You will need a credit score of at least 580 for a $35,000 personal loan. Most lenders that offer personal loans of $35,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments. You will also have to be at least 18 years old, be a U.S. citizen, permanent resident or visa holder, and have a valid bank account.
Credit Score Required by Lenders That Offer $35,000 Personal Loans
| Lender | Loan Range | Credit Score Required |
| Universal Credit | $1,000 - $50,000 | 580 |
| Upgrade | $1,000 - $50,000 | 580 |
| Wells Fargo | $3,000 - $100,000 | 660 |
| LightStream | $5,000 - $100,000 | 660 |
| Discover | $2,500 - $40,000 | 660 |
| SoFi | $5,000 - $100,000 | 680 |
| TD Bank | $2,000 - $50,000 | Not disclosed |
Lenders tend to have large loan ranges, and their minimum requirements for approval (credit score, income and other factors) will determine whether you can get at least the lowest loan amount. But the higher your credit score and income are, the greater the amount you're likely to qualify for.
Even if your credit score is 580, you won't necessarily be approved for a $35,000 loan. Your chances of approval do get better the higher your score is above the minimum requirement, though. The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
This answer was first published on 10/17/21 and it was last updated on 02/06/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
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.
What is the monthly payment on a $35000 personal loan? ›
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.
What credit score do you need for a $30 000 personal loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. 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.
What credit score do you need for a 40k personal loan? ›
To qualify for a $40,000 loan, you'll typically need a credit score upwards of 670 or a co-signer with good or excellent credit. That's because these loans involve a higher risk for the lender, so most will limit high amounts to those with solid scores.
How big of a personal loan can I get with a 720 credit score? ›
Personal loan averages by credit score
| Credit score range | Average APR | Average loan amount |
|---|
| 720+ | 14.34% | $19,657.52 |
| 680-719 | 21.19% | $16,032.83 |
| 660-679 | 32.30% | $12,392.46 |
| 640-659 | 44.50% | $10,010.65 |
4 more rowsKey takeaways. Borrowers must have a stable income and a good credit score to qualify for a $35,000 personal loan. Not all lenders offer $35,000 personal loans, so it's important to shop around and compare rates and terms from different lenders.
What credit score is needed for a 35k loan? ›
Some personal loan lenders require good or excellent credit with a minimum score requirement of 660. However, other lenders work with borrowers who have fair or poor credit. Check your credit report at AnnualCreditReport.com before applying for loans to know which lenders might be the best fit.
Can I get a 30k loan with a 650 credit score? ›
Can we get a loan with credit score 650? It depends on lenders' terms and eligibility criteria. However, interest rates and terms may vary based on your credit history and other financial factors.
Is it hard to get a $30,000 loan? ›
Stringent Eligibility Requirements: Obtaining a $30,000 personal loan often comes with strict eligibility criteria, including high credit score requirements and stable income verification. This can be a significant barrier for those with average or below-average credit histories, limiting access to such loans.
What credit score is good enough for a personal loan? ›
To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.
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.
Is a 900 credit score possible? ›
Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Do personal loans look bad on credit? ›
A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.
How much income do I need for a 20k loan? ›
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.
How much would a 30k loan cost? ›
The monthly cost of a $30,000 loan depends on a couple of factors which can include the APR and repayment term. For example, if you took out a $30,000 loan with a seven year term and a 16% APR, you might pay $595.86 per month. By the time you pay off the loan, you may end up paying $20,052 in total interest.
How much would a $50,000 personal loan cost per month? ›
Example Monthly Payments on a $50,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 36 months | 15% | $1,733 |
| 48 months | 15% | $1,392 |
| 60 months | 15% | $1,189 |
| 72 months | 15% | $1,057 |
3 more rowsAug 31, 2021
If you take out a $35,000 new auto loan for a 72-month term at 4.0% interest, then your monthly payment will be $547.58. Although your monthly payments won't change during the term of your loan, the amount applied to principal versus interest will vary based on the amortization schedule.
What is the average payment on a $30000 personal loan? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $20,000 | 5 | $415.07 |
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $514.57 |
| $30,000 | 3 | $926.18 |
13 more rowsThe monthly payment on a $40,000 loan ranges from $547 to $4,018, depending on the APR and how long the loan lasts. For example, if you take out a $40,000 loan for one year with an APR of 36%, your monthly payment will be$4,018.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.22%. 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.
