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30K Home Improvement Loan

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How To Get A 30K Home Improvement Loan

The difficulty of getting a $35K personal loan really depends on your financial and credit situation. If you have little debt, decent income, and an excellent credit score, you shouldn’t have a hard time qualifying for this kind of loan. On the other hand, if you have a low credit score and a higher debt-to-income ratio, getting a loan might be more challenging.

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Learn More About 30K Home Improvement Loan

You'll need credit history for any kind of personal loan, even if you intend to apply with a co-borrower. Most lenders ask for a credit score of at least 620 but other factors apply – read more to find out.

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Can you get a $35,000 loan?

Yes – and in many cases, you can get a $35,000 loan online. Most lenders offer an online application process at the very least, and you can often complete the entire process from start to finish remotely, too. There's no need to go to the bank!
That said, you can also go to a bank or credit union to get a $35,000 loan.
When considering $35,000 loan options, there are lots of factors you'll need to take into consideration. These include interest rates and fees, repayment terms, monthly payments, and total repayment costs.

Who offers personal loans for $35,000?

There are a few different lenders that offer personal loans for $35,000. These can be used for home improvements or anything else that strikes your fancy. Let's compare some top national lenders that specialize in personal loans.

Lightstream – Pros & Cons

With interest rates as low as 6.99% and minimum loan amounts of as little as $5,000 (or as high as $100,000!) This is the perfect option for someone looking for a personal loan. You can get your money in as little as a business day and apply with a co borrower. Unfortunately, you have to have a minimum income of at least $50,000 and a minimum credit score of 660.
PROS:
Loan amounts between $5,000 to $100,000
Zero origination fees
Interest rates between 6.99% to 16.49%
Terms between 2-12 years
Funding in as little as one business day
CONS:
Minimum credit score requirement of 660
Minimum income requirement of $50,000
Most applicants will need several years of credit history to qualify

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BestEgg – Pros & Cons

BestEgg is another popular lender. It's ideal for smaller loans, since you can get as little as $2,000 with funds as soon as a business day. Unfortunately, you can't apply with a co-borrower and interest rates can be high – up to 29.99%.
PROS:
Loan amounts between $2,000 to $50,000
Interest rates between 5.99% to 29,99%
No minimum income requirement
Credit score requirement of only 600
Offers a secured loan option for homeowners
CONS:
Origination fees apply
No rate discount for autopay
No co-signer option

Prosper – Pros & Cons

Prosper's loans come with higher interest rates and less flexible loan terms – the lowest interest rate is 8.99% and you can only get a loan repayment period of 3-5 years – but you don't have to have a minimum income.
PROS:
Wide range of loan amounts between $2,000 to $40,000
No minimum income amount provided
Offers joint loans
Option to adjust your payment date
CONS:
Long funding times
Origination fees between 2.41% to 5%
Only two repayment terms available (3 and 5 years)

SoFi – Pros & Cons

SoFi is another great lender to consider. You can get loans with interest rates starting at 5.99%. You'll need to have a higher credit score, though – around 680.
PROS:
Loan amounts between $5,000 to $100,000
APRS as low as 5.99%
Funding in as little as one business day
Unemployment protection
No origination fees
CONS:
Minimum credit score requirement of 680
Limited repayment term options between 2-7 years

Upgrade – Pros & Cons

Upgrade has loans starting at $1,000, with interest rates as low as 6.94%. Theo resignation loans on these can be quite high – but you only have to have a 560 credit score in order to qualify.
PROS:
Loan amounts between $1,000 to $50,000
No minimum income requirement
Low minimum credit score requirement of only 5560
Rate discount for autopay
Offers direct payment to creditors for debt consolidation loans
CONS:
High origination fees
Late fees apply

Axos Bank – Pros & Cons

With Axos, you can get a loan with 0% origination fees, in many cases. You can get your money in as little as a business day, but unfortunately, you can't apply with a co borrower.
PROS:
Take advantage of mobile app to manage loan
Option to change your payment date
Fast funding times
CONS:
Higher APRs than similar lenders
Origination fee may apply
Payments only reported to one of three major credit bureaus

OneMain Financial – Pros & Cons

OneMain financial has a fairly low minimum credit score requirement of only 600. In addition, their minimum income requirement is very low – only $7200. That said, the interest rates can be high – and you can only apply for a maximum of $20,000.
PROS:
Fast funding times
Option to change your payment date
Offers direct payment to creditors for debt consolidation
CONS:
Limited loan amounts
High interest rates
Origination fees

LendingPoint – Pros & Cons

LendingPoint also caps loans at less than what you might need for your home improvement project – you can only apply for $25,000 max. However, you can pay 0% origination fees and get your money in as little as a business day.
PROS:
Fast funding times
Low minimum credit score requirement
Option to choose your payment date
CONS:
No co-borrower option
Limited loan amounts
High interest rates

LendingUSA – Pros & Cons

LendingUSA is another top lender. It considers applicants with fair credit and offers loans up to $35,000. The downside? Interest rates are high, with the lowest rates starting at around 14.99%.
PROS:
Get prequalified with no impact on your credit score
Avoid paying interest if you can repay principal within 6 months
No prepayment penalties
CONS:
High origination fees
Not offered in all states

Universal Credit – Pros & Cons

Last but not least is Universal Credit. Universal Credit is ideal for borrowers with sub-optimal credit. You'll benefit from flexible payment dates and rate discounts for direct debit. Unfortunately, there's a hefty origination fee and no option for a cosigner or co-borrower.
PROS:
Rate discount for autopay
Direct payment to creditors for debt consolidation
Change your payment date
CONS:
Origination fees
No joint loan option

What is the monthly payment on a $35,000 loan?

Depending on the life of the loan (how long you are making payments) and the interest rate, you can expect to pay around $400 to $4000 per month.
Just about all kinds of personal home improvement loans have payoff periods that fall within one and seven years. However, there are some that are just outside of these boundaries, too. These periods serve as the basis for the calculations in the range we gave you above.
That said, there are plenty of other variables that will go into the monthly payment on your $35,000 loan, too. The interest rate (or APR) is the biggest factor. However, you'll also want to consider whether the lender has an origination fee. If there are origination fees or any other fees that you're responsible for paying, you will often have these wrapped into the overall cost of your loan (thereby increasing your monthly payments).
If you're unsure whether you can afford a personal loan, it's a good idea to use a payment calculator so you can crunch the numbers and figure out what your monthly payment will be.

What credit score is needed for a $35,000 loan?

The credit score you will need to qualify for a $35,000 loan will depend entirely on the lender. In most cases, you'll need a credit score of at least 620. Some lenders may award you a loan with a lower score, but you'll likely pay higher interest rates.
A higher credit score – one in the good to excellent range – will provide you with a variety of benefits. You may have more options in terms of lenders. You'll also have a higher chance of approval and access to better terms and low interest rates.
If your credit is lower than the 620 we mentioned above, don't panic. You still have options. In most cases, you can still qualify for a loan. Again, you may have to pay higher interest rates or have shorter loan terms (meaning a higher monthly payment).
If your credit score is low, make sure you can actually afford the loan before you apply. This is advice that everyone – even the person with the best credit scores – should follow, but it's especially important to heed this advice if you have subpar credit.

What is the interest rate on a $35,000 loan?

The average interest rate for a personal loan is 9.41%, although interest rates typically vary between 6% to 36%. The rate depends largely on your credit score and payment history.
In very rare cases, you may stumble across a personal loan with an APR of 2.49 to 9% – these are some of the lowest interest rates around. That said, it's uncommon to find personal loans with rates that low even if you have excellent credit.
If your credit is poor, you're unlikely to find a personal loan for home improvement or any other expense that has an interest rate lower than 25 to 36%. You may have better luck searching with a federal credit union – with a federal credit union, interest rates are capped at 18% even for borrowers with a poor credit history.
And if your credit score falls somewhere in the middle, you probably won't get the lowest interest rates offered by the lender – but you also won't find yourself paying the maximum.

How long does it take to get a $35K personal loan?

Personal loans take anywhere between one business day and two weeks. This is from the time of application to the time you have the funds in your bank account.
The process works like this. First, see what kinds of personal loans you qualify for by using a tool such as Acorn Finance. We'll see which loans you're pre qualified for without requiring a hard credit pull – a huge advantage!
Once you find a loan you like and decide how much you are going to borrow (again, make sure you consult your budget to be sure that the loan is right – and affordable – for you!), you need to start the application process. Check all of your credit scores and get updated credit reports from each of the major credit reporting agencies – TransUnion, Equifax, and Experian.
If you're worried about whether getting your credit score will impact your overall rating, don't be. These are known as soft inquiries and won't affect your creditworthiness.
You can get a free credit report from each of the agencies once per year. There are other reporting agencies like Credit Karma that will display your credit scores for free, too.
Then, decide where you want to get your loan. Although brick and mortar banks and credit unions offer the advantage of being in-person, so you can walk up whenever the mood strikes, they often take longer to process personal loans. You can also get a loan from an online bank, which tends to be faster.
Once you've found loans for which you're eligible, you need to get prequalified with the lender. You'll provide your name, address, income, and loan amount. There will be a soft credit inquiry and you'll know within a few seconds to a couple of days later whether you are eligible for the loan.
The lender, at this time, will also give you more information such as the expected loan amount, APR, monthly payment, fees, and type of interest. Then it's time to apply! If you're filling out applications for more than one lender, bunch the applications together and complete them all within 14 to 30 days. This is known as rate shopping and allows numerous inquiries to be treated as one so you don't have as much of a hit to your credit score.
You may have to provide documentation such as pay stubs, W2 forms, debt statements, and your Social Security number. Once all of your required materials are submitted, you just have to wait for the results. Approval and funding times vary, ranging from same-day approval to seven days. Once you're approved, you'll sign the papers and get your money.

Is getting a personal loan for $35K difficult?

The difficulty of getting a $35K personal loan really depends on your financial and credit situation. If you have little debt, decent income, and an excellent credit score, you shouldn't have a hard time qualifying for this kind of loan. On the other hand, if you have a low credit score and a higher debt-to-income ratio, getting a loan might be more challenging.

Do you need credit history to get a personal loan for $35,000 or more?

You'll need credit history for any kind of personal loan, even if you intend to apply with a co-borrower. Most lenders ask for a credit score of at least 620.
What else goes into your credit history? Although some people don't realize this, your credit history is more than just your credit score. Your credit scores are calculated based on the information in your credit report, or credit history.
While a credit score refers to a single number that serves as an overall representation of your financial picture, a credit history includes a multitude of details. It has information on your payment history, the age of your accounts, how many hard inquiries there have been to your credit history, and more.
Both your credit score and credit history are important. However, payment history is the most important factor in your credit history when it comes to building your credit score. The payment history accounts for more than a third of your FICO score.

Can you get a $35,000 personal loan with bad credit?

You can, but you might not get the best interest rates and payment terms. You may want to consider applying with a co-borrower or cosigner if your credit score is sub-par.

What can you use a $35,000 personal loan for?

You can use a $35,000 personal loan for just about anything. Using this kind of loan as a $30K home improvement loan is a popular choice. However, you can also use the money to buy a vehicle, pay for a vacation, pay off other debt, and more.
There's very little that you can't use a personal loan for. One expense that is off the table is college tuition. According to the 2008 Higher Education Opportunity Act, any lenders who offer private education loans must make special disclosures that give borrowers the option to cancel within three days of dispersing the funds. There are other regulations in place under this act, too – most of them are not met by personal loans. In any event, it makes more sense to apply for a student loan instead of a personal loan for college expenses, anyway, since the interest rates are far better.
You calso can't use a personal loan on a down payment for your home.This is forbidden by most FHA and conventional mortgage lenders. That's because, if you were to fail to repay the personal loan, you'd be on the hook not only for the personal loan but also for the mortgage payments. It is, essentially, doubling the risk of default – something that neither lender is particularly interested in.
Some lenders may also have restrictions about using a personal loan for business expenses, though this varies.

How long does it take to repay a $35,000 loan?

That depends on the specific loan. Most personal loans have repayment terms between one and seven years. Some charge prepayment penalties – so it's important to check on this if you intend to pay off your personal loan early.
A 30K home improvement loan could be a great way to finance your next project. We've outlined some of the best lenders for this type of loan, so take a look and see if one of them might be right for you.

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