You will likely need a credit score of at least 580 for a $3,500 personal loan. Most lenders that offer personal loans of $3,500 or more require bad credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.
Credit Score Required by Lenders That Offer $3,500 Personal Loans
Some lenders will consider people with bad credit for a $3,500 personal loan, but it may be difficult to get approved for an amount above the lender's minimum unless you have a lot of income. Your chances of approval do get better the higher your credit score is above the minimum requirement, though.
The best way to see your odds of approval and what rates may be available to you is to add your desired loan amount to WalletHub's free pre-qualification tool. This tool won't hurt your credit score.
The maximum personal loan amount available to the most qualified applicants is $100,000, at least among major lenders. But only a few major lenders even offer the chance of loan amounts as high as $100,000. Two notable options are LightStream and Wells Fargo. Generally, lenders’ maximums can be anywhere from $25,000 to $100,000.… read full answer
But just because a lender might advertise large amounts, like $100,000, doesn’t necessarily mean you will be approved to borrow that much. Getting anything close to the maximum loan amount requires having a very high credit score, a lot of income, and little existing debt. If you only meet the lender’s minimum requirements, you are more likely to get a minimum amount of $1,000 to $5,000.
Personal Loan Limits by Lender:
LightStream: $100,000 maximum
Wells Fargo: $100,000 maximum
SoFi: $100,000 maximum
USAA: $50,000 maximum
Upstart: $50,000 maximum
Prosper: $40,000 maximum
Marcus: $40,000 maximum
FreedomPlus: $40,000 maximum
Discover: $35,000 maximum
Avant: $35,000 maximum
LendingPoint: $25,000 maximum
Those are just some of the major lenders currently offering personal loans. And remember, every personal loan provider has its own maximum loan amount. Personal loan limits aren’t set by law, or anything like that.
You can borrow $3,500 with bad credit from Upgrade, Upstart and Avant, among other lenders. Most of the best places to borrow $3,500 with bad credit will require credit scores toward the upper end of the bad credit range. But people who cannot qualify can consider other options like no credit check loans… read full answer, secured personal loans, and borrowing from friends and family.
If you can't qualify for a loan from any of the above lenders, there are other ways to borrow $3,500 with bad credit.
Secured personal loans: These loans offer much better approval odds than regular personal loans, but they require collateral.
No credit check personal loans: There are a few personal loan providers that don't do a credit check, but they only offer a few hundred to a few thousand dollars and have very expensive APRs.
Friends and family: These people are less likely to care about your credit score and should give you better terms than a traditional lender.
Auto title lenders: You can get a 15 to 30-day loan equal to a portion of your vehicle's value. The interest is very expensive (as much as 25% of what you borrow), and you risk losing your car if you can't pay back this type of loan. Avoid them if possible.
Pawnshops: You could get a loan of any size depending on the value of the items you bring in. But you risk losing your property if you can't reclaim it in the set timeframe.
The best way to get a $50,000 loan is to take out a personal loan from LightStream, SoFi, or Navy Federal Credit Union. These lenders offer personal loans of $250 to $100,000, with APRs as low as 2.49%, depending on an applicant's creditworthiness.
*According to either the lender or multiple third-party sources
There are several other ways to get a $50,000 loan, too. For example, you could tap into your home equity, charge the amount to a credit card, or borrow from a friend or family member. Pawnshop loans are an option, as well, though they're expensive and it's best to avoid them.
Ways to Get a $50,000 Loan
Personal loans offer $1,000 to $100,000 in funding for 12 to 84+ months, depending on the lender. Their APRs typically range from 6% to 36%, and they may or may not charge an origination fee to open the loan. Personal loan credit score requirements typically range from 585 to 700+, but there are some options for people with lower scores (including secured loans).
You can get a home equity loan or home equity line of credit (HELOC) to borrow against your home. You'll be able to borrow a percentage of the difference between your home's value and the amount you have left to pay on the mortgage. There's the potential for a lot of funding if you have a lot of equity. Home equity loans usually last for 5 to 30 years, have APRs of 4% to 8%, and tend to require credit scores of 680+. If you cannot repay what you owe, you risk foreclosure on your house.
Depending on what you need money for, you may have the option to charge it to a credit card. Credit cards have a wide range of credit limits, depending on the card and your creditworthiness. You may want to check out WalletHub's picks for the best high limit credit cards. It will likely be difficult to find a credit card with a minimum credit limit of $50,000 or higher, but it's possible to get a limit this large if your credit score and income are high enough.
Friends and family
You can always turn to someone you know to borrow money, and you're likely to get better terms than you would with a traditional lender. However, you also risk putting your relationship with that person in jeopardy if you can't repay what you owe. It may also be difficult to convince someone to lend you an amount this large.
Pawnshops give you money for an item and let you pay it back with interest to reclaim the item. However, this interest tends to be very expensive, around 2% to 25% per month. Plus, if you don't pay back what you owe, the pawnshop can sell your item. This option is not ideal.
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