Personal loans for $35,000 are definitely available, yet they may come with higher interest rates and steeper eligibility requirements than loans for smaller amounts. If you need to borrow $35,000 and you're wondering whether a personal loan could work for your needs, you'll want to consider $35,000 personal loan interest rates and how much your monthly payment will be before you apply.
Personal loans remain popular among borrowers for several important reasons, including the fact these loans come with fixed interest rates, fixed monthly payments, and a set repayment plan. The fact that personal loans offer borrowers a lump sum of cash instead of a line of credit to borrow against can also be a major advantage of personal loans, particularly when borrowers want as much flexibility as possible when it comes to how they use their loan funds.
If you're hoping to borrow $35,000 from a personal loan company, you should know that most prominent lenders offer loans in this amount and even higher. The chart below shows which lenders offer personal loans of $35,000 or more, their current personal loan interest rates, and available loan terms.
| Loan Amounts | Interest Rates | Repayment Terms | |
| Avant | $2,000 to $35,000 | 9.95% to 35.99% | 12 to 60 months |
| Best Egg | $2,000 to $50,000 | 8.99% to 29.99% | 36 to 60 months |
| Discover | $2,500 to $40,000 | 7.99% to 24.99% | 36 to 84 months |
| LendingClub | $1,000 to $40,000 | 8.98% to 35.99% | 24 to 60 months |
| SoFi | $5,000 to $100,000 | 8.99% to 29.49% | 24 to 84 months |
| Upgrade | $1,000 to $50,000 | 8.49% to 35.99% | 24 to 84 months |
| Upstart | $1,000 to $50,000 | 7.8% to 35.99% | 36 or 60 months |
How to Get a $35,000 Personal Loan
Getting a $35,000 personal loan involves several different steps, and you'll want to complete them in the right order. Here's everything you need to do to prepare for and ultimately qualify for financing.
Check Your Credit Score
Before you apply for a personal loan, you should know that some lenders have steeper credit requirements than others. You should also check your credit score to see where you stand, keeping in mind that you'll have fewer loan options if your credit score is fair (FICO scores from 580 to 669) or below, compared to the options you'll have if you have with a good credit score (FICO scores of 670 to 739) or better.
Fortunately, there are plenty of sources for free credit scores, including Credit Karma, Credit Sesame, Capital One's CreditWise service, and more.
Compare Lenders
Next up, you'll want to compare lenders based on their advertised interest rates, loan amounts, and repayment terms. You can also use a personal loan calculator to determine how much your monthly payment might be based on the average advertised rates.
Also be sure to check for fees that personal loans companies would charge you as part of your comparison. For example, some personal loan companies like Upstart charge origination fees that can be for up to 12% of the loan amount, whereas others don't charge origination fees or other hidden fees.
Get Pre-qualified
Some personal loan companies let you get pre-qualified online without a hard inquiry on your credit reports. This step can help you figure out the interest rate you would likely pay if you got the loan, the amount you can probably qualify for, and the repayment terms of a $35,000 personal loan.
In most cases, you'll be required to share the following information in order to pre-qualify for a personal loan online:
- Your full name
- Address
- Contact information
- Income
- Last four digits of your Social Security number (SSN)
Create a Budget
Once you know your $35,000 personal loan payment, you can figure out whether you can truly afford to borrow money. Get out your last few months of bank statements, credit card bills, and pay stubs to figure out how much money you bring in and how you're spending it most months. Ideally, you'll be earning enough income to cover your regular expenses, discretionary expenses, and new personal loan payment while also having money leftover to save each month.
Read the Details
Read over the details of loans you're considering, and spend some time digging into all the fine print. The most important details to know are the amount you're borrowing, the total costs of borrowing, your loan's interest rate, the monthly payment, any fees that apply, and whether the loan has a prepayment penalty.
Apply for the Loan
Once you're ready to apply for financing, you can complete the personal loan application from the comfort of your home. Information you'll need to supply in the application will include your name, address, phone number, employment information, SSN, and income. You may need to supply other documentation to get your loan approved, including pay stubs, tax returns, a driver's license, and more.
Long-Term Costs of $35,000 Personal Loan
How much a $35,000 personal loan will cost in the long run depends on the loans' interest rate and repayment term. Once you know your loan's interest rate and term length, you can find your own monthly payment using a personal loan calculator.
The chart below show the average $35,000 personal loan payment in a range of scenarios:
| Interest Rate and Loan Term | $35,000 Personal Loan Payment |
| 7.99% APR for 24 months | $1,582.80 |
| 7.99% APR for 36 months | $1,096.61 |
| 7.99% APR for 60 months | $709.51 |
| 18.00% APR for 24 months | $1,747.34 |
| 18.00% APR for 36 months | $1,265.33 |
| 18.00% APR for 60 months | $888.77 |
| 29.99% APR for 24 months | $1,956.77 |
| 29.99% APR for 36 months | $1,485.61 |
| 29.99% APR for 60 months | $1,132.15 |
What Credit Score Do I Need for a $35,000 Loan?
The credit score required for a $35,000 personal loan varies widely by lender. Getting pre-qualified online is an excellent way to find out if your credit is good enough without submitting an actual loan application.
Is $35,000 a High Loan Limit?
A $35,000 personal loan is pretty substantial, yet some personal loan companies let consumers borrow up to $100,000.
What Are the Repayments on a $35,000 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. Meanwhile, paying 29.99% APR for 60 months with the same loan amount would mean paying $1,132.15 per month for five years.
How Do People Use Personal Loans?
Investopedia commissioned a national survey of 962 U.S. adults between Aug. 14, 2023, to Sept. 15, 2023, who had taken out a personal loan to learn how they used their loan proceeds and how they might use future personal loans. Debt consolidation was the most common reason people borrowed money, followed by home improvement and other large expenditures.
The Bottom Line
If you need to borrow $35,000 for home improvements, debt consolidation, a wedding, or almost any other reason, a personal loan could be a good fit. This is especially true if you have good credit and a strong income, as these factors can help you qualify for funding with the best rates and terms.
Keep in mind that you can build in some flexibility in your monthly payments if you plan to borrow $35,000 or more. For example, you can get a lower monthly payment by choosing a longer repayment timeline or by improving your credit to qualify for a lower interest rate.
