How to Find a $35,000 Personal Loan

If you’re in the market for a $35,000 personal loan, you’re probably wondering where to start your search. There’s no shortage of lenders to choose from, and a quick search will reveal potential offers from traditional banks, credit unions, and online lenders.

However, not all loan offers are created equal. Some people have higher borrowing costs than others. Additionally, you’ll find that eligibility requirements for personal loans vary from lender to lender. So it’s also important to research each lender’s criteria to make sure you’re a good fit for a $35,000 loan with competitive terms.

Before researching lenders and beginning the application process, take a step back and assess how big a loan you need.

Borrowing less means you’ll get more affordable monthly payments and save on interest. Plus, you’ll avoid the temptation to spend on unnecessary items and minimize the risk of rapidly overextending, accumulating excessive late fees, and potentially overrunning your budget. You also risk hurting your credit rating if you default on your loan.

To determine if you need a $35,000 loan, write down the purpose of your loan and the estimated cost you want to pay. Whether it’s a big purchase, a home improvement project, medical bills, debt consolidation, a wedding, or some other sizable expense, include a little buffer just in case. The number you come up with is the loan amount you should be asking your lender, even if it’s a little under $35,000.

Every lender has a personal loan guide. However, most people will evaluate your credit score, income and debt load to determine your suitability for financing.

Lenders want to know that you’re making enough money to make monthly payments on time, so your debt-to-income ratio is important. It is equally important to have a track record of managing past credit obligations on time, as indicated by a good or excellent credit score. However, if you have a low credit score, you may be denied financing or pay higher borrowing costs if approved.

You’ll often find borrowers with good or excellent credit ratings qualify for the best rates offered by lenders. For example, as of October 17, 2022, the average personal loan interest rate for consumers with good credit was between 10.3% and 12.5%. However, borrowers with bad credit received higher interest rates, ranging from 28.5% to 32%.

When you’re ready to apply, gather the following information:

  • Two ways of identification: Driver’s license, passport, state-issued ID, passport, military ID, social security card, birth certificate, or proof of citizenship
  • Employer Information: Employer name and supervisor name, email address and phone number
  • Proof of Income (Traditional Employment): Recent payslip, W-2, 1099, tax return or bank statement
  • Proof of Income (Self-Employed): 1099, tax return or bank statement
  • Proof of residence: Lease agreement, mortgage statement, utility bill, property tax bill, voter registration card or insurance policy

Personal loans of $35,000 are available through banks and credit unions. You can also find a variety of options through online lenders. Some offer fast approval and funding times, allowing you to get the cash you need as quickly as possible within one business day.

best eggs 7.99%-35.99% $2,000-$50,000 600
light flow 5.73%-19.99% (automatic transfer) $5,000-100,000 undisclosed
Goldman’s Marcus 6.99%-24.99% (automatic transfer) $3,500-$40,000 undisclosed
upgrade 7.46%-35.97% (automatic transfer) $1,000-$50,000 560

best eggs

Best Egg offers low interest rates to borrowers with good or excellent credit. However, if you have a low credit score, you may still be eligible for a personal loan. The application process is seamless, with some borrowers getting loan decisions and funding the same business day.

If you take out a personal loan from Best Egg, you may have to pay an initial fee of 0.99% (or 4.99% for a loan term of 4 years or more), but no prepayment penalty will be assessed if you decide to pay the loan early also.

light flow

If you have a high credit score, LightStream is another viable option. The interest rate is one of the lowest you can find, and the lender will charge 0.1 percentage points higher than any competitor’s rate for the same loan product. If approved for a loan, you can also choose a loan term that suits your financial situation. There is also the option to defer loan payments for up to 30 days with no origination or prepayment penalties.

Goldman’s Marcus

Goldman’s Marcus makes lending easy, and you can manage the entire process from a user-friendly website or mobile app.

Many borrowers can apply in minutes, receive an express decision, and deposit funds within one to four business days of approval. If you use the autopay feature, you may be eligible for an APR discount of 0.25%. There is also a skip payment feature if you make timely payments for 12 consecutive months. You will also find that support is available outside of standard business hours to resolve your questions or concerns.


Upgrade is another great online lender that offers fast approval and financing times within a day. Its personal loan products are flexible and have no minimum credit score or income requirements, so borrowers with different financial backgrounds can use them. However, you will pay an origination fee and there are restrictions on how the funds can be used.

The total cost of a loan depends on the interest rate and loan term. If possible, choose the shortest repayment period to minimize borrowing costs. You’ll get higher monthly payments, but your interest costs will be lower because lenders don’t have as much time to charge you.

Also, opting for a shorter repayment period may mean you get a lower interest rate.

For example, a 5-year, $35,000 personal loan with an 11% interest rate would have a total interest cost of $10,659.09 and a monthly payment of $761. However, with the same loan term of 3 years and an interest rate of 10%, your total interest cost drops to $5,656.66, despite the monthly payment of $1,129. In this case, a 3-year loan would be a better option, assuming the monthly payments fit your budget.

bottom line

Finding a $35,000 personal loan isn’t difficult. But before you start your search, learn about the general eligibility criteria to increase your chances of approval.

Also, consider loan offers from traditional banks, credit unions, and online lenders, and consider getting pre-approval before you formally apply.

It’s also important to compare loan offers and make sure monthly payments fit within your budget. Most importantly, protect your credit rating and overall financial health by only borrowing what you can afford.

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