$35K Personal Loans for Good or Bad Credit | Acorn Finance (2024)

FAQs

What credit score do I need for a $35,000 loan? ›

Requirements to Get a $35,000 Personal Loan

Lenders consider personal loan applicants with higher credit scores more likely to repay what they borrow. Personal loan applicants with a credit score of 640 or higher are more likely to be offered favorable terms.

You may still be able to get a $35,000 personal loan with bad credit although you will have very few options. It typically means that you will be offered the highest APRs and the shortest terms so you need to be certain that you can actually afford the loan before you apply.

The monthly payment on a $35,000 personal loan varies based on the interest rate and repayment term. For example, qualifying for 7.99% APR for 24 months on a $35,000 loan would leave you paying $1,582.80 per month for two years.

In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.

If you have a poor credit score, qualifying for a loan will be more challenging but is often still possible. However, bad credit loan rates are often high. That can make your payment pricy and further limit the amount you can borrow.

Co-signed or joint loans are often the easiest loan options to get approved for with bad credit. They allow a co-signer or co-borrower who will share responsibility for the loan and usually has a credit history that meets the lender's requirements.

Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.

What are personal loan rates right now? ›

The current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.

Credit Score Needed to Get a Personal Loan

According to the credit bureau Experian, It's possible to get a personal loan with a lower credit score, but a FICO^® Score^☉ that falls in the good range (670-739) or higher will give you access to a broader array of lenders and better interest rates.

$30,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.

For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.

A $30,000 personal loan is at the higher end of this range — and as the amount you request to borrow goes up, the stricter eligibility requirements become. You need a good credit score and low debt-to-income ratio to qualify for the lowest interest rates on a $30,000 loan.

You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

You can borrow over $100,000 with a 770 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.