Where can I get a $35,000 loan and what will it cost?

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It’s possible to get a $35,000 personal loan, but it’ll likely come with higher interest costs. (iStock)

Whether you need to make repairs to your home, purchase a big-ticket item, or consolidate high-interest debt, getting a $35,000 loan is possible. In order to borrow such a large sum of money, or to receive a competitive interest rate, you’ll most likely need good credit. 

Before signing on the dotted line, let’s take a look at the costs of taking out a $35,000 personal loan and the potential effect a loan that size can have on your finances and credit.

How to get a $35,000 personal loan

Generally, you’ll need to take these steps to get a $35,000 personal loan:

  1. Check your credit. Look at both your credit report and score to see where you stand. In most cases, you’ll need good to excellent credit to get a loan this size.
  2. Calculate how much you can afford to borrow. A personal loan calculator can help you get an idea of monthly payments on a $35,000 loan. Look at your budget to see what you can reasonably afford. Lenders look at your income and existing debt to determine how much they may be willing to lend you. 
  3. Compare lenders. Shopping around with different lenders is important because not all offer loans this size. Plus, you’ll find that you’ll receive different rates and terms from different lenders. Having options allows you to pick the best personal loan that suits your needs.
  4. Get prequalified. The prequalification process helps you understand your chances of being approved for a personal loan. Lenders use information you submit to assess your financial situation, so it's a good idea to check beforehand whether or not they’ll do a soft credit pull, which won’t affect your credit score.
  5. Apply for a loan. Once you’ve decided which personal loan is best for your needs, you’ll have to complete an application. In some cases lenders may ask for additional documentation, such as proof of income, to determine whether you qualify for a loan. Once approved, you’ll need to sign lender documents before receiving your loan funds.

You can easily compare personal loan rates from multiple lenders using Credible.

Where can I get a $35,000 loan?

Banks, credit unions, and online lenders all offer personal loans, but not all lenders offer loans for large amounts. You’ll likely find multiple banks that make loans of $35,000 (or more). But you’ll generally need good credit and/or an existing relationship with a bank to get a personal loan from the financial institution. 

Credit unions may be more willing to work with borrowers with fair or low credit scores. That's because these not-for-profit financial institutions are there to help serve the community, whether it's based on location or a certain demographic. But you'll need to become a member — some smaller credit unions may have stricter requirements, such as residing in a certain county. 

Online lenders typically offer loans to people who have a wider range of credit scores, and they tend to be the fastest funding option. Competition among online lenders may mean that some are willing to use non-traditional methods to qualify borrowers. And they may offer flexible payment terms to entice people to apply. But rates from online lenders can vary widely, and they may be high if you don’t have good credit.

Lenders to consider for a $35,000 loan

Here are Credible partner lenders who offer $35,000 personal loans. Remember: You’ll need to meet their requirements to qualify for a loan, and multiple factors, including your credit score, will determine the actual rate you qualify for.  

Avant

  • Loan amounts: $2,000 to $35,000
  • Minimum score: 550
  • Loan terms: One to five years
  • Time to fund: As soon as the next business day

Axos

  • Loan amounts: $5,000 to $35,000
  • Minimum score: 740
  • Loan terms: One to five years
  • Time to fund: As soon as the next business day

Best Egg

  • Loan amounts: $2,000 to $35,000
  • Minimum score: 600
  • Loan terms: Two to five years
  • Time to fund: As soon as one to three business days

Discover

  • Loan amounts: $2,500 to $35,000
  • Minimum score: 660
  • Loan terms: Three to seven years
  • Time to fund: As soon as the next business day

Freedomplus

  • Loan amounts: $10,000 to $50,000
  • Minimum score: Not disclosed
  • Loan terms: Two to five years
  • Time to fund: As soon as two business days

LendingClub

  • Loan amounts: $1,000 to $40,000
  • Minimum score: 600
  • Loan terms: Three or five years
  • Time to fund: Usually about two business days

LightStream

  • Loan amounts: $5,000 to $100,000
  • Minimum score: 660
  • Loan terms: Two to seven years (up to 12 years for home improvement loans)
  • Time to fund: As soon as the next business day

Marcus

  • Loan amounts: $3,500 to $40,000
  • Minimum score: 660
  • Loan terms: Three to six years
  • Time to fund: As little as three days

Payoff

  • Loan amounts: $5,000 to $40,000
  • Minimum score: 600
  • Loan terms: Two to five years
  • Time to fund: As soon as two to five business days

Prosper

  • Loan amounts: $2,000 to $40,000
  • Minimum score: 640
  • Loan terms: Three or five years
  • Time to fund: As soon as one business day

SoFi

  • Loan amounts: $5,000 to $100,000
  • Minimum score: Not disclosed
  • Loan terms: Two to seven years
  • Time to fund: Three business days

Upgrade

  • Loan amounts: $1,000 to $50,000
  • Minimum score: 580
  • Loan terms: Three or five years
  • Time to fund: Within one day

Upstart

  • Loan amounts: $1,000 to $50,000
  • Minimum score: 580
  • Loan terms: Three to five years
  • Time to fund: As soon as one business day

Comparing your prequalified rates from these lenders won’t affect your credit score when you use Credible.

How much does a $35,000 personal loan cost?

Several factors affect how much it ultimately costs you to borrow $35,000, including ... 

  • Your credit score —  Generally, the higher your score, the lower the interest rate you’ll be able to qualify for, and the less expensive it is to take out a loan.
  • Interest rate —  A higher interest rate increases the overall cost of a loan.
  • Fees —  Some lenders may charge application or origination fees, which will increase the total cost of your loan. If you miss a personal loan payment, late fees could also add to your overall costs. Some loans may also charge prepayment penalties if you want to pay off your loan early.
  • Loan terms — Longer loan repayment terms typically have higher interest rates, which means you’ll end up with higher overall interest costs.
  • Collateral —  Interest rates may be lower if you take out a secured loan that requires you to put up collateral (such as a certificate of deposit).
  • Co-signer — Having a co-signer with a higher credit score typically means you’ll qualify for a lower interest rate, therefore paying less on your loan overall.

Being approved for a loan at a competitive rate and shorter term can save you hundreds, if not thousands, of dollars over the life of the loan. Let’s say you took out a $35,000 personal loan with an interest rate of 5.99% for three years. By the time you pay off your loan, you'll have paid $3,326 in interest. Compare this to the same loan with an interest rate of 29.99% for five years, where you’ll end up paying a staggering $32,929 in interest. 

What’s the monthly payment on a $35,000 loan?

Your monthly payment amount will depend on your interest rate and loan term. Using the above example, the loan with the three year term will cost you $1,065 per month, whereas the five-year loan will cost $1,132. 

Note that while the monthly payment amounts aren't that far off from each other, the one with the longer term and significantly higher interest rate will cost you much more in interest. That’s why it’s important to consider what you’ll pay overall when comparing different personal loans to choose the one that best suits your needs. 

You can learn about personal loans, use a personal loan calculator to estimate your monthly payment, and compare rates from multiple lenders with Credible.