Flexibility is one of the most attractive features of a personal loan. Although some lenders impose restrictions on how you can use your funds, these are few and are usually limited to gambling, illegal activities and business ventures. Otherwise, you can use your $35,000 personal loan as you see fit, whether to consolidate debt, pay medical expenses or cover wedding expenses.

Like most personal loans, lenders will look at your financial profile. It may include your credit standing, debt-to-income (DTI) ratio and having a verifiable income.

Remember, requirements vary between lenders, so you'll need to determine those before anything else. However, completing a lender's prequalification (if available) process and comparing loan offers is the best way to ensure you find the best deal.

Key Takeaways

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Many lenders offer a $35,000 personal loan. Although borrowers traditionally approach credit unions and banks, you can also get competitive rates from online lenders.

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A $35,000 personal loan comes with several benefits and drawbacks. Knowing these can help you determine whether or not it's the best move for you.

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Taking the time to research different lenders and compare loan offers can help you find the best deal.

Pros & Cons of a $35,000 Personal Loan

$35,000 isn't a small amount — it’s crucial you’re ready to take on this kind of financial obligation. A $35,000 personal loan provides many benefits, but it also comes with several drawbacks. It's best to consider this before pursuing your application.

Advantages of a $35,000 Personal Loan
  • There are few restrictions: You can use your funds for different things. And with the amount, you can focus on more significant expenses, such as renovating your home, consolidating debt or planning a long-awaited vacation.
  • You won't need collateral (most of the time): There are different types of personal loans, but most are unsecured. You won't need to put up collateral, which makes borrowing less risky.
  • Many lenders offer it: Most lenders offer loans ranging from $1,000–$50,000 (others even up to $100,000). $35,000 falls within that, so you'll have many options.
  • Instant approval is possible: You may find personal loan lenders with instant approval, such as LightStream and Truist. These can be excellent options if you need funds immediately.
  • You can use it to build credit: Paying your monthly dues on time and in full can help improve your credit score. Remember, payment history determines 35% of your credit standing.
Disadvantages of a $35,000 Personal Loan
  • Lenders have many requirements: Because most $35,000 personal loans are unsecured, lenders tend to have stricter eligibility requirements.
  • It may lower your credit score: Most personal loan durations range from two to five years, meaning you'll have to include it in your household budget during this time. Unforeseen expenses may cause you to miss payments, which lowers your credit score.
  • You may need a co-signer: You can still get approval for a $35,000 personal loan with bad credit, but you may need a co-signer. Otherwise, you'll have challenges finding a lender offering manageable rates.
  • It increases your debt load: As of Q3 of 2021, the average American has a personal loan debt balance of $17,064. Taking out another adds to your debt and increases your financial obligations.
  • There are other fees involved: Repaying your loan involves more than the principal and interest. Some lenders charge an origination fee, which ranges between 1–8% of your loan amount. Others impose penalties for late payments and insufficient funds.

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 tell-tale 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.

$35,000 Personal Loan Lenders

There are various lenders for $35,000 personal loans, but one might be better than the others, depending on your needs and preferences. You may find that some offer lower interest rates while others have additional requirements.

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Not all lenders have brick-and-mortar offices. The presence of neobanks, fintech and online lending platforms has made borrowing a $35,000 personal loan more convenient than ever.

Specific eligibility requirements vary between lenders, though they usually look for the same things. For example, LightStream has a minimum credit score requirement of 660, while you need a 680 to qualify for a personal loan from SoFi.

When comparing online lenders, do your research — not just on loan terms, but also their reputations. Don't forget to read through the fine print of your loan offers to ensure you know what fees (if any) to expect.

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Banks are a more traditional choice for a lender, and these usually have similar requirements as online lenders. They'd like proof that you're capable of repaying your debt and are likely to check your credit score, DTI ratio and source of income.

However, it's worth noting that not all banks offer personal loans. Sometimes, the ones that don't make it available to everyone.

For example, Wells Fargo offers personal loans between $3,000–$100,000, but you must be an existing customer to qualify. Similarly, you must have an active American Express card to apply for a personal loan.

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You can also get a $35,000 personal loan from a credit union. Some borrowers prefer this option because they're more likely to offer lower rates than banks.

As of September 2022, credit unions offered an average interest rate of 9.15% for a 36-month unsecured fixed-rate personal loan. The average for banks was 10.16%.

Your chances of getting a loan application approved by a credit union are higher than by a bank because they have less stringent requirements. It makes them a better option for borrowers with low credit scores.

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All lenders want assurance that you're responsible and an applicant worth lending the money to. Although requirements vary between lenders, there are commonalities.

  • Be of legal age: Most states require you to be 18 or older to get a personal loan. However, this may vary in some areas.
  • A high credit score: The better your credit standing is, the more competitive your rates.
  • A low DTI ratio: If your existing debt is substantial, lenders may wonder about your capacity to repay your loan. Ideally, your DTI should be lower than 43%.
  • Have a verifiable source of income: Regular employment can go a long way to getting your loan application approved.

How to Apply for a $35,000 Personal Loan

If you’re wondering how to get a $35,000 personal loan, you’ll find the process is relatively easy. However, it also doesn't mean going with the first lender you find. MoneyGeek recommends considering the following steps to find a lender that suits your needs and preferences.


Check your credit score

Your credit score is one factor most lenders will consider. The more creditworthy you are, the more likely that lenders will offer better loan terms.


Get pre-qualified

Lenders conduct a hard credit inquiry, when you push through with your application. Although it only decreases your credit score by less than five points, having multiple applications can affect your credit standing significantly. It's better to check whether you qualify and have an estimate of terms you can get first.


Compare quotes

Lenders offer different terms for the same financial profile. Gathering estimates from multiple providers can help you find the best possible deal.


Choose a loan offer

Comparing various offers allows you to zero in on the one that best suits your needs. Remember, a $35,000 personal loan is a significant obligation — you must ensure you are comfortable with the monthly payment and all other possible fees.



Fill out the necessary paperwork and submit the required documents. The faster you comply, the sooner your lender can process it.


Receive and use funds

Once your lender approves your loan application, you should receive your funds within several days. Don't forget to factor your monthly due into your budget so that you don't miss any payments.

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Comparing loan offers is an integral step in the personal loan process. Borrowers usually focus on the interest rate and the monthly payment. However, there are several other things to consider besides these, such as

  • Type of loan (whether secured or unsecured).
  • Kind of interest (whether fixed-rate or variable-rate).
  • Repayment duration.
  • The presence of fees and penalties.
  • Annual Percentage Rate (shows a more accurate cost of your loan).

Frequently Asked Questions 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 some commonly asked questions to help you make an informed financial decision.


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.