Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
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Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
660
Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
41
Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Personal Loan Lenders That Offer $35,000 Personal Loans
As you determine which loan is the best fit, consider rates, customer experience, loan features and company reputation. Some of the best lenders out there for $35,000 personal loans include the following:
- LightStream: Our top pick
- SoFi: Best customer service
- PenFed: Best for small loans
- Discover: Best for low rates
- Upstart: Best for bad credit
- U.S. Bank: Best for bank switchers
- Upgrade: Best discounts
- Wells Fargo: Best for in-person service
LightStream
Our Top Pick
5.0
Affordability: 33/35
Loan Features: 29/35
Customer Experience: 18/20
Company Reputation: 10/10
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.
SoFi
BEST CUSTOMER SERVICE
4.9
Affordability: 30/35
Loan Features: 29/35
Customer Experience: 19/20
Company Reputation: 10/10
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.
PenFed Credit Union
Best for Small Loans
4.8
Affordability: 35/35
Loan Features: 24/35
Customer Experience: 17/20
Company Reputation: 10/10
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.
Discover
Best for Low Rates
4.6
Affordability: 35/35
Loan Features: 21/35
Customer Experience: 16/20
Company Reputation: 10/10
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.
Upstart
Best for Bad Credit
4.4
Affordability: 28/35
Loan Features: 25/35
Customer Experience: 17/20
Company Reputation: 10/10
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.
U.S. Bank
Best for Bank Switchers
4.4
Affordability: 34/35
Loan Features: 28/35
Customer Experience: 12/20
Company Reputation: 5/10
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.
Upgrade
Best Discounts
4.3
Affordability: 22/35
Loan Features: 28/35
Customer Experience: 18/20
Company Reputation: 10/10
Interest Rate (APR)8.49% 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.
Wells Fargo
Best for In-Person Service
4.3
Affordability: 35/35
Loan Features: 26/35
Customer Experience: 17/20
Company Reputation: 0/10
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
Wells Fargo works with current customers who have fair, good and excellent credit. Your accounts typically need to be in good standing as well. You must also supply the usual information like address, Social Security number, employment information and loan purpose.
Read ourWells Fargo reviewfor more information about the banking institution.
$35,000 Loans
Below is a summary of our picks for the best $35,000 personal loans.
| Loan Amount | Loan Terms | Interest Rate (APR) | Funding Timeline | |
|---|---|---|---|---|
| LightStream | $5k to $100k | 24 months to 144 months | 6.99% to 25.49% | Same-day |
| SoFi | $5k to $100k | 24 months to 84 months | 8.99% to 29.49% | Same-day |
| PenFed | $600 to $50k | 12 months to 60 months | 7.99% to 17.99% | Up to 7 business days |
| Discover | $2.5k to $40k | 36 months to 84 months | 7.99% to 24.99% | 2-10 business days |
| Upstart | $1k to $50k | 36 months to 60 months | 7.80% to 35.99% | 1 day after approval |
| U.S. Bank | $1k to $50k | 12 months to 60 months | 8.74% to 24.99% | Within a few hours |
| Upgrade | $1k to $50k | 24 months to 84 months | 8.49% to 35.99% | Within 4 business days |
| Wells Fargo | $3k to $100k | 12 months to 84 months | 7.49% to 23.24% | 1 business day |
6 Steps To Get a $35,000 Personal Loan
Before you apply for a personal loan, compare rates and terms from multiple lenders. It isn’t always easy to know whether a loan offer is competitive unless you can compare it with other offers.
Most lenders work with borrowers who have specific credit scores. For example, lenders often have a minimum score requirement in the mid-600s. Because of that, it’s a good idea to check your credit score at AnnualCreditReport.com before you start looking for lenders. Once you know your credit score, you can better determine which lenders are a good fit.Follow these steps to apply for a personal loan:
- Gather documentation: You’ll typically need proof of income and documentation of your personal information, including forms of identification, employer information and proof of residency. Check your credit score to assess which lenders might be the best fit.
- Compare lenders: Research lenders before applying or prequalifying. Based on your credit score and other factors, determine which lenders offer the most competitive rates and loan terms.
- Prequalify: Many lenders allow borrowers to prequalify for a loan. Prequalification can allow you to review loan rates and terms while avoiding a hard credit check until you’re ready to commit. If the lender does not permit you to prequalify, you’ll apply instead.
- Review your offer: Once preapproved, review your loan offer’s fine print. Make sure to understand the repayment terms, interest rates and fees. This is an opportune time to ask the lender questions and ensure you know the loan details.
- Complete the application: Complete the application process as soon as you’re ready to move forward with a loan offer. During this stage, you’ll submit the documentation you gathered at the beginning of the process.
- Receive the funds: After you submit your application, you can expect to receive your funds within a few days. Some lenders even deposit funds on the same business day.
>> Related: Learn more about where to get a personal loan
Requirements for a $35,000 Personal Loan
Lenders want to confirm that you can afford a new loan payment and will reliably repay the balance. To do so, one factor they review is your credit score.
Higher credit scores usually equate to lower interest rates and better repayment terms, like no fees. The reverse is also true — lower credit scores typically lead to higher rates and less competitive terms. But lenders also consider your income level and debt-to-income (DTI) ratio, which is how much money you earn compared to how much you owe for credit cards and other debt.
Some lenders have minimum credit score requirements and only lend to borrowers with good or excellent credit scores. Other lenders work with lower credit scores or minimal credit history. The best lender for you depends on your financial situation and credit score.
>> Related: Read more about personal loan requirements
How long does it take to pay off a $35,000 loan?
It usually takes two to seven years to pay off a $35,000 loan. Your term length determines how long you will make loan payments. For example, imagine you have a $35,000 loan with a 5-year term length and 8% annual percentage rate (APR). You would pay $709.67 monthly, paying off the loan in five years. If you have a $35,000 loan with a 3-year term length and 8% APR, you would pay $1,096.77 monthly, paying off the loan in three years.
Things To Consider When Applying
If you need a $35,000 personal loan, you have options. Whether you need a loan to pay for an upcoming surgery or to consolidate existing debt, consider how you plan to use and repay the loan.
Personal loan lenders consider your credit score, income and DTI ratio. As you shop for a personal loan, your goal is to secure the lowest interest rate and best terms. Comparing options from multiple lenders can help you find the best fit. Loan shopping can feel overwhelming, and if you’re not sure which loan or financing option is best for you, a financial adviser can help.
Alternatives to a $35,000 Personal Loan
If you can’t qualify for a personal loan or decide it’s not the right choice for another reason, you have other loan options. There are other ways to access funds, including a home equity line of credit (HELOC), home equity loan and peer-to-peer (P2P) lending. Like personal loans, each additional lending option has its benefits and drawbacks.
HELOCsare secured lines of credit that require your house as collateral. Unlike a personal loan, the interest rate is usually variable. You also won’t receive the money as a lump sum. Instead, you receive access to a line of credit that you can borrow against and pay back as you use the funds. If you don’t use any of the money, you don’t have to make any payments.
Similar to a credit card, a HELOC comes with a maximum amount you can borrow. The maximum is based on the amount of equity you have in your home. Because HELOCs are secured loans with collateral, it’s less risky for lenders, so it might be easier to qualify for a HELOC if you have a poor credit score. Banks, credit unions and online lenders offer HELOCs, and the application is similar to the application for a personal loan. The main difference is that the lender usually needs to appraise your house and confirm the equity you have in it. If you don’t repay your loan, you can lose your home.
>> Related: What is a HELOC?
Home equity loans are secured loans that utilize your house as collateral. Similarly to a HELOC, your loan size depends on the equity you have in your home. But unlike a HELOC, you receive the money as a lump sum. Most of thebest home equity loanshave fixed interest rates and monthly payments that do not change throughout the life of the loan.
You can apply for a home equity loan through a bank, credit union or online lender. Because it’s a secured loan, lenders might have less strict eligibility requirements. You might find it easier to qualify for a home equity loan than a personal loan if you have poor credit. But you must be a homeowner, which can make it a less accessible option for some borrowers. If you don’t repay your home equity loan, you can lose your home.
>> Related: What is a Home Equity Loan?
Peer-to-peer (P2P) lending allows borrowers to connect with professional networks of investors, usually through an online lending platform. Because the loans are not from a traditional bank, the eligibility requirements are generally less restrictive, and you might qualify for a P2P loan if you have poor credit.
Like a personal loan, P2P lending offers fixed interest rates and set monthly payments for the loan term. However, these loans generally have origination fees that make your loan more expensive.
The application process is similar to loan applications at banks or credit unions. You can typically prequalify, review the terms and then submit an application. Once approved, funding is quick, and you typically receive funds within a couple of business days.
>> Related: What is Peer-to-Peer Lending?
Frequently Asked Questions About $35,000 Personal Loans
Some personal loan lenders require good or excellent credit with a minimum score requirement of 660. However, other lenders work with borrowers who have fair or poor credit. Check your credit report at AnnualCreditReport.com before applying for loans to know which lenders might be the best fit.
$200,000 is usually the biggest personal loan you can get. Not every lender offers loans as large as $200,000, but some do. To qualify for a loan of that size, you must meet the lender’s credit score requirements and have a solid history of on-time payments.
Unsecured loans for applicants with poor credit are usually the easiest to get. But those loans, including payday loans, car title loans and pawnshop loans, often come at a cost due to high interest rates and other fees. Loans for applicants with bad credit can also offer less stringent eligibility requirements.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Taylor Milam-SamuelContributor
Taylor Milam-Samuel is a personal finance writer and credentialed educator with a master’s in education. She’s fascinated by how people earn, save and spend their money. Her work has been featured on Insider, Discover, Forbes Advisor, Policygenius and more. When she’s not demystifying financial terms and conditions for consumers, she can be found teaching.
Kelly LarsonSenior Editor
Kelly Larson is a senior editor with 14 years of experience creating and optimizing data-driven, reader-focused digital content. Kelly enjoys running and exploring the outdoors with his sons.
