lenders that offer $40,000 loans. Get started by selecting your state, credit range, loan amount and purpose to find lenders that fit your needs.
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How we picked theseThe Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Once you decide to apply for a $40,000 personal loan, do a little homework first.
Specific loan requirements vary by lender, but there are several commonalities.
Improving your credit score before you apply for a $40K loan greatly improves your odds of obtaining loan approval. You can start by getting a free copy of your credit report and disputing any inaccuracies you find. It’s also a smart move to pay down your existing debts, which can also boost your score.
Another option to improve your chances of qualifying for a $40,000 personal loan is to ask a friend with good credit to cosign a personal loan with you.
It can be difficult to qualify for a $40K personal loan with poor credit of roughly 600 or less.
However, some lenders, such as Credible and Upstart, may offer loans to borrowers with lower scores if you meet other criteria. For example, if your credit score isn’t very high but you bring home a healthy income and have a low DTI, you may still qualify for a $40,000 loan.
Keep in mind that credit scores impact the interest rate you qualify for. If you have a lower score, lenders consider you a bigger risk, which results in higher interest rates.
The biggest cost of a personal loan is the interest, which can range from about 6% to 36%. The lowest interest rates are awarded to borrowers with the best credit scores, sufficient income and low DTIs.
Another common cost with a personal loan is an origination fee, also known as an administrative or processing fee. Origination fees are usually between 1% and 10% of the loan.
Not all lenders charge origination fees, but those that do typically deduct the fee from the principal and deposit the remainder in your checking account.
It’s also a good idea to be aware of any other fees associated with the loan. For example, if you think you can pay off your loan early — always a wise move — make sure the lender doesn’t charge any prepayment penalties. Most lenders also charge a fee if you make a late payment or don’t have enough money in your account to cover the minimum payment.
Use our loan calculator to see what your monthly payment will be based on different interest rates and loan terms.
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There are a few things you can do to try and get a lower rate.
Consider a few ways to save money on interest and shorten your loan term.
Any time you want to borrow a large sum, it’s important to explore all your options.
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