How to Get a $35,000 Personal Loan

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Updated: February 28, 2024

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Personal loans offer a flexible way to meet a range of financial needs. Whether you're looking to pay off existing debt, renovate your home or start a small business, a $35,000 personal loan can provide the necessary funds.

Before you apply for a $35,000 personal loan, it's helpful to understand the application process and what each lender requires. Criteria can vary widely, from minimum credit scores to proof of consistent income. Compare offers from multiple lenders to get the best deal for your needs.

Why Get a $35,000 Personal Loan

A $35,000 personal loan can be a financial lifeline when you need a substantial amount of money for a specific purpose. Here are some common ways you could use a $35,000 personal loan:

  • Debt consolidation: Use the loan to pay off multiple high-interest debts, simplifying your finances into a single monthly payment.
  • Home improvement: A $35,000 loan can cover the cost of a new roof, kitchen remodel or even a small home extension.
  • Emergency medical expenses: Cover unexpected medical costs that insurance doesn't fully cover, such as specialized surgeries or treatments.
  • Business startup: Inject some capital into a new business venture to cover initial expenses like inventory and marketing.

The flexibility of personal loans allows you to use the funds for a variety of needs, making them a versatile option for many situations.

Pros and Cons of a $35,000 Personal Loan

Before taking out a $35,000 personal loan, consider the pros and cons. Understanding the long-term financial impact of a loan can help you make an informed decision that aligns with your future goals.

Advantages of a $35,000 Personal Loan

  • No collateral required: Many personal loans are unsecured, meaning you don't have to offer any assets as collateral. This is particularly beneficial if you don't want to risk losing valuable items like your home or car.
  • Many lenders offer it: The availability of $35,000 personal loans from a variety of lenders gives you the opportunity to shop around. This competition among lenders can lead to more favorable terms and interest rates for borrowers.
  • Flexible usage: The flexibility of a $35,000 personal loan is one of its most appealing features. Whether you're consolidating debt, renovating your home or covering emergency expenses, you can use the loan for a wide range of financial needs.
  • Can build credit: If managed responsibly, a personal loan can help improve your credit score. Timely payments are reported to credit bureaus, which can positively impact your credit history.
  • Quick approval and funding: The approval process for personal loans is generally faster than for other types of loans. Some lenders even offer funding within a day or two, which can be crucial if you have urgent financial needs.

Disadvantages of a $35,000 Personal Loan

  • Debt accumulation: Taking out a $35,000 loan means adding to your existing debt. If not managed wisely, this could lead to a more complicated financial situation in the future.
  • Impact on credit score: The application process for a personal loan involves a hard credit check, which can temporarily lower your credit score. Moreover, failing to make timely payments can have a long-term negative impact on your credit.
  • Stricter eligibility requirements: Some lenders may have stringent eligibility criteria, such as high credit scores or stable employment, making it challenging for some borrowers to qualify.
  • Additional fees: Apart from the interest rate, some lenders may charge origination fees, late fees or prepayment penalties, which can add to the overall cost of the loan.
  • You may need collateral: While many personal loans are unsecured, some lenders may require collateral for larger loan amounts like $35,000, especially if your credit history is less than ideal. This puts your assets at risk if you default on the loan.

Despite the number of lenders available, there are some personal loans that you should avoid. When comparing your options, it's best to keep an eye out for telltale signs. These may include the following:

  • Extremely high interest rates
  • Prepayment penalties
  • No credit check, even during the actual application
  • Too-short repayment terms
  • Lack of transparency regarding loan terms and conditions

Spotting these red flags can help you avoid lenders that might sink you deeper into debt rather than improve your financial well-being.

Where to Get a $35,000 Personal Loan

When considering a $35,000 personal loan, explore various lender options to find the one that best suits your needs. Different lenders offer varying terms, interest rates, and approval processes. Here are three primary types of lenders you can consider:

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    Traditional banks are often the first option people consider for a $35,000 personal loan. They offer the advantage of established reputations and a wide range of loan products.

    However, banks usually have stringent credit requirements and may not be the best option for those with less-than-perfect credit. The application process can also be more time-consuming compared to other lenders. Additionally, while some banks offer competitive interest rates, you might find that smaller loans, like a $35,000 loan, come with higher rates.

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    Online Lenders

    Online lenders are becoming increasingly popular for personal loans, including those for $35,000. They offer the convenience of a quick application process that you can complete entirely online. Online lenders may also be more willing to consider applicants who have lower credit scores.

    Interest rates from online lenders can be competitive, but be sure to check the fine print for any additional fees or charges. One downside is that they may not offer the same level of personalized customer service as traditional banks or credit unions.

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    Credit Unions

    Credit unions are member-owned financial institutions that often offer favorable terms for personal loans. To apply for a $35,000 loan at a credit union, you'll typically need to become a member, which usually involves living, working or studying in a particular area or being associated with a specific group.

    Credit unions often offer lower interest rates and more flexible repayment terms than traditional banks. They also tend to have less stringent credit requirements, making them a good option for those with lower credit scores. However, their range of loan products may be more limited compared to banks and online lenders.


Understanding the requirements you'll need to meet for approval can save you time and effort and increase your chances of securing the loan.

  • Credit score: A good credit score can make you more appealing to lenders, potentially securing a lower interest rate for your $35,000 loan.
  • Proof of income: Lenders want assurance that you can repay the loan, so you'll often need to provide recent pay stubs, W-2s or tax returns from at least the past two years. If you’re self-employed, you’ll need to provide profit/loss statements.
  • Debt-to-income ratio: Lenders use your debt-to-income ratio to assess your ability to manage additional debt.
  • Employment history: A stable employment history can indicate financial reliability, which is a plus when applying for a $35,000 personal loan.
  • Residency status: Some lenders require you to be a U.S. citizen or permanent resident, as it can affect the legalities of the loan agreement.
  • Co-signer information (if applicable): If you want a co-signer on your loan, you’ll need to provide their financial and personal information in addition to your own.

How to Get a $35,000 Personal Loan

Before applying for a $35,000 personal loan, you should understand all the steps involved in the process. Being well-prepared can save you time, money and potential headaches down the line. Here's a step-by-step guide to help you navigate the process:

Check your credit score

Your credit score is a key factor that lenders consider when determining your eligibility and the interest rate for your loan. Many online platforms offer free credit score checks, allowing you to understand where you stand in the eyes of potential lenders. Knowing your score in advance can help you set realistic expectations and prepare for the application process.

Shop around for lenders

Different lenders offer varying terms and interest rates for $35,000 personal loans. Take the time to research and compare offers from traditional banks, online lenders and credit unions. Look for lenders that specialize in the type of loan you need, and remember to read customer reviews to gauge the quality of service.

Get prequalified

Prequalification involves a soft credit check, which won't impact your credit score. This step gives you a preliminary idea of the loan terms you might qualify for. It's a valuable way to compare offers from multiple lenders without committing to any particular one. Keep in mind that prequalification is not a guarantee of approval.

Choose a loan offer

After comparing prequalified offers, select the one that aligns with your specific needs and circumstances. Always read the fine print to understand all the terms and conditions, as overlooking details can lead to unexpected costs or challenges.

Submit loan application

Once you've chosen a lender, you can formally apply for the $35,000 personal loan. This usually involves submitting financial documents like pay stubs and tax returns. The lender will also perform a hard credit check at this stage, which could slightly impact your credit score. Approval times can vary, so be prepared to wait for a response.

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While securing a $35,000 personal loan with a low credit score is possible, your loan interest will be higher, and your loan terms may not be as favorable. However, there are strategies you can use to improve your chances, including:

  • Consider a co-signer: Having a co-signer with a strong credit history can significantly boost your chances of securing a $35,000 loan, as lenders may find the added assurance of repayment more comforting.
  • Choose a secured loan: Opting for a secured loan, where you provide collateral like a car or home, can make lenders more willing to offer you a $35,000 personal loan despite your bad credit.
  • Improve your credit score: Taking steps to improve your credit score, such as paying off existing debts or correcting errors on your credit report, can make you a more attractive candidate for a $35,000 loan in the future.

How to Compare $35,000 Personal Loans

Shopping around for a $35,000 personal loan by comparing lenders may save you a significant amount of money. By scrutinizing various elements like APR, loan terms, credit score prerequisites and other eligibility conditions, you arm yourself with the knowledge needed to select a loan that is not just accessible but also financially sensible for you.


The annual percentage rate (APR) is a comprehensive measure of the loan's cost, including interest and fees. A lower APR generally means you'll pay less over the life of the loan, making it a critical factor in your decision.

Loan terms

The length of the loan can significantly impact both your monthly payment and the total amount you'll pay back. Choose a term that aligns with your financial capacity to manage payments effectively.

Credit score requirements

Different lenders have varying credit score requirements. Knowing these can help you target lenders where you have a higher chance of approval, saving you time and potential credit score hits from multiple applications.

Other eligibility requirements

Lenders may have additional criteria like income level or employment status. Awareness of these can help you filter out lenders you don't qualify for, streamlining your search process.


Look out for origination fees, late fees and prepayment penalties. These can add up and make a loan more expensive than it initially appears.

Funding time

Some lenders can fund a loan within a day, while others may take longer. This factor could be a deciding point if you need the $35,000 urgently.


When shopping for a loan, you may be able to utilize a few strategies for lower rates:

  • Look for lenders specifically specializing in personal loans and ask if they offer promotional or introductory rates.
  • Ask lenders if paying electronically will lower your rates.
  • See if your employer benefits offer preferential rates from certain lenders, as some companies partner with lenders to provide employee discounts.

Following these tips may help you get a better picture of the discounts available to you while comparing loan offers. — Alvin Yam, CFP®

Alternatives to a $35,000 Personal Loan

Before committing to a $35,000 personal loan, explore other financial avenues that might better suit your needs or offer more favorable terms. Each alternative comes with its own set of pros and cons.

  • Credit cards: Credit cards can offer the flexibility of making purchases now and paying later, often with interest-free periods. However, high interest rates can kick in if you don't pay off the balance within the grace period, making this option potentially costly in the long run.
  • Borrowing from friends or family: This option can offer more lenient repayment terms and possibly no interest. However, mixing finances with personal relationships can lead to strained ties if not managed carefully.
  • Buy now, pay later apps: Buy now, pay later apps allow you to make purchases and pay them off in installments, often without interest. While convenient, they can encourage impulse spending and affect your credit score if you miss payments.
  • Cash advance: A cash advance from your credit card can provide immediate funds but usually comes with high fees and interest rates. This option should generally be considered a last resort due to its cost.

If you already have a personal loan, refinancing it might make sense in certain situations. You may want to refinance if your credit score has improved or interest rates have dropped, qualifying you for a new loan at a lower interest rate. A lower interest rate saves you money because you'll pay less in total interest over time. Be sure to understand any fees involved beforehand. — Alvin Yam, CFP®

FAQ About $35,000 Personal Loans

Whether or not you should get a $35,000 personal loan isn't something you should decide on a whim. The following are answers to your commonly asked questions to help you make an informed financial decision.

How hard is it to get a $35,000 personal loan?
What credit score do I need for a $35,000 personal loan?
Is taking out a $35,000 personal loan a good idea?
Is it possible to get a $35,000 personal loan instantly?
Can I take more than one $35,000 personal loan?
How long does it take to pay off a $35,000 personal loan?

About Christopher Boston

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Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.