$8,500 Personal Loans For Good & Bad Credit
Get personalized rates in 60 seconds for a $8,500 personal loan with no impact to your credit score
Where to get an $8,500 Loan
How hard is it to get an $8,500 loan?
The difficulty of getting an $8,500 loan can vary on a case-by-case basis. Lenders can evaluate requirements such as credit score, debt-to-income ratio, and more. If you’re concerned about keeping up with payments, you may want to improve your financial position before applying.
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What are the best $8,500 loans today?
What credit score do you need for an $8,500 loan?
Credit score requirements can vary by lender. They can also vary depending on the type of loan. In general though, offers are more likely to be returned to borrowers with fair, good, or excellent credit. Lenders can enforce other requirements such as debt-to-income alongside credit score requirements. Ultimately, lenders are looking to determine the creditworthiness, or likelihood that the borrower will repay the loan. They can do this by assessing credit score, past borrowing behaviors, financial stability, existing debts, and other details. If you feel confident that you can handle an $8,500 loan responsibility, a lender may feel the same way.
How does an $8,500 loan work?
$8,500 loans can come in the form of an unsecured loan (no collateral required) or secured loan (collateral required). Let’s outline what you can expect when obtaining an $8,500 loan.
- Get pre-qualified: The first step is getting pre-qualified which essentially means receiving offers based on your information. In some cases, you can receive offers without impacting your credit score. Pre-qualified offers can be contingent upon certain factors such as submitting proof of income or details of the collateral for secured loans.
- Accept offer: Once you’ve found an offer you like, you can accept it. The lender can then collect supporting documentation (if required) and verify your information. If using a secured loan, the lender will likely need to evaluate the collateral before funding. For example, for an auto loan, the lender will need the vehicle details such as year, make, model, blue book values, and more to determine eligibility. If all goes well, you can be approved.
- Receive funding: Once approved, loans can be funded as a lump sum minus any fees. For unsecured loans such as personal loans, you can receive funds directly. Once you’ve received funds you can spend as needed as long as spending is within loan restrictions. Most unsecured loans have few spending restrictions, but it’s notable to be aware of what they are. For secured loans, the funds will likely be paid directly to the owner of the collateral. For example, if purchasing a vehicle, the funds will likely be paid to the registered owner or dealer.
- Repayment: Most loans are repaid in fixed installments over a predetermined period with interest. Before obtaining the loan, you should know the monthly installment and repayment period.
What are monthly payments on $8,500 loans?
Monthly payments on a $8,500 personal loan can vary depending on the loan offer. The loan offer you receive is dependent upon what you qualify for. As you compare offers, it’s important to look past just the monthly payment. Consider details such as APR, repayment period, origination fees, and more. Since offers are based on what you qualify for, the best way to estimate what real payments look like is to check rates. Alternatively, you can use a personal loan payment calculator to estimate payments. For example purposes, here are some sample payments.
- Example 1:
- Loan amount: $8,500
- APR: 8.99%
- Repayment period: 5 years
- Estimated monthly installment: $176/month
- Example 2:
- Loan amount: $8,500
- APR: 8.99%
- Repayment period: 3 years
- Estimated monthly installment: $270/month
- Example 3:
- Loan amount: $8,500
- APR: 13.99%
- Repayment period: 5 years
- Estimated monthly installment: $198/month
- Example 4:
- Loan amount: $8,500
- APR: 13.99%
- Repayment period: 3 years
- Estimated monthly installment: $290/month
Remember, a longer repayment period can help reduce the monthly commitment. However, it can also increase the total cost of borrowing. It’s advisable to find a repayment period with a comfortable monthly payment that allows you to pay the loan off as soon as possible.
What can I use an $8,500 personal loan on?
$8,500 personal loans have few spending restrictions. Some popular ways to spend an $8,500 personal loan include the following.
- Wedding loans
- IVF financing
- Home improvement loans
- ADU financing
- Vacation loans
- Furniture financing
- Landscape financing
Can I qualify for an $8,500 loan with no credit check?
Obtaining an $8,500 loan usually requires a credit check. While you may be able to get pre-qualified with just a soft credit pull (no credit score impact), before receiving approval, a hard credit pull (credit score impact) will likely be required. For smaller loan amounts, there may be other types of loans available such as payday loans that do not require a credit check. Some may try to avoid a credit pull in worry that they won’t qualify. However, when it comes to loans, you’ll want to be cautious of offers that sound too good to be true. To increase your chance of approval, consider boosting your score or applying with a co-signer. To determine if these steps are necessary, you can check offers at Acorn Finance with no credit score impact. Our lending partners can offer personal loans up to $100,000, depending on credit score.
What interest rates should I expect on an $8,500 loan?
Interest rates can vary depending on the market and borrower's qualifications. The best way to determine what a competitive rate looks like based on your qualifications and timing is to check personalized rates. While lenders may advertise rates online or in-person, these are the best possible rates available that not everybody will qualify for.
Can I get an $8,500 loan with no credit?
Qualifying for an unsecured $8,500 loan with no credit may prove challenging. However, there are actions you can take to increase your chance of approval. These include building your credit or applying with an established co-signer. Building credit with no credit can feel impossible, but there are ways. For example, secured credit cards are designed to help individuals build credit. Local banks and credit unions may be able to help you get one. Alternatively, you may find getting a secured $8,500 loan with no credit more attainable.
How do you compare $8,500 personal loans?
The best way to compare loans is to check offers. While you can browse lender’s and what they advertise, making the right choice will come down to what a lender can offer you. When checking offers, be mindful that your credit score may be impacted. If possible, check offers from sources that don’t impact your credit score. Some lenders can generate a loan offer with only a soft credit pull which should not impact credit score.
Why choose Acorn Finance for $8,500 loans?
At Acorn Finance you can check rates from top national lenders in seconds with no credit score impact. Simply input your information and sit back as our lending partners work to earn your business. Offers are available up to $100,000, depending on credit score. With top national lenders such as OneMain Financial, SoFi, LightStream, and more, you can find the right loan offer without the hassle.
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Where can I get a personal loan for $8,500?
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Pros
- Fixed monthly payments
- Funded as a lump sum
- Few spending restrictions
- Funding in as little as 1-2 business days (although funding times can vary)
- Get prequalified in seconds
- Opportunity to build/boost credit score
Cons
- Interest and fees
- Taking on debt
- Risk of impacting credit score if payments are missed or loan is defaulted on
- May not be enough money to cover expenses
Why choose Acorn Finance for comparing $8,500 Personal Loans?
Comparing loan offers empowers consumers to make better-educated financial decisions. The reason it’s a step often skipped is because consumers don’t always consider how big of a business lending is. They get an offer and don’t want to lose it, so they move forward with the offer. Additionally, the truth is that comparing loan offers is a big chore. Doing so, though, can save you money and set you up for success moving forward.
At Acorn Finance, you can check rates in a matter of seconds with no credit score impact. Take advantage of our convenient portal with vetted and trusted top lending partners. With well-known names, you can expedite your way to finding the right $8,500 dollar personal loan. Additionally, we eliminate the frustration of sifting through the internet, verifying lenders, and researching for hours. Whether you are ready to take out a loan today or just shopping around - you have everything to gain by checking offers at Acorn. Plus, you can sign in and return to them at a later date if the offers are still available. Our lending partners can fund loans in as little as 1-2 business days, although funding times can vary, so when you’re ready to accept an offer, they are ready to help. Upon accepting the offer, you can complete the application and approval process with the lender of your choice.
Pros and cons of lenders $8,500 loans:
LightStream
Minimum qualifications:
- Minimum credit score requirement of 660 or above
- Minimum income requirement of $50,000/year
Pros:
- No origination fees
- Funding as soon as one business day on approved loans, although funding times can vary
- Competitive loan offers
- Allows co-signer
- Large personal loans available
- Flexible repayment periods up to 12 years
Cons:
- Strict qualification requirements
- No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
- No direct payment to creditors for debt consolidation loans
SoFi
Minimum qualifications:
- Minimum credit score requirement of 680 or above
- Minimum income requirement of $50,000/year
Pros:
- Flexible loan amounts and repayment terms
- No origination fees
- Competitive interest rates
- Funding as soon as one business day on approved loans, although funding times can vary
- Allows cosigner applications
- Unemployment protection available
Cons:
- High credit score requirement
- Approvals may take 3 days or more
Best Egg
Minimum qualifications:
- Minimum credit score requirement of 600 or above
- No minimum income requirement
Pros:
- Fair credit scores can qualify
- No minimum income requirement
- Same or next day funding available, although funding times can vary
Cons:
- Not available in some states
- Origination fees between 0.99% and 6.99%
- Higher APRs
Prosper
Minimum qualifications:
- Minimum credit score requirement of 600 or above
- No minimum income requirement
Pros:
- Low threshold for credit score
- No minimum income requirement
- Flexibility to change payment dates
- Offers peer-to-peer lending
Cons:
- Long funding times
- Origination and late fees may apply
- No rate discount for autopay is available
- Restrictive repayment periods
- Funding may take about 5 business days
Upgrade
Minimum qualifications:
- Minimum credit score requirement of 560 or above
- No minimum income requirement
Pros:
- Low credit score requirement
- No early payoff penalty
- Joint applications allowed
- Funding as soon as one business day on approved loans, although funding times can vary
Cons:
- Origination fees between 2.9% to 8%
- Higher APRs, especially for subprime borrowers
Axos Bank
Minimum qualifications:
- Minimum credit score requirement of 700 or above
- Minimum income requirement $48,000/year
Pros:
- Low origination fees
- Mobile app to manage loans
- Fast funding times
- Funding as soon as one business day on approved loans, although funding times can vary
Cons:
- High credit score requirement
- Origination fee up to 2%
OneMain Financial
Minimum qualifications:
- Minimum credit score requirement of 600 or above
- Minimum income requirement $7,200/year
Pros:
- Low credit score requirement
- Offers secured loan option
- Low income requirement
- Flexibility to choose your payment date
- Fast funding times
Cons:
- High interest compared to similar lenders
- Origination fee between 1% – 10% (or flat fee up to $500 depending on state)
LendingPoint
Minimum qualifications:
- Minimum credit score requirement of 600 or above
- Minimum income requirement $30,000/year
Pros:
- Low origination fees
- Relaxed credit score and income requirements
- Same or next-day funding is available, although funding times can vary
Cons:
- No joint applications
- High loan costs
- Short repayment periods
Check rates from these top lenders and more at Acorn Finance!
Lenders outside the Acorn network to consider:
Lending USA
LendingUSA is best for one-time purchases or uses, such as cosmetic surgery financing, pet financing, funeral financing, and more. LendingUSA offers loans for a variety of industries. Loans can be obtained through the LendingUSA website or through a merchant partner that refers to LendingUSA. Additionally, if you pay your loan off within six months, no interest will be charged to the principal. With fast approval decisions and loans as small as $1,000 available, Lending USA is another lender to consider for a $8,500 personal loan.
Reprise Financial
Reprise Financial can help borrowers find personal loan offers that meet their needs. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial.
Universal Credit
For borrowers with bad credit, Universal Credit may be your golden ticket to the funds you need. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. While loan costs may be higher, they usually are when it comes to borrowing money with bad credit.
One home, endless possibilities