How To Get a $35,000 Personal Loan (2024 Guide) (2024)

Interest Rate (APR)6.99% to 25.49%Term Options24 months to 144 monthsLoan Size Offered$5k to $100k

LightStream Overview

With low rates and no fees, LightStream is one of the best lenders for a $35,000 personal loan. Loans from LightStream are available in all 50 states, and borrowers who enroll in autopay qualify for an additional rate discount. There’s a wide range of repayment terms, usually between two and seven years. The company stands by its loan products and offers a Loan Experience Guarantee to ensure you’re satisfied.

Pros & Cons

Pros Competitive rates: LightStream offers low interest rates and boasts a Rate Beat Program to beat competitors’ rates by 0.10 percentage points. No fees: Borrowers never pay origination fees or late fees. Various repayment terms: Terms range from two to 12 years. Cons Can’t prequalify: You cannot prequalify with a soft credit check online. Loan use restrictions: You must use the loan for the purpose you stated in your application, which limits how you can spend the funds. Requires a long credit history: You typically need several years of credit history to qualify.

LightStream Eligibility Requirements

LightStream only lends to borrowers with good or excellent credit scores. Borrowers also need a credit history that is at least several years long, a strong payment record for other loans and enough income to cover current debts along with the new loan.

Interest Rate (APR)8.99% to 29.49%Term Options24 months to 84 monthsLoan Size Offered$5k to $100k

SoFi Overview

SoFi offers many of the same features as other top providers — competitive interest rates, a straightforward application process, no fees and flexible repayment terms. But what sets the company apart is its extra perks. Borrowers get access to career counselors, discounts on financial planning services and unemployment protection. Repayment terms range from two to seven years, and personal loans are available in multiple states.

Pros & Cons

Pros Rate discounts: Earn a discount for automatic payments or direct deposit with a SoFi checking bank account. Loans for debt consolidation are eligible for additional discounts. Hardship program: If you lose your job, you can apply to pause your SoFi payments while you find new employment. User-friendly mobile app: SoFi’s mobile app makes it easy to manage your loan on the go. Cons Stricter eligibility requirements: SoFi generally requires good or excellent credit, making it difficult for some borrowers to qualify. Origination fee for lowest rates: You may have to pay an origination fee to secure the lowest interest rates. High minimum loan amounts: SoFi’s minimum loan is $5,000 in most states, which is higher than many competitors.

SoFi Eligibility Requirements

SoFi considers credit history, income and other factors that impact how much you can afford to borrow. Borrowers must be U.S. citizens or permanent residents and be able to prove employment status or income.

Interest Rate (APR) 7.99% to 17.99%Term Options12 months to 60 monthsLoan Size Offered$600 to $50k

PenFed Overview

With loan amounts ranging from $600 to $50,000 and terms up to five years, PenFed offers flexibility for borrowers. After you’re approved, you typically receive funds within a couple of business days, but it can take up to seven days. Even though PenFed’s rates are competitive, the company offers no discounts.

Pros & Cons

Pros Option to prequalify: You can prequalify with an online application and soft credit check. Allows co-borrowers: If you need a co-borrower on your loan, PenFed may be an excellent choice. Competitive rates: PenFed’s rates are comparable to many other lenders. Cons Longer funding timeline: If you opt for direct deposit, you can receive funds within 48 hours after approval, while some competitors offer same-day or next-day funding. If you want a check, it can take up to seven business days. Must become a member: You don’t need to be a PenFed member to apply for a loan, but you must become one after you’re approved. Shorter term lengths: The maximum term length is five years, which is shorter than other lenders.

PenFed Eligibility Requirements

To apply for a PenFed loan, you must provide your date of birth, name, address and information about your current employer.

Interest Rate (APR)7.99% to 24.99%Term Options36 months to 84 monthsLoan Size Offered$2.5k to $40k

Discover Overview

Discover loans are available to residents in all 50 states, and you can apply online or over the phone. Personal loan amounts range from $2,500 to $40,000, and repayment terms are three to seven years. Even though you won’t have to pay origination or prepayment fees, you might face late fees if you miss a due date. Overall, Discover’s rates are competitive, and there are minimal restrictions on how you can use the funds.

Pros & Cons

Pros Option to prequalify: Borrowers can prequalify with a soft credit check that won’t impact their credit score. Pay creditors directly: Discover can pay the lender directly if you consolidate debt. Flexible loan use: There are minimal restrictions on how to spend the funds, including weddings, car repair, travel and fertility treatments. Cons No rate discount: You can’t qualify for any discounts with Discover. Does not allow co-borrower: If you need a co-borrower to qualify for a loan, Discover might not be the right fit. Late fees: Discover charges a potential $39 late fee if you don’t pay on time.

Discover Eligibility Requirements

Borrowers must have good credit to apply for a loan with Discover. You also need a minimum income of $25,000. Make sure to have identification documents, address, Social Security number and proof of income available when you apply.

Interest Rate (APR)7.80% to 35.99%Term Options36 months to 60 monthsLoan Size Offered$1k to $50k

Upstart Overview

​​Upstart is an online lending platform that helps borrowers connect with banks and otherlenders for personal loans. The company’s unique underwriting process allows borrowers with poor credit or a thin credit history to qualify for loans and might be a solid option if you fall into one of those categories. Loans are available for borrowers in nearly every U.S. state. Loans are available for $1,000 to $50,000 and terms range from three to five years.

Pros & Cons

Pros Quick funding timeline: Once approved, you can receive funds the next day. Unique eligibility requirements: Upstart determines loan eligibility based on factors like education and where you live. Payment date change: You can change your payment due date by logging into your loan dashboard. Cons Origination fee: Origination fees range from 0% to 12%, which can add up quickly. No co-signers: Borrowers cannot apply with co-signers, and there’s no option for a joint loan. No mobile app: Even though Upstart’s website is intuitive and user-friendly, the company does not have a mobile app.

Upstart Eligibility Requirements

Upstart utilizes a nontraditional underwriting process and does not require a minimum credit score. Instead, the company uses artificial intelligence to look at factors like education, job history and where you live to help determine eligibility. However, applicants with a credit history need a score of at least 300. To qualify, borrowers cannot have any delinquent accounts or bankruptcies within the last year.

Interest Rate (APR)8.74% to 24.99%Term Options12 months to 60 months (for non-customers)Size Offered$1k to $50k

U.S. Bank Overview

U.S. Bank differentiates between customers and non-customers for personal loan terms and requirements. Customers have access to higher loan amounts of up to $50,000, while non-customers have a maximum of $25,000. Similarly, if you’re a U.S. Bank customer, the funding times for personal loans are difficult to beat. Once you’re approved, you can receive funds within a few hours. Non-U.S. Bank customers, however, have to wait one to four business days. The rates are somewhat competitive, but you might find better rates elsewhere depending on your credit score.

Pros & Cons

Pros Autopay discount: U.S. Bank offers an autopay discount of 0.5%. Fast funding: If you’re a U.S. Bank customer, your funds can arrive within hours. No fees: You won’t pay origination fees, and there’s never a fee for paying your balance off early. Cons Only available in some states: U.S. Bank personal loans are only available in select states. Customer status matters: If you’re not a U.S. Bank customer, you have access to lower loan amounts and need a higher minimum credit score to qualify for quick funding. Low loan amounts: Non-customers have a loan limit of $25,000, while current U.S. Bank customers can borrow up to $50,000. Both loan limits are lower than some competitors.

U.S. Bank Eligibility Requirements

Eligibility requirements vary depending on whether you’re a U.S. Bank customer. You need a minimum credit score of 660 if you are a customer. Non-customers, on the other hand, must have a minimum score of 720. All applicants must provide their Social Security number, address and employment information.

Interest Rate (APR)9.99% to 35.99%Term Options24 months to 84 monthsLoan Size Offered$1k to $50k

Upgrade Overview

Upgrade caters toborrowers with fair credit. Loans are available in all 50 states, ranging from $1,000 to $50,000. Loan terms are flexible, and you can opt for a two- to seven-year term, depending on the size of your loan. Compared to other lenders, Upgrade stands out due to its rate discounts. But if you have a higher credit score, you might be able to secure a better rate with a different lender.

Pros & Cons

Pros Multiple rate discounts: You can earn a rate discount for opening another Upgrade account. Active-duty military members have a discount. Low minimum credit score: Upgrade works with borrowers who have a variety of credit scores, making the loans more accessible. No prepayment penalty: If you pay your loan off early, you won’t have to pay a prepayment penalty. Cons Origination fee: Origination fees for Upgrade loans range from 1.85% to 9.99%. Higher rates: Upgrade rates tend to be higher than what you might find from other lenders – with a maximum of 35.99%. Low loan maximum: Upgrade loan amounts go up to $50,000, which is lower than some other lenders.

Upgrade Eligibility Requirements

Upgrade considers credit score, credit history and payment history. Your credit history must usually show at least one account.

Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k

Wells Fargo Overview

With term lengths that range from one to seven years and loan amounts between $3,000 and $100,000, Wells Fargo offers borrowers substantial flexibility. Personal loans from Wells Fargo are available in every state. But if you’re a new customer, you might need to apply in person, and there aren’t branch locations in each state. Funding times can be fast. You can expect to receive funds in one to three business days.

Pros & Cons

Pros Prequalify first: Customers can prequalify online with a soft credit check. High loan amounts: Personal loan amounts are available for up to $100,000, higher than many lenders. Various term lengths: Term lengths range from one year to seven years, offering extra flexibility. Cons Late fees: If you miss a payment, you may have to pay late fees. No direct payments: If you use a personal loan to consolidate debt, you must make the payment yourself. Might have to apply in person: If you’re a new customer, you might have to visit a branch to apply, and not every state has a physical branch.

Wells Fargo Eligibility Requirements