$35K Personal Loans for Good or Bad Credit | Acorn Finance (2024)

FAQs

What credit score is needed for 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.

In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the 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.

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.

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

It's not difficult to apply for a personal loan. The process is typically simple and quick, and depending on the lender, you can get the funds fast. Still, it's best to take the time to search for lender options that fit your needs (and your credit profile).

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.

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.

How to get a 30k loan fast? ›

You can get a $30,000 personal loan from banks, credit unions, online lenders and peer-to-peer lenders. Eligibility requirements vary by lender, but for a loan this size, you'll likely need a good credit score and a high enough income to qualify for the best rates. Prequalifying is key to finding the best offer.

The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.

What Credit Score Do I Need for a $35,000 Loan? Lenders will typically offer better terms to personal loan applicants who have a credit score of 640 or higher. You may still be able to get a $35,000 personal loan with a lower credit score, but you will likely have to pay a higher interest rate.

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.

With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).

The best personal loans for a 740 credit score are from LightStream because they offer $5,000 - $100,000 with APRs of 7.49% - 25.99% and repayment periods of 24 - 84 months.

There is no set minimum FICO® Score to get a car loan. However, a good score at 720 or better will get you the best rate. Consider spending some time improving your credit score before shopping for your next car. Even moving up a few points can make a big difference if you have a low score.